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Segment Information
 6 Months Ended
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)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$263,556 $222,043 $36,881 $— $522,480 
Intersegment sales105,883 — 1,808 (107,691)— 
Total sales369,439 222,043 38,689 (107,691)522,480 
Cost of sales273,536 96,373 16,394 (94,961)291,342 
Gross profit95,903 125,670 22,295 (12,730)231,138 
SG&A expenses66,847 101,849 38,993 (12,730)194,959 
Operating income (loss)$29,056 $23,821 $(16,698)$— $36,179 
Interest expense(110)
Interest income3,549 
Other income (expense), net(54)
Income before income taxes$39,564 
Quarter Ended October 26, 2024
(Unaudited, amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$258,983 $221,564 $40,480 $— $521,027 
Intersegment sales104,914 — 1,607 (106,521)— 
Total sales363,897 221,564 42,087 (106,521)521,027 
Cost of sales268,697 98,314 17,279 (93,911)290,379 
Gross profit95,200 123,250 24,808 (12,610)230,648 
SG&A expenses70,671 95,353 38,462 (12,610)191,876 
Operating income (loss)$24,529 $27,897 $(13,654)$— $38,772 
Interest expense(99)
Interest income3,730 
Other income (expense), net(1,879)
Income before income taxes$40,524 
Six Months Ended October 25, 2025
(Unaudited, amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$518,901 $429,193 $66,615 $— $1,014,709 
Intersegment sales203,495 — 3,309 (206,804)— 
Total sales722,396 429,193 69,924 (206,804)1,014,709 
Cost of sales537,578 189,836 28,928 (181,968)574,374 
Gross profit184,818 239,357 40,996 (24,836)440,335 
SG&A expenses130,587 202,416 74,002 (24,836)382,169 
Operating income (loss)$54,231 $36,941 $(33,006)$— $58,166 
Interest expense(230)
Interest income6,657 
Other income (expense), net(639)
Income before income taxes$63,954 
Six Months Ended October 26, 2024
(Unaudited, amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$515,003 $423,934 $77,622 $— $1,016,559 
Intersegment sales199,794 — 3,173 (202,967)— 
Total sales714,797 423,934 80,795 (202,967)1,016,559 
Cost of sales528,990 189,064 33,198 (178,684)572,568 
Gross profit185,807 234,870 47,597 (24,283)443,991 
SG&A expenses137,279 186,324 73,529 (24,283)372,849 
Operating income (loss)$48,528 $48,546 $(25,932)$— $71,142 
Interest expense(309)
Interest income8,154 
Other income (expense), net(2,497)
Income before income taxes$76,490 

Quarter EndedSix Months Ended
(Unaudited, amounts in thousands)10/25/2510/26/2410/25/2510/26/24
Depreciation and Amortization
Wholesale segment$6,474 $6,490 $13,089 $12,747 
Retail segment3,536 2,745 6,729 5,375 
Corporate and Other1,760 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 segment12,136 7,642 20,252 14,110 
Corporate and Other2,178 2,015 4,102 3,145 
Consolidated capital expenditures$20,466 $17,149 $38,927 $32,769 
Sales by Country (1)
United States92%91%92%90%
Canada5%5%5%6%
Other3%4%3%4%
Total100%100%100%100%
(1)Sales are attributed to countries on the basis of the customer's location.
(Unaudited, amounts in thousands)10/25/254/26/25
Assets
Wholesale segment$667,415 $662,987 
Retail segment740,695 727,178 
Unallocated assets550,648 531,997 
Consolidated assets$1,958,758 $1,922,162 
Long-Lived Assets by Geographic Location
Domestic$996,452 $976,220 
International68,634 72,591 
Consolidated long-lived assets$1,065,086 $1,048,811