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Segment Information | 9 Months Ended
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Jan. 26, 2019
Segment Information |
Segment Information | Note 12: Segment Information Our reportable operating segments are the Upholstery segment, the Casegoods segment and the Retail segment. Upholstery Segment. Our Upholstery reportable segment is our largest business segment and consists primarily of two operating segments: La-Z-Boy, our largest operating segment, and the operating segment for our England subsidiary. The Upholstery segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. Our Upholstery segment manufactures and imports upholstered furniture such as 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. Our Casegoods segment consists of one operating segment that sells furniture under three brands: American Drew®, Hammary®, and Kincaid®. The Casegoods segment is an importer, marketer, and distributor of casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and also manufactures some 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. Our Retail segment consists of one operating segment comprised of our 155 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores. Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer exclusively online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.
|  | Quarter Ended |  | Nine Months Ended
(Unaudited, amounts in thousands) |  | 1/26/2019 |  | 1/27/2018 |  | 1/26/2019 |  | 1/27/2018
Sales |  |  |  |  |  |  |  |  |  |  |  |
Upholstery segment: |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 265,487 |  | $ | 262,874 |  | $ | 759,569 |  | $ | 739,429
Intersegment sales |  |  | 68,961 |  |  | 58,084 |  |  | 185,370 |  |  | 160,697
Upholstery segment sales |  |  | 334,448 |  |  | 320,958 |  |  | 944,939 |  |  | 900,126
Casegoods segment: |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 23,129 |  |  | 23,887 |  |  | 73,774 |  |  | 68,821
Intersegment sales |  |  | 4,936 |  |  | 3,328 |  |  | 14,054 |  |  | 11,969
Casegoods segment sales |  |  | 28,065 |  |  | 27,215 |  |  | 87,828 |  |  | 80,790
Retail segment sales |  |  | 159,417 |  |  | 125,815 |  |  | 418,331 |  |  | 353,068
Corporate and Other: |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 19,549 |  |  | 1,062 |  |  | 39,936 |  |  | 2,604
Intersegment sales |  |  | 3,300 |  |  | 2,818 |  |  | 9,156 |  |  | 6,839
Corporate and Other sales |  |  | 22,849 |  |  | 3,880 |  |  | 49,092 |  |  | 9,443
Eliminations |  |  | (77,197) |  |  | (64,230) |  |  | (208,580) |  |  | (179,505)
Consolidated sales |  | $ | 467,582 |  | $ | 413,638 |  | $ | 1,291,610 |  | $ | 1,163,922
|  | Quarter Ended |  | Nine Months Ended
(Unaudited, amounts in thousands) |  | 1/26/2019 |  | 1/27/2018 |  | 1/26/2019 |  | 1/27/2018
Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Upholstery segment |  | $ | 34,566 |  | $ | 31,699 |  | $ | 90,602 |  | $ | 88,422
Casegoods segment |  |  | 3,332 |  |  | 2,792 |  |  | 10,173 |  |  | 8,833
Retail segment |  |  | 14,158 |  |  | 7,076 |  |  | 25,179 |  |  | 12,746
Corporate and Other |  |  | (11,213) |  |  | (8,472) |  |  | (33,451) |  |  | (26,339)
Consolidated operating income |  |  | 40,843 |  |  | 33,095 |  |  | 92,503 |  |  | 83,662
Interest expense |  |  | (538) |  |  | (113) |  |  | (1,143) |  |  | (430)
Interest income |  |  | 540 |  |  | 444 |  |  | 1,534 |  |  | 1,163
Other income (expense), net |  |  | (941) |  |  | (1,094) |  |  | (2,046) |  |  | (271)
Income before income taxes |  | $ | 39,904 |  | $ | 32,332 |  | $ | 90,848 |  | $ | 84,124

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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