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Segment Information
 6 Months Ended
Oct. 24, 2015
Segment Information  
Segment Information

 

Note 11: Segment Information

 

Our reportable operating segments are the Upholstery segment, the Casegoods segment and the Retail segment.

 

Upholstery Segment. The Upholstery segment consists primarily of two operating units: La-Z-Boy and England. This segment manufactures and imports upholstered furniture. Upholstered furniture includes recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Upholstery segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations and England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

 

Casegoods Segment. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. This segment sells imported wood furniture to furniture retailers. Casegoods product includes bedroom, dining room, entertainment centers, occasional pieces and some manufactured coordinated upholstered furniture. The Casegoods segment sells directly to major dealers, as well as La-Z-Boy Furniture Galleries® stores, and a wide cross-section of other independent retailers.

 

Retail Segment. The Retail segment consists of 123 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells upholstered furniture, and some casegoods and other accessories, to end consumers through the retail network.

 

 

 

Quarter Ended

 

Six Months Ended

 

(Unaudited, amounts in thousands)

 

10/24/15

 

10/25/14

 

10/24/15

 

10/25/14

 

Sales

 

 

 

 

 

 

 

 

 

Upholstery segment:

 

 

 

 

 

 

 

 

 

Sales to external customers

 

$
260,080

 

$
255,044

 

$
492,564

 

$
482,200

 

Intersegment sales

 
45,737

 
42,223

 
85,929

 
77,926

 

 

 

 

 

 

 

 

 

 

 

Upholstery segment sales

 
305,817

 
297,267

 
578,493

 
560,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casegoods segment:

 

 

 

 

 

 

 

 

 

Sales to external customers

 
25,787

 
25,455

 
46,989

 
51,408

 

Intersegment sales

 
2,432

 
3,433

 
4,623

 
6,403

 

 

 

 

 

 

 

 

 

 

 

Casegoods segment sales

 
28,219

 
28,888

 
51,612

 
57,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail segment sales

 
96,480

 
84,589

 
183,131

 
157,494

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other:

 

 

 

 

 

 

 

 

 

Sales to external customers

 
544

 
513

 
1,630

 
1,479

 

Intersegment sales

 
750

 

—

 
1,266

 

—

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other sales

 
1,294

 
513

 
2,896

 
1,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations

 
(48,919

)
(45,656

)
(91,818

)
(84,329

)

 

 

 

 

 

 

 

 

 

 

Consolidated sales

 

$
382,891

 

$
365,601

 

$
724,314

 

$
692,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

Upholstery segment

 

$
37,040

 

$
32,607

 

$
61,634

 

$
54,624

 

Casegoods segment

 
2,634

 
2,995

 
4,324

 
4,520

 

Retail segment

 
5,716

 
3,682

 
10,445

 
3,997

 

Restructuring

 
(187

)
(10

)
(352

)
347

 

Corporate and Other

 
(11,809

)
(9,082

)
(22,691

)
(16,805

)

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 
33,394

 
30,192

 
53,360

 
46,683

 

Interest expense

 
133

 
145

 
245

 
277

 

Interest income

 
164

 
233

 
369

 
435

 

Other income (expense), net

 
512

 
152

 
2,480

 
(106

)

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$
33,937

 

$
30,432

 

$
55,964

 

$
46,735