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Segment Information
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable operating segments include the Wholesale segment and the Retail segment.

Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale segment also includes our international wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 161 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 primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.
The accounting policies of the operating segments are the same as those described in Note 1, Accounting Policies. We account for intersegment revenue transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the Wholesale segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, other income (expense), net and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), and various other assets. Sales are attributed to countries on the basis of the customer's location.
The following table presents sales and operating income (loss) by segment:
Fiscal Year Ended
(53 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/30/20224/24/20214/25/2020
Sales
Wholesale segment:
Sales to external customers$1,371,602 $1,006,377 $1,026,630 
Intersegment sales397,236 294,921 283,664 
Wholesale segment sales1,768,838 1,301,298 1,310,294 
Retail segment sales804,394 612,906 598,554 
Corporate and Other:
Sales to external customers180,815 114,961 78,798 
Intersegment sales15,144 12,409 10,294 
Corporate and Other sales195,959 127,370 89,092 
Eliminations(412,380)(307,330)(293,958)
Consolidated sales$2,356,811 $1,734,244 $1,703,982 
Operating Income (Loss)
Wholesale segment$134,013 $134,312 $142,440 
Retail segment109,546 46,724 48,256 
Corporate and Other(36,803)(44,300)(71,934)
Consolidated operating income206,756 136,736 118,762 
Interest expense(895)(1,390)(1,291)
Interest income1,338 1,101 2,785 
Other income (expense), net(1,708)9,466 (5,083)
Income before income taxes$205,491 $145,913 $115,173 
The following tables present additional financial information by segment and location.
Fiscal Year Ended
(53 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/30/20224/24/20214/25/2020
Depreciation and Amortization
Wholesale segment$24,520 $19,029 $17,612 
Retail segment6,320 4,894 4,271 
Corporate and Other8,931 9,098 9,309 
Consolidated depreciation and amortization$39,771 $33,021 $31,192 
Capital Expenditures
Wholesale segment$49,373 $27,303 $36,602 
Retail segment19,426 8,958 7,597 
Corporate and Other7,781 1,699 1,836 
Consolidated capital expenditures$76,580 $37,960 $46,035 
Sales by Country
United States89%91%89%
Canada6%5%6%
Other5%4%5%
Total100%100%100%

(Amounts in thousands)4/30/20224/24/2021
Assets
Wholesale segment$741,150 $720,721 
Retail segment587,083 546,299 
Unallocated assets603,856 519,302 
Consolidated assets$1,932,089 $1,786,322 
Long-Lived Assets by Geographic Location
Domestic$798,089 $713,525 
International89,385 55,714 
Consolidated long-lived assets$887,474 $769,239