Increases Quarterly Dividend

MONROE, Mich., Nov. 28, 2018 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB) today reported its operating results for the fiscal 2019 second quarter ended October 27, 2018.

During the second quarter of fiscal 2019 versus last year’s second quarter:

• Consolidated sales increased 11.7% to $439.3 million on solid core growth and the addition of recent acquisitions
• Written same-store sales for the 353-store La-Z-Boy Furniture Galleries^® network increased 4.4%, the seventh consecutive quarterly increase
• Delivered same-store sales for the company-owned retail segment increased 4.0%  
• Consolidated operating income:
  -- GAAP: $28.5 million versus $34.3 million 
  -- Non-GAAP*: $32.2 million versus $35.0 million**  
• Consolidated operating margin:
  -- GAAP: 6.5% versus 8.7% 
  -- Non-GAAP*: 7.3% versus 8.9%**
• Net income attributable to La-Z-Boy Incorporated per share (“EPS”):
  -- GAAP: $0.42 per diluted share versus $0.47 per diluted share 
  -- Non-GAAP*: $0.48 per diluted share versus $0.48 per diluted share**   

*Non-GAAP amounts for the second quarter of fiscal 2019 exclude purchase accounting charges totaling $3.9 million, with $3.7 million included in operating income and $0.2 million included in interest expense, or $0.06 per diluted share. Non-GAAP amounts for the second quarter of fiscal 2018 exclude purchase accounting charges totaling $0.7 million, all included in operating income, or $0.01 per diluted share.

**Please refer to the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” for detailed information on calculating Non-GAAP measures used in this press release and a reconciliation to the applicable GAAP measure.

For the second quarter of fiscal 2019, consolidated sales increased 11.7% to $439.3 million on solid base business growth as well as consolidation of recent acquisitions.  Consolidated GAAP operating margin was 6.5% versus 8.7% in the prior-year quarter. Excluding purchase accounting charges, Non-GAAP operating margin was 7.3% in the second quarter of the current year versus 8.9% in the second quarter of last year. The decline in operating margin was driven primarily by the Upholstery segment, as well as an increase of approximately 60 basis points for higher incentive compensation expense in the current quarter.

Sales in the company’s Upholstery segment increased 4% to $317.1 million and GAAP operating margin was 10.1% compared with 11.0% in last year’s second quarter. Non-GAAP Upholstery operating margin was 10.2% in the current-year quarter vs. 11.1% in last year’s second quarter. Operating margin declined, as price increases taken over the last year to counter increased raw material costs were more than offset by changes in product mix and inflationary pressures in our supply chain, including procurement, manufacturing operations and logistics. In the Casegoods segment, sales increased 11.8% to $31.4 million in the second quarter of fiscal 2019 and GAAP operating margin increased to 12.0% from 11.8% in the prior-year period, driven by a strong portfolio of on-trend collections, a reliable in-stock position and quick ship times.

Sales in the Retail segment increased 19.7% to $139.7 million in the second quarter of fiscal 2019 reflecting strong results for the core stores as well as $16.8 million of sales from acquisitions.  On the core base of 141 stores included in last year’s second quarter, delivered same-store sales increased 4.0%. GAAP operating margin for the Retail segment improved to 4.7% from 3.3% in last year’s second quarter. Non-GAAP Retail operating margin was 5.4% in the current-year quarter compared with 3.6% in last-year’s second quarter, driven by both delivered same-store sales and the profitability of the Arizona market, acquired early in the second quarter of fiscal 2019.

GAAP EPS for the fiscal 2019 second quarter was $0.42 per diluted share versus $0.47 per diluted share in the prior-year period. Non-GAAP EPS was $0.48 per diluted share in the current-year quarter, unchanged from the comparable fiscal 2018 second quarter. The fiscal 2019 quarter included higher incentive compensation costs of approximately $0.05 per share versus last year. The prior-year EPS included a $0.02 per share benefit from an insurance gain and a $0.03 per share benefit for discrete tax items, and fiscal 2019 includes a $0.05 per share benefit from lower income taxes when compared with fiscal 2018, as Tax Reform (2017 Tax Cut and Jobs Act) had not been enacted as of the end of the company’s fiscal 2018 second quarter.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “Solid across-the-board sales increases demonstrate the fundamental strength of our various brands, core manufacturing capabilities and retail business, even as we contend with record-high commodity costs and tariff headwinds.  In addition, we are pleased with the progress of our recent acquisitions.  Arizona is already contributing to top-line and Non-GAAP bottom-line results. Additionally, we are excited by the potential of Joybird with its proven ability to reach younger consumers through the e-commerce channel and our plans to leverage existing La-Z-Boy domestic manufacturing facilities to fuel Joybird’s growth and drive cost synergies.” 

Acquisitions

During the quarter the company closed on the acquisition of Joybird and 10 La-Z-Boy Furniture Galleries^® stores – nine in Arizona and one in North Dartmouth, Massachusetts.

