XML 41 R25.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Revenue Recognition
 12 Months Ended
Apr. 27, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents our revenue disaggregated by product category and by segment or unit:
Year Ended April 27, 2024
(Amounts in thousands)WholesaleRetailCorporate
and Other		Total
Upholstered Furniture$1,143,354 $698,782 $113,059 $1,955,195 
Casegoods Furniture73,960 47,651 9,777 131,388 
Delivery166,243 32,076 7,291 205,610 
Other (1)
63,721 76,617 23,642 163,980 
Total$1,447,278 $855,126 $153,769 $2,456,173 
Eliminations(409,146)
Consolidated Net Sales$2,047,027 
Year Ended April 29, 2023
(Amounts in thousands)WholesaleRetailCorporate
and Other		Total
Upholstered Furniture$1,251,762 $811,956 $110,938 $2,174,656 
Casegoods Furniture106,001 58,455 15,223 179,679 
Delivery210,963 29,403 7,651 248,017 
Other (1)
121,522 82,229 32,378 236,129 
Total$1,690,248 $982,043 $166,190 $2,838,481 
Eliminations(489,048)
Consolidated Net Sales$2,349,433 
(1)Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives. In fiscal 2024, certain amounts that were previously charged as surcharges in fiscal 2023 are now included in the base product pricing and reflected in the amounts by product category.

Upholstered Furniture - Includes revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. This revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.
Casegoods Furniture - Includes revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches; furniture typically found in the dining room, such as dining tables, storage units, and stools; and furniture typically found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.
Contract Assets and Liabilities. We receive customer deposits from end consumers before we recognize revenue and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet, customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other current liabilities while contract assets are reported as other current assets.
The following table presents our contract assets and liabilities:
(Unaudited, amounts in thousands)4/27/20244/29/2023
Contract assets $35,518 $44,939 
Customer deposits$88,798 $105,766 
Deferred revenue35,518 44,939 
Total contract liabilities (1)
$124,316 $150,705 
(1)During the year ended April 27, 2024, we recognized revenue of $139.0 million related to our contract liability balance at April 29, 2023.
Contract assets, customer deposits, and deferred revenue decreased during fiscal 2024 primarily due to a reduction in backlog