XML 29 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 9 Months Ended
Jan. 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 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 184 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 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. None of the operating segments included in Corporate and Other meet the requirements of reportable segments.
The following table presents sales and operating income (loss) by segment:
Quarter EndedNine Months Ended
(Unaudited, amounts in thousands)1/27/20241/28/20231/27/20241/28/2023
Sales
Wholesale segment:
Sales to external customers$260,542 $291,170 $760,531 $934,511 
Intersegment sales95,833 116,433 294,286 361,141 
Wholesale segment sales356,375 407,603 1,054,817 1,295,652 
Retail segment sales204,696 251,157 627,248 739,330 
Corporate and Other:
Sales to external customers35,168 30,396 105,713 114,305 
Intersegment sales2,964 3,114 8,712 11,572 
Corporate and Other sales38,132 33,510 114,425 125,877 
Eliminations(98,797)(119,547)(302,998)(372,713)
Consolidated sales$500,406 $572,723 $1,493,492 $1,788,146 
Operating Income (Loss)
Wholesale segment$22,711 $16,940 $67,664 $81,558 
Retail segment22,313 44,203 79,512 123,855 
Corporate and Other(12,463)(18,303)(46,477)(48,047)
Consolidated operating income32,561 42,840 100,699 157,366 
Interest expense(106)(136)(329)(414)
Interest income4,124 2,012 11,222 3,624 
Other income (expense), net(639)(1,062)21 (834)
Income before income taxes$35,940 $43,654 $111,613 $159,742