During the second quarter the company recorded $3.9 million of purchase accounting charges, with $2.7 million of these charges related to the Joybird acquisition, including $2.5 million in operating income which is reported as part of Corporate & Other and $0.2 million in interest expense, and approximately $1.0 million related to the Arizona and North Dartmouth acquisitions, which are reported as part of the company’s Retail segment. The remaining $0.2 million of purchase accounting charges, as well as the $0.7 million of purchase accounting charges recorded in the prior-year period, are related to previous acquisitions that closed prior to the second quarter of fiscal 2019.  These items are treated as Non-GAAP adjustments and are discussed further at the end of this press release under “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Joybird and the acquired La-Z-Boy Furniture Galleries^® stores are key strategic acquisitions for the company and are intended to drive long-term growth and profitability. On a Non-GAAP basis, the combined entities are expected to be slightly accretive to profit by the end of fiscal 2019. The company expects purchase accounting charges to be approximately $0.12 to $0.14 per diluted share for the full fiscal 2019 year. 

Balance Sheet and Cash Flow

During the quarter, the company generated $13.9 million in cash from operating activities. La-Z-Boy ended the quarter with $93.9 million in cash and cash equivalents, $29.8 million in investments to enhance returns on cash, and $2.0 million in restricted cash. The company used $85.6 million for the Joybird and the La-Z-Boy Furniture Galleries^® store acquisitions payments made during the quarter, with $7.5 million reported as a use of operating cash and $78.1 million reported as a use of investing cash on the cash flow statement. La-Z-Boy also invested $11.1 million in the business through capital expenditures. Additionally, the company spent $5.7 million on dividends to shareholders and $3.7 million purchasing 0.1 million shares of stock in the open market under its existing authorized share purchase program, leaving 6.3 million shares of purchase availability in the program. La-Z-Boy borrowed $35.0 million under its revolving line of credit in the second quarter of fiscal 2019 to fund a portion of the acquisition payments made during the quarter.

Outlook

Darrow concluded, “As the furniture industry weathers the uncertainty of ongoing tariffs, La-Z-Boy is competitively well positioned with a strong business model powered by a diversified global supply chain and domestic manufacturing footprint.  Additionally, Joybird has the potential to drive meaningful growth for the company with a new channel and different generation of consumers.  We believe La-Z-Boy Incorporated is poised to deliver solid ongoing returns to shareholders over the long term.”  

Dividend

Subsequent to quarter end, the board of directors increased the company’s regular quarterly dividend to shareholders by 8% to $0.13 per share.  The dividend will be paid on December 20, 2018, to shareholders of record as of December 10, 2018.

Conference Call

La-Z-Boy will hold a conference call with the investment community on Thursday, November 29, 2018, at 8:30 a.m. eastern time. The toll-free dial-in number is 877.407.9205; international callers may use 201.689.8054. 

The call will be webcast live, with corresponding slides, and archived on the Internet.  It will be available at https://lazboy.gcs-web.com/. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at 877.481.4010 and to international callers at 919.882.2331. Enter Conference ID #40751. The webcast replay will be available for one year.

Forward-looking Information

This news release contains, and oral statements made from time to time by representatives of La‑Z‑Boy may contain, “forward-looking statements.” With respect to all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 

Actual results could differ materially from those we anticipate or project due to a number of factors, including: (a) changes in consumer confidence and demographics; (b) the possibility of a recession; (c) changes in the real estate and credit markets and their effects on our customers, consumers and suppliers; (d) international political unrest, terrorism or war; (e) volatility in energy and other commodities prices; (f) the impact of logistics on imports and exports; (g) tax rate, interest rate, and currency exchange rate changes; (h) changes in the stock market impacting our profitability and our effective tax rate; (i) operating factors, such as supply, labor or distribution disruptions (e.g. port strikes); (j) changes in legislation, including the tax code, or changes in the domestic or international regulatory environment or trade policies, including new or increased duties, tariffs, retaliatory tariffs, trade limitations and termination or renegotiation of the North American Free Trade Agreement; (k) adoption of new accounting principles; (l) fires, severe weather or other natural events such as hurricanes, earthquakes, flooding, tornadoes and tsunamis; (m) our ability to procure, transport or import, or material increases to the cost of transporting or importing, fabric rolls, leather hides or cut-and-sewn fabric and leather sets domestically or abroad; (n) information technology conversions or system failures and our ability to recover from a system failure; (o) effects of our brand awareness and marketing programs; (p) the discovery of defects in our products resulting in delays in manufacturing, recall campaigns, reputational damage, or increased warranty costs; (q) litigation arising out of alleged defects in our products; (r) unusual or significant litigation; (s) our ability to locate new La-Z-Boy Furniture Galleries^® stores (or store owners) and negotiate favorable lease terms for new or existing locations; (t) the ability to increase volume through our e-commerce initiatives; (u) the impact of potential goodwill or intangible asset impairments; and (v) those matters discussed in Item 1A of our fiscal 2018 Annual Report on Form 10-K and other factors identified from time to time in our reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether to reflect new information or new developments or for any other reason.

