Unassociated Document

EXHIBIT 99.2

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF OPERATIONS

	Unaudited For the Quarter Ended						Unaudited For the Year Ended
(Amounts in thousands, except per share data)	4/25/2009 (13 weeks)			4/26/2008 (13 weeks)			4/25/2009 (52 weeks)			4/26/2008 (52 weeks)
Sales	$	284,498		$	368,030		$	1,226,674		$	1,450,941
Cost of sales
Cost of goods sold		192,937			260,777		$	878,089			1,051,656
Restructuring		123			2,610			9,818			5,057
Total cost of sales		193,060			263,387			887,907			1,056,713
Gross profit		91,438			104,643			338,767			394,228
Selling, general and administrative		87,140			102,192			375,011			399,470
Restructuring		433			632			2,642			3,078
Write-down of long-lived assets		467			—			7,503			—
Write-down of intangibles		—			2,617			47,677			8,426
Operating income (loss)		3,398			(798	)		(94,066	)		(16,746	)
Interest expense		1,049			7,534			5,581			13,899
Income from Continued Dumping and Subsidy Offset Act, net		—			—			8,124			7,147
Interest income		619			575			2,504			3,614
Other income (expense), net		(23	)		691			(7,998	)		5,393
Income (loss) from continuing operations before income taxes		2,945			(7,066	)		(97,017	)		(14,491	)
Income tax (benefit) expense		(2,378	)		(2,595	)		24,330			(6,954	)
Income (loss) from continuing operations		5,323			(4,471	)		(121,347	)		(7,537	)
Income (loss) from discontinued operations (net of tax)		—			50			—			(6,000	)
Net income (loss)	$	5,323		$	(4,421	)	$	(121,347	)	$	(13,537	)

Basic average shares		52,035			51,425			51,460			51,408

Basic income (loss) from continuing operations per share	$	0.10		$	(0.09	)	$	(2.36	)	$	(0.15	)
Discontinued operations per share (net of tax)		—			—			—			(0.11	)
Basic net income (loss) per share	$	0.10		$	(0.09	)	$	(2.36	)	$	(0.26	)

Diluted average shares		52,035			51,425			51,460			51,408

Diluted income (loss) from continuing operations per share	$	0.10		$	(0.09	)	$	(2.36	)	$	(0.15	)
Discontinued operations per share (net of tax)		—			—			—			(0.11	)
Diluted net income (loss) per share	$	0.10		$	(0.09	)	$	(2.36	)	$	(0.26	)

Dividends paid per share	$	—		$	0.04		$	0.10		$	0.40

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

	As of
(Amounts in thousands, except par value)	4/25/2009			4/26/2008
Current assets
Cash and equivalents	$	17,364		$	14,476
Restricted cash		18,713			506
Receivables, net of allowance of $28,385 in 2009 and $17,942 in 2008		147,858			200,422
Inventories, net		140,178			178,361
Deferred income taxes – current		795			12,398
Other current assets		22,872			21,325
Total current assets		347,780			427,488
Property, plant and equipment, net		150,234			171,001
Deferred income taxes – long term		—			26,922
Goodwill		—			47,233
Trade names		3,100			9,006
Other long-term assets, net of allowance of $4,309 in 2009 and $2,801 in 2008		51,431			87,220
Total assets	$	552,545		$	768,870

Current liabilities
Current portion of long-term debt	$	8,724		$	4,792
Accounts payable		41,571			56,421
Accrued expenses and other current liabilities		75,733			102,700
Total current liabilities		126,028			163,913
Long-term debt		52,148			99,578
Deferred income taxes		724			—
Other long-term liabilities		67,912			54,783
Contingencies and commitments		—			—
Shareholders' equity
Common shares, $1 par value – 150,000 authorized; 51,478 outstanding in 2009 and 51,428 outstanding in 2008		51,478			51,428
Capital in excess of par value		205,945			209,388
Retained earnings		70,769			190,215
Accumulated other comprehensive (loss)		(22,459	)		(435	)
Total shareholders' equity		305,733			450,596
Total liabilities and shareholders' equity	$	552,545		$	768,870

