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Segment Information
 12 Months Ended
Apr. 27, 2024
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 four operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, our casegoods operating segment that sells furniture under three brands (American Drew®, Hammary®, and Kincaid®), and our international operating segment which 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 187 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other home furnishing accessories, to end consumers through these stores.

Corporate and Other. Corporate and 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 and through small-format stores in key urban markets. None of the operating segments included in Corporate and 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
(52 weeks)(52 weeks)(53 weeks)
(Amounts in thousands)4/27/20244/29/20234/30/2022
Sales
Wholesale segment:
Sales to external customers$1,048,431 $1,215,429 $1,371,602 
Intersegment sales398,847 474,819 397,236 
Wholesale segment sales1,447,278 1,690,248 1,768,838 
Retail segment sales855,126 982,043 804,394 
Corporate and Other:
Sales to external customers143,470 151,961 180,815 
Intersegment sales10,299 14,229 15,144 
Corporate and Other sales153,769 166,190 195,959 
Eliminations(409,146)(489,048)(412,380)
Consolidated sales$2,047,027 $2,349,433 $2,356,811 
Operating Income (Loss)
Wholesale segment$99,373 $115,215 $134,013 
Retail segment111,682 161,571 109,546 
Corporate and Other(60,259)(65,347)(36,803)
Consolidated operating income150,796 211,439 206,756 
Interest expense(455)(536)(895)
Interest income15,482 6,670 1,338 
Other income (expense), net(71)(11,784)(1,708)
Income before income taxes$165,752 $205,789 $205,491 
The following tables present additional financial information by segment and location.
Fiscal Year Ended
(52 weeks)(52 weeks)(53 weeks)
(Amounts in thousands)4/27/20244/29/20234/30/2022
Depreciation and Amortization
Wholesale segment$28,189 $23,327 $24,520 
Retail segment9,632 7,922 6,320 
Corporate and Other10,731 8,944 8,931 
Consolidated depreciation and amortization$48,552 $40,193 $39,771 
Capital Expenditures
Wholesale segment$30,854 $38,491 $49,373 
Retail segment18,502 22,285 19,426 
Corporate and Other4,195 8,036 7,781 
Consolidated capital expenditures$53,551 $68,812 $76,580 
Sales by Country
United States90%89%89%
Canada6%6%6%
Other4%5%5%
Total100%100%100%

(Amounts in thousands)4/27/20244/29/2023
Assets
Wholesale segment$722,044 $688,238 
Retail segment650,586 615,752 
Unallocated assets540,812 562,273 
Consolidated assets$1,913,442 $1,866,263 
Long-Lived Assets by Geographic Location
Domestic$911,616 $865,556 
International94,778 73,674 
Consolidated long-lived assets$1,006,394 $939,230