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Segment Information
 3 Months Ended
Jul. 26, 2025
Segment Reporting [Abstract]  
Segment Information
Note 11: Segment Information

We report segment information consistent with the way our chief operating decision maker, (the "CODM"), our Board Chair, President and Chief Executive Officer, evaluates the operating results and performance of the Company. 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 La-Z-Boy 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® and branded space 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 205 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other home furnishings 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 accounting, 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 omni-channel 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 online through its website, www.joybird.com, and through small-format stores in key markets. None of the operating segments included in Corporate and Other meet the requirements of reportable segments.
We use operating income to evaluate segment performance and to allocate resources. Segment operating income is based on profit or loss from operations before interest expense, interest income, other income (expense), net and income taxes. The CODM assesses performance by regularly reviewing each segment's significant expense categories which include cost of sales, selling, general and administrative ("SG&A") expenses, and goodwill impairment, if applicable.
The accounting policies of the operating segments are the same as those described in our Annual Report on form 10-K for the fiscal year ended April 26, 2025. 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.
Identifiable assets are cash and equivalents, 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. Asset information is regularly reviewed by the CODM at the consolidated level and segment-level asset information is not used for purposes of making decisions, assessing financial performance, or allocating resources.
The following table presents sales and operating income (loss) by segment:
Quarter Ended July 26, 2025
(Unaudited, amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$255,345 $207,150 $29,734 $— $492,229 
Intersegment sales97,612 — 1,501 (99,113)— 
Total sales352,957 207,150 31,235 (99,113)492,229 
Cost of sales264,042 93,463 12,534 (87,007)283,032 
Gross profit88,915 113,687 18,701 (12,106)209,197 
SG&A expenses63,740 100,567 35,009 (12,106)187,210 
Operating income (loss)$25,175 $13,120 $(16,308)$— $21,987 
Interest expense(120)
Interest income3,108 
Other income (expense), net(585)
Income before income taxes$24,390 
Quarter Ended July 27, 2024
(Unaudited, amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$256,020 $202,370 $37,142 $— $495,532 
Intersegment sales94,880 — 1,566 (96,446)— 
Total sales350,900 202,370 38,708 (96,446)495,532 
Cost of sales260,293 90,750 15,919 (84,773)282,189 
Gross profit90,607 111,620 22,789 (11,673)213,343 
SG&A expenses66,608 90,971 35,067 (11,673)180,973 
Operating income (loss)$23,999 $20,649 $(12,278)$— $32,370 
Interest expense(210)
Interest income4,424 
Other income (expense), net(618)
Income before income taxes$35,966 
Quarter Ended
(Unaudited, amounts in thousands)7/26/20257/27/2024
Depreciation and Amortization
Wholesale segment$6,615 $6,257 
Retail segment3,193 2,630 
Corporate and Other1,521 3,260 
Consolidated depreciation and amortization$11,329 $12,147 
Capital Expenditures
Wholesale segment$8,421 $8,022 
Retail segment8,116 6,468 
Corporate and Other1,924 1,130 
Consolidated capital expenditures$18,461 $15,620 
Sales by Country (1)
United States91%90%
Canada5%6%
Other4%4%
Total100%100%
(1)Sales are attributed to countries on the basis of the customer's location.

(Unaudited, amounts in thousands)7/26/20254/26/2025
Assets
Wholesale segment$664,749 $662,987 
Retail segment728,274 727,178 
Unallocated assets532,930 531,997 
Consolidated assets$1,925,953 $1,922,162 
Long-Lived Assets by Geographic Location
Domestic$992,188 $976,220 
International71,088 72,591 
Consolidated long-lived assets$1,063,276 $1,048,811