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)	4/24/2010 (13 weeks)		4/25/2009 (13 weeks)			4/24/2010 (52 weeks)		4/25/2009 (52 weeks)
Sales	$	310,740	$	284,498		$	1,179,212	$	1,226,674
Cost of sales
Cost of goods sold		208,938		193,394			802,344	$	879,889
Restructuring		350		123			2,141		9,818
Total cost of sales		209,288		193,517			804,485		889,707
Gross profit		101,452		90,981			374,727		336,967
Selling, general and administrative		85,480		86,901			331,491		373,502
Restructuring		271		433			1,293		2,642
Write-down of long-lived assets		—		467			—		7,503
Write-down of trade names		—		—			—		5,541
Write-down of goodwill		—		—			—		42,136
Operating income (loss)		15,701		3,180			41,943		(94,357	)
Interest expense		584		1,049			2,972		5,581
Interest income		109		619			724		2,504
Income from Continued Dumping and Subsidy Offset Act, net		—		—			4,436		8,124
Other income (expense), net		236		(23	)		590		(7,998	)
Earnings (loss) before income taxes		15,462		2,727			44,721		(97,308	)
Income tax expense (benefit)		1,922		(2,275	)		12,670		25,112
Net income (loss)		13,540		5,002			32,051		(122,420	)
Net (income) loss attributable to noncontrolling interests		132		155			487		(252	)
Net income (loss) attributable to La-Z-Boy Incorporated	$	13,672	$	5,157		$	32,538	$	(122,672	)

Diluted weighted average shares		52,101		51,478			51,732		51,460

Diluted net income (loss) attributable to La-Z-Boy Incorporated per share	$	0.26	$	0.10		$	0.62	$	(2.39	)

Dividends paid per share	$	—	$	—		$	—	$	0.10

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

	Unaudited As of
(Amounts in thousands, except par value)	4/24/2010			4/25/2009
Current assets
Cash and equivalents	$	108,421		$	17,364
Restricted cash		—			18,713
Receivables, net of allowance of $20,258 in 2010 and $28,385 in 2009		165,038			147,858
Inventories, net		134,187			140,178
Deferred income taxes – current		2,305			795
Other current assets		18,159			22,872
Total current assets		428,110			347,780
Property, plant and equipment, net		138,857			146,896
Trade names		3,100			3,100
Deferred income taxes – long term		458			—
Other long-term assets, net of allowance of $942 in 2010 and $4,309 in 2009		38,293			51,431
Total assets	$	608,818		$	549,207

Current liabilities
Current portion of long-term debt	$	1,066		$	8,724
Accounts payable		54,718			41,571
Accrued expenses and other current liabilities		91,496			75,733
Total current liabilities		147,280			126,028
Long-term debt		46,917			52,148
Deferred income taxes		—			724
Other long-term liabilities		68,381			63,875
Contingencies and commitments		—			—
Shareholders' equity
Common shares, $1 par value – 150,000 authorized; 51,770 outstanding in 2010 and 51,478 outstanding in 2009		51,770			51,478
Capital in excess of par value		201,873			205,945
Retained earnings		108,707			67,431
Accumulated other comprehensive loss		(20,251	)		(22,559	)
Total La-Z-Boy Incorporated shareholders’ equity		342,099			302,295
Noncontrolling interests		4,141			4,137
Total equity		346,240			306,432
Total liabilities and equity	$	608,818		$	549,207

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Unaudited Quarter Ended						Unaudited Year Ended
(Amounts in thousands)	4/24/2010			4/25/2009			4/24/2010			4/25/2009
Cash flows from operating activities
Net income (loss)	$	13,540		$	5,002		$	32,051		$	(122,420	)
Adjustments to reconcile net income (loss) to cash provided by operating activities
Gain on sale of assets		(488	)		(106	)		(538	)		(2,813	)
Write-down of long-lived assets		—			467			—			7,503
Write-down of trade names		—			—			—			5,541
Write-down of goodwill		—			—			—			42,136
Write-down of investments		—			—			—			5,140
Restructuring		621			556			3,434			12,460
Provision for doubtful accounts		942			6,815			6,535			25,254
Depreciation and amortization		6,060			5,875			25,246			24,142
Stock-based compensation expense		1,154			952			5,236			3,819
Change in receivables		(3,114	)		3,909			(17,287	)		27,223
Change in inventories		10,858			29,615			5,991			36,995
Change in other assets		(2,784	)		992			4,187			2,946
Change in payables		6,471			(8,120	)		13,147			(14,544	)
Change in other liabilities		91			(12,914	)		14,349			(41,160	)
Change in deferred taxes		(2,391	)		624			(2,692	)		39,466
Total adjustments		17,420			28,665			57,608			174,108
Net cash provided by operating activities		30,960			33,667			89,659			51,688

Cash flows from investing activities
Proceeds from disposals of assets		1,413			1,229			3,338			9,060
Capital expenditures		(5,278	)		(1,546	)		(10,986	)		(15,625	)
Purchases of investments		(999	)		(735	)		(4,933	)		(11,330	)
Proceeds from sales of investments		3,040			12,794			8,833			34,675
Change in restricted cash		—			(10,543	)		17,507			(18,207	)
Change in other long-term assets		121			(235	)		250			(581	)
Net cash provided by (used for) investing activities		(1,703	)		964			14,009			(2,008	)

