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Segment Information | 6 Months Ended
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Oct. 25, 2025
Segment Reporting [Abstract] |
Segment Information | Note 12: 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 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 207 company-owned La-Z-Boy 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 October 25, 2025
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate & Other |  | Intersegment Eliminations |  | Consolidated
Sales to external customers |  | $ | 263,556 |  |  | $ | 222,043 |  |  | $ | 36,881 |  |  | $ | — |  |  | $ | 522,480 |
Intersegment sales |  | 105,883 |  |  | — |  |  | 1,808 |  |  | (107,691) |  |  | — |
Total sales |  | 369,439 |  |  | 222,043 |  |  | 38,689 |  |  | (107,691) |  |  | 522,480 |
Cost of sales |  | 273,536 |  |  | 96,373 |  |  | 16,394 |  |  | (94,961) |  |  | 291,342 |
Gross profit |  | 95,903 |  |  | 125,670 |  |  | 22,295 |  |  | (12,730) |  |  | 231,138 |
SG&A expenses |  | 66,847 |  |  | 101,849 |  |  | 38,993 |  |  | (12,730) |  |  | 194,959 |
Operating income (loss) |  | $ | 29,056 |  |  | $ | 23,821 |  |  | $ | (16,698) |  |  | $ | — |  |  | $ | 36,179 |
Interest expense |  |  |  |  |  |  |  |  |  | (110) |
Interest income |  |  |  |  |  |  |  |  |  | 3,549 |
Other income (expense), net |  |  |  |  |  |  |  |  |  | (54) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 39,564 |
|  | Quarter Ended October 26, 2024
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate & Other |  | Intersegment Eliminations |  | Consolidated
Sales to external customers |  | $ | 258,983 |  |  | $ | 221,564 |  |  | $ | 40,480 |  |  | $ | — |  |  | $ | 521,027 |
Intersegment sales |  | 104,914 |  |  | — |  |  | 1,607 |  |  | (106,521) |  |  | — |
Total sales |  | 363,897 |  |  | 221,564 |  |  | 42,087 |  |  | (106,521) |  |  | 521,027 |
Cost of sales |  | 268,697 |  |  | 98,314 |  |  | 17,279 |  |  | (93,911) |  |  | 290,379 |
Gross profit |  | 95,200 |  |  | 123,250 |  |  | 24,808 |  |  | (12,610) |  |  | 230,648 |
SG&A expenses |  | 70,671 |  |  | 95,353 |  |  | 38,462 |  |  | (12,610) |  |  | 191,876 |
Operating income (loss) |  | $ | 24,529 |  |  | $ | 27,897 |  |  | $ | (13,654) |  |  | $ | — |  |  | $ | 38,772 |
Interest expense |  |  |  |  |  |  |  |  |  | (99) |
Interest income |  |  |  |  |  |  |  |  |  | 3,730 |
Other income (expense), net |  |  |  |  |  |  |  |  |  | (1,879) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 40,524 |
|  | Six Months Ended October 25, 2025
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate & Other |  | Intersegment Eliminations |  | Consolidated
Sales to external customers |  | $ | 518,901 |  |  | $ | 429,193 |  |  | $ | 66,615 |  |  | $ | — |  |  | $ | 1,014,709 |
Intersegment sales |  | 203,495 |  |  | — |  |  | 3,309 |  |  | (206,804) |  |  | — |
Total sales |  | 722,396 |  |  | 429,193 |  |  | 69,924 |  |  | (206,804) |  |  | 1,014,709 |
Cost of sales |  | 537,578 |  |  | 189,836 |  |  | 28,928 |  |  | (181,968) |  |  | 574,374 |
Gross profit |  | 184,818 |  |  | 239,357 |  |  | 40,996 |  |  | (24,836) |  |  | 440,335 |
SG&A expenses |  | 130,587 |  |  | 202,416 |  |  | 74,002 |  |  | (24,836) |  |  | 382,169 |