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Unaudited Quarter Ended						Unaudited Year Ended
(Amounts in thousands)	4/25/2009			4/26/2008			4/25/2009			4/26/2008
Cash flows from operating activities
Net income (loss)	$	5,323		$	(4,421	)	$	(121,347	)	$	(13,537	)
Adjustments to reconcile net income (loss) to cash provided by operating activities
(Gain) loss on sale of assets		(106	)		270			(2,813	)		270
Write-down of investments		—			—			5,140			—
Write-down of intangibles		—			2,617			47,677			8,426
Write-down of long-lived assets		467						7,503			—
Write-down of assets from businesses held for sale (net of tax)		—			—			—			2,159
(Gain) loss on sale of discontinued operations (net of tax)		—			(198	)		—			3,696
Restructuring		556			3,242			12,460			8,135
Provision for doubtful accounts		6,815			2,177			25,254			8,550
Depreciation and amortization		5,709			6,190			23,479			24,696
Stock-based compensation expense		952			1,362			3,819			4,527
Change in receivables		3,909			11,715			27,223			20,956
Change in inventories		29,615			5,574			36,995			23,471
Change in payables		(8,120	)		(5,287	)		(14,544	)		(10,394	)
Change in other assets and liabilities		(12,076	)		(7,038	)		(37,961	)		(25,689	)
Change in deferred taxes		623			(3,557	)		38,803			(6,027	)
Total adjustments		28,344			17,067			173,035			62,776
Net cash provided by operating activities		33,667			12,646			51,688			49,239

Cash flows from investing activities
Proceeds from disposals of assets		1,229			1,023			9,060			8,761
Proceeds from sale of discontinued operations		—			—			—			4,169
Capital expenditures		(1,546	)		(6,548	)		(15,625	)		(27,386	)
Purchases of investments		(735	)		(5,485	)		(11,330	)		(34,562	)
Proceeds from sales of investments		12,794			5,338			34,675			35,580
Change in restricted cash		(10,543	)		1,321			(18,207	)		160
Change in other long-term assets		(235	)		(2,791	)		(581	)		(705	)
Net cash provided by (used for) investing activities		964			(7,142	)		(2,008	)		(13,983	)

Cash flows from financing activities
Proceeds from debt		336			92,470			50,794			93,861
Payments on debt		(28,100	)		(142,578	)		(92,139	)		(144,790	)
Stock issued/(canceled) for stock and employee benefit plans		—			(140	)		—			(269	)
Dividends paid		11			(2,076	)		(5,177	)		(20,746	)
Net cash used for financing activities		(27,753	)		(52,324	)		(46,522	)		(71,944	)

Effect of exchange rate changes on cash and equivalents		(30	)		(52	)		(901	)		109
Change in cash and equivalents		6,848			(46,872	)		2,257			(36,579	)
Cash acquired from consolidation of VIEs		—			—			631			—
Cash and equivalents at beginning of period		10,516			61,348			14,476			51,055
Cash and equivalents at end of period	$	17,364		$	14,476		$	17,364		$	14,476

LA-Z-BOY INCORPORATED

Segment Information

	Unaudited For the Quarter Ended						Unaudited For the Year Ended
	4/25/2009			4/26/2008			4/25/2009			4/26/2008
(Amounts in thousands)	(13 weeks)			(13 weeks)			(52 weeks)			(52 weeks)
Sales
Upholstery Group	$	214,952		$	277,458		$	899,204		$	1,084,418
Casegoods Group		39,290			48,770			178,000			213,896
Retail Group		38,430			48,902			160,838			190,180
VIEs/Eliminations		(8,174	)		(7,100	)		(11,368	)		(37,553	)
Consolidated	$	284,498		$	368,030		$	1,226,674		$	1,450,941