Cash flows from financing activities
Proceeds from debt		10,426			(4,664	)		41,817			50,794
Payments on debt		(10,971	)		(23,100	)		(54,707	)		(92,139	)
Stock issued/(canceled) for stock and employee benefit plans		1,035			—			1,035			—
Dividends paid		—			11			—			(5,177	)
Net cash provided by (used for) financing activities		490			(27,753	)		(11,855	)		(46,522	)

Effect of exchange rate changes on cash and equivalents		(837	)		(30	)		(756	)		(901	)
Change in cash and equivalents		28,910			6,848			91,057			2,257
Cash acquired from consolidation of VIEs		—			—			—			631
Cash and equivalents at beginning of period		79,511			10,516			17,364			14,476
Cash and equivalents at end of period	$	108,421		$	17,364		$	108,421		$	17,364

LA-Z-BOY INCORPORATED

Segment Information

	Unaudited For the Quarter Ended						Unaudited For the Year Ended
	4/24/2010			4/25/2009			4/24/2010			4/25/2009
(Amounts in thousands)	(13 weeks)			(13 weeks)			(52 weeks)			(52 weeks)
Sales
Upholstery Group	$	241,137		$	214,952		$	904,871		$	899,204
Casegoods Group		37,510			39,290			146,706			178,000
Retail Group		39,233			38,430			153,620			160,838
VIEs		13,557			11,555			53,173			50,856
Corporate and Other		440			1,413			4,583			4,775
Eliminations		(21,137	)		(21,142	)		(83,741	)		(66,999	)
Consolidated Sales	$	310,740		$	284,498		$	1,179,212		$	1,226,674

Operating income (loss)
Upholstery Group	$	28,641		$	19,405		$	96,392		$	35,947
Casegoods Group		(230	)		(1,265	)		(243	)		554
Retail Group		(4,721	)		(7,332	)		(19,825	)		(34,841	)
VIEs		222			(349	)		104			(5,771	)
Corporate and Other		(7,590	)		(6,256	)		(31,051	)		(22,606	)
Restructuring		(621	)		(556	)		(3,434	)		(12,460	)
Write-down of long-lived assets		—			(467	)		—			(7,503	)
Write-down of trade names		—			—			—			(5,541	)
Write-down of goodwill		—			—			—			(42,136	)
Consolidated Operating Income (Loss)	$	15,701		$	3,180		$	41,943		$	(94,357	)

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	(13 weeks)			(13 weeks)		(13 weeks)			(13 weeks)
Fiscal Quarter Ended	7/25/2009			10/24/2009		1/23/2010			4/24/2010
Sales	$	262,671		$	300,707	$	305,094		$	310,740
Cost of sales
Cost of goods sold		181,549			204,962		206,895			208,938
Restructuring		736			663		392			350
Total cost of sales		182,285			205,625		207,287			209,288
Gross profit		80,386			95,082		97,807			101,452
Selling, general and administrative		77,622			84,862		83,527			85,480
Restructuring		301			520		201			271
Operating income		2,463			9,700		14,079			15,701
Interest expense		980			831		577			584
Interest income		276			199		140			109
Income from Continued Dumping and Subsidy Offset Act, net		—			—		4,436			—
Other income (expense), net		711			236		(593	)		236
Earnings before income taxes		2,470			9,304		17,485			15,462
Income tax expense		439			3,762		6,547			1,922
Net income		2,031			5,542		10,938			13,540
Net (income) loss attributable to noncontrolling interest		(48	)		365		38			132
Net income attributable to La-Z-Boy Incorporated	$	1,983		$	5,907	$	10,976		$	13,672

Diluted weighted average shares		51,479			51,755		51,845			52,101

Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.04		$	0.11	$	0.21		$	0.26

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	(13 weeks)			(13 weeks)			(13 weeks)			(13 weeks)
Fiscal Quarter Ended	7/26/2008			10/25/2008			1/24/2009			4/25/2009
Sales	$	321,652		$	331,948		$	288,576		$	284,498
Cost of sales
Cost of goods sold		235,596			243,090			207,809			193,394
Restructuring		5,795			2,236			1,664			123
Total cost of sales		241,391			245,326			209,473			193,517
Gross profit		80,261			86,622			79,103			90,981
Selling, general and administrative		91,435			101,665			93,501			86,901
Restructuring		781			687			741			433
Write-down of long-lived assets		—			—			7,036			467
Write-down of trade names		—			—			5,541			—
Write-down of goodwill		1,292			408			40,436			—
Operating income (loss)		(13,247	)		(16,138	)		(68,152	)		3,180
Interest expense		1,495			1,651			1,386			1,049
Interest income		932			630			323			619
Income from Continued Dumping and Subsidy Offset Act, net		—			—			8,124			—
Other income (expense), net		143			(685	)		(7,433	)		(23	)
Earnings (loss) before income taxes		(13,667	)		(17,844	)		(68,524	)		2,727
Income tax expense (benefit)		(5,107	)		36,757			(4,263	)		(2,275	)
Net income (loss)		(8,560	)		(54,601	)		(64,261	)		5,002
Net (income) loss attributable to noncontrolling interest		(86	)		(34	)		(287	)		155
Net income (loss) attributable to La-Z-Boy Incorporated	$	(8,646	)	$	(54,635	)	$	(64,548	)	$	5,157

Diluted weighted average shares		51,428			51,458			51,475			51,478

Diluted net income (loss) attributable to La-Z-Boy Incorporated per share	$	(0.17	)	$	(1.06	)	$	(1.25	)	$	0.10