Operating income (loss) |  | $ | 54,231 |  |  | $ | 36,941 |  |  | $ | (33,006) |  |  | $ | — |  |  | $ | 58,166 |
Interest expense |  |  |  |  |  |  |  |  |  | (230) |
Interest income |  |  |  |  |  |  |  |  |  | 6,657 |
Other income (expense), net |  |  |  |  |  |  |  |  |  | (639) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 63,954 |
|  | Six Months Ended October 26, 2024
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate & Other |  | Intersegment Eliminations |  | Consolidated
Sales to external customers |  | $ | 515,003 |  |  | $ | 423,934 |  |  | $ | 77,622 |  |  | $ | — |  |  | $ | 1,016,559 |
Intersegment sales |  | 199,794 |  |  | — |  |  | 3,173 |  |  | (202,967) |  |  | — |
Total sales |  | 714,797 |  |  | 423,934 |  |  | 80,795 |  |  | (202,967) |  |  | 1,016,559 |
Cost of sales |  | 528,990 |  |  | 189,064 |  |  | 33,198 |  |  | (178,684) |  |  | 572,568 |
Gross profit |  | 185,807 |  |  | 234,870 |  |  | 47,597 |  |  | (24,283) |  |  | 443,991 |
SG&A expenses |  | 137,279 |  |  | 186,324 |  |  | 73,529 |  |  | (24,283) |  |  | 372,849 |
Operating income (loss) |  | $ | 48,528 |  |  | $ | 48,546 |  |  | $ | (25,932) |  |  | $ | — |  |  | $ | 71,142 |
Interest expense |  |  |  |  |  |  |  |  |  | (309) |
Interest income |  |  |  |  |  |  |  |  |  | 8,154 |
Other income (expense), net |  |  |  |  |  |  |  |  |  | (2,497) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 76,490 |
|  | Quarter Ended |  | Six Months Ended
(Unaudited, amounts in thousands) |  | 10/25/25 |  | 10/26/24 |  | 10/25/25 |  | 10/26/24
Depreciation and Amortization |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 6,474 |  |  | $ | 6,490 |  |  | $ | 13,089 |  |  | $ | 12,747 |
Retail segment |  | 3,536 |  |  | 2,745 |  |  | 6,729 |  |  | 5,375 |
Corporate and Other |  | 1,760 |  |  | 2,262 |  |  | 3,281 |  |  | 5,522 |
Consolidated depreciation and amortization |  | $ | 11,770 |  |  | $ | 11,497 |  |  | $ | 23,099 |  |  | $ | 23,644 |
Capital Expenditures |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 6,152 |  |  | $ | 7,492 |  |  | $ | 14,573 |  |  | $ | 15,514 |
Retail segment |  | 12,136 |  |  | 7,642 |  |  | 20,252 |  |  | 14,110 |
Corporate and Other |  | 2,178 |  |  | 2,015 |  |  | 4,102 |  |  | 3,145 |
Consolidated capital expenditures |  | $ | 20,466 |  |  | $ | 17,149 |  |  | $ | 38,927 |  |  | $ | 32,769 |
Sales by Country (1) |  |  |  |  |  |  |  |
United States |  | 92% |  | 91% |  | 92% |  | 90%
Canada |  | 5% |  | 5% |  | 5% |  | 6%
Other |  | 3% |  | 4% |  | 3% |  | 4%
Total |  | 100% |  | 100% |  | 100% |  | 100%
(1)Sales are attributed to countries on the basis of the customer's location.
(Unaudited, amounts in thousands) |  | 10/25/25 |  | 4/26/25
Assets |  |  |  |
Wholesale segment |  | $ | 667,415 |  |  | $ | 662,987 |
Retail segment |  | 740,695 |  |  | 727,178 |
Unallocated assets |  | 550,648 |  |  | 531,997 |
Consolidated assets |  | $ | 1,958,758 |  |  | $ | 1,922,162 |
Long-Lived Assets by Geographic Location |  |  |  |
Domestic |  | $ | 996,452 |  |  | $ | 976,220 |
International |  | 68,634 |  |  | 72,591 |
Consolidated long-lived assets |  | $ | 1,065,086 |  |  | $ | 1,048,811 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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