Operating income (loss)
Upholstery Group	$	19,373		$	22,961		$	35,410		$	70,332
Casegoods Group		(1,265	)		1,752			554			10,151
Retail Group		(7,332	)		(12,565	)		(34,841	)		(40,265	)
Corporate and Other*		(6,355	)		(7,087	)		(27,549	)		(40,403	)
Restructuring		(556	)		(3,242	)		(12,460	)		(8,135	)
Long-lived asset write-down		(467	)		—			(7,503	)		—
Intangible write-down		—			(2,617	)		(47,677	)		(8,426	)
Consolidated	$	3,398		$	(798	)	$	(94,066	)	$	(16,746	)

* Variable Interest Entities ("VIEs") are included in corporate and other.

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	7/26/2008			10/25/2008			1/24/2009			4/25/2009
Fiscal Quarter Ended	(13 weeks)			(13 weeks)			(13 weeks)			(13 weeks)
Sales	$	321,652		$	331,948		$	288,576		$	284,498
Cost of sales
Cost of goods sold		235,115			242,681			207,356			192,937
Restructuring		5,795			2,236			1,664			123
Total cost of sales		240,910			244,917			209,020			193,060
Gross profit		80,742			87,031			79,556			91,438
Selling, general and administrative		91,837			101,942			94,092			87,140
Restructuring		781			687			741			433
Write-down of long-lived assets		—			—			7,036			467
Write-down of intangibles		1,292			408			45,977			—
Operating income (loss)		(13,168	)		(16,006	)		(68,290	)		3,398
Interest expense		1,495			1,651			1,386			1,049
Income from Continued Dumping and Subsidy Offset Act, net		—			—			8,124			—
Interest income		932			630			323			619
Other income (expense), net		143			(685	)		(7,433	)		(23	)
Pretax income (loss)		(13,588	)		(17,712	)		(68,662	)		2,945
Income tax expense (benefit)		(5,044	)		36,032			(4,280	)		(2,378	)
Net income (loss)	$	(8,544	)	$	(53,744	)	$	(64,382	)	$	5,323

Diluted weighted average shares outstanding		51,428			51,458			51,475			52,035

Diluted net income (loss) per share	$	(0.17	)	$	(1.04	)	$	(1.25	)	$	0.10

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	7/28/2007			10/27/2007			1/26/2008			4/26/2008
Fiscal Quarter Ended	(13 weeks)			(13 weeks)			(13 weeks)			(13 weeks)
Sales	$	344,396		$	365,434		$	373,081		$	368,030
Cost of sales
Cost of goods sold		259,143			266,658			265,078			260,777
Restructuring		2,561			518			(632	)		2,610
Total cost of sales		261,704			267,176			264,446			263,387
Gross profit		82,692			98,258			108,635			104,643
Selling, general and administrative		94,508			98,098			104,672			102,192
Restructuring		1,120			449			877			632
Write-down of intangibles		—			5,809			—			2,617
Operating income (loss)		(12,936	)		(6,098	)		3,086			(798	)
Interest expense		2,097			2,120			2,148			7,534
Income from Continued Dumping and Subsidy Offset Act, net		—			—			7,147			—
Interest income		882			1,023			1,134			575
Other income, net		566			351			3,785			691
Income (loss) from continuing operations before income taxes		(13,585	)		(6,844	)		13,004			(7,066	)
Income tax expense (benefit)		(5,043	)		(3,192	)		3,876			(2,595	)
Income (loss) from continuing operations		(8,542	)		(3,652	)		9,128			(4,471	)
Income (loss) from discontinued operations (net of tax)		(152	)		(6,282	)		384			50
Net income (loss)	$	(8,694	)	$	(9,934	)	$	9,512		$	(4,421	)

Diluted weighted average shares outstanding		51,380			51,410			51,590			51,425

Diluted income (loss) from continuing operations per share	$	(0.17	)	$	(0.07	)	$	0.18		$	(0.09	)
Diluted net income (loss) per share	$	(0.17	)	$	(0.19	)	$	0.18		$	(0.09	)