Additional Information

This news release is just one part of La-Z-Boy’s financial disclosures and should be read in conjunction with other information filed with the Securities and Exchange Commission, which is available at: https://lazboy.gcs-web.com/financial-information/sec-filings. Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and quarterly investor conference calls may sign up at:  https://lazboy.gcs-web.com/.

Background Information

La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew^®, Hammary^®, and Kincaid^®. The company-owned Retail segment includes 157 of the 353 La-Z-Boy Furniture Galleries^® stores.  Joybird is an e-commerce retailer and manufacturer of upholstered furniture.

The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 353 stand-alone La-Z-Boy Furniture Galleries^® stores and 543 independent Comfort Studio^® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/.

Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), this press release also includes Non-GAAP financial measures. Management uses these Non-GAAP financial measures when assessing our ongoing performance. This press release contains references to Non-GAAP operating income, Non-GAAP operating margin, Non-GAAP income before income taxes, Non-GAAP net income attributable to La-Z-Boy Incorporated and Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share, each of which excludes purchase accounting charges. These purchase accounting charges include the amortization of intangible assets, incremental expense upon the sale of inventory acquired at fair value, amortization of employee retention agreements, and fair value adjustments of future cash payments recorded as interest expense. These Non-GAAP financial measures are not meant to be considered superior to or a substitute for La-Z-Boy Incorporated’s results of operations prepared in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies. Reconciliations of such Non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Management believes that presenting certain Non-GAAP financial measures excluding purchase accounting charges will help investors understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. Management uses these Non-GAAP measures to assess the Company’s operating and financial performance, and excludes purchase accounting charges because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions consummated. While the company has a history of acquisition activity, it does not acquire businesses on a predictable cycle, and the impact of purchase accounting charges is unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of these charges facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. Where applicable, the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” tables present the excluded items net of tax calculated using the effective tax rate from operations for the period in which the adjustment is presented. 

LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF INCOME
		Quarter Ended
(Unaudited, amounts in thousands, except per share data)		10/27/18			10/28/17
Sales		$439,333			$393,205
Cost of sales			264,928			238,253
Gross profit			174,405			154,952
Selling, general and administrative expense			145,905			120,683
Operating income			28,500			34,269
Interest expense			(501	)		(160	)
Interest income			392			376
Other expense, net			(1,997	)		(926	)
Income before income taxes			26,394			33,559
Income tax expense			6,045			10,353
Net income			20,349			23,206
Net income attributable to noncontrolling interests			(337	)		(310	)
Net income attributable to La-Z-Boy Incorporated		$20,012			$22,896
Basic weighted average common shares			46,888			47,964
Basic net income attributable to La-Z-Boy Incorporated per share		$0.43			$0.47
Diluted weighted average common shares			47,259			48,297
Diluted net income attributable to La-Z-Boy Incorporated per share		$0.42			$0.47
Dividends declared per share		$0.12			$0.11

LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF INCOME
		Six Months Ended
(Unaudited, amounts in thousands, except per share data)		10/27/18			10/28/17
Sales		$824,028			$750,284
Cost of sales			501,101			456,229
Gross profit			322,927			294,055
Selling, general and administrative expense			271,267			243,488
Operating income			51,660			50,567
Interest expense			(605	)		(317	)
Interest income			994			719
Other income (expense), net			(1,105	)		823
Income before income taxes			50,944			51,792
Income tax expense			11,644			16,842
Net income			39,300			34,950
Net income attributable to noncontrolling interests			(985	)		(403	)
Net income attributable to La-Z-Boy Incorporated		$38,315			$34,547
Basic weighted average common shares			46,802			48,160
Basic net income attributable to La-Z-Boy Incorporated per share		$0.82			$0.71
Diluted weighted average common shares			47,219			48,537
Diluted net income attributable to La-Z-Boy Incorporated per share		$0.81			$0.71
Dividends declared per share		$0.24			$0.22

LA-Z-BOY INCORPORATED CONSOLIDATED BALANCE SHEET
(Unaudited, amounts in thousands, except par value)		10/27/18			4/28/18
Current assets
Cash and equivalents		$93,867			$134,515
Restricted cash			2,001			2,356
Receivables, net of allowance of $2,647 at 10/27/18 and $1,956 at 4/28/18			150,507			154,055
Inventories, net			214,948			184,841
Other current assets			76,093			42,451
Total current assets			537,416			518,218
Property, plant and equipment, net			195,327			180,882
Goodwill			182,116			75,254
Other intangible assets, net			30,500			18,190
Deferred income taxes – long-term			23,227			21,265
Other long-term assets, net			83,549			79,158
Total assets		$1,052,135			$892,967
Current liabilities
Short-term borrowings		$35,000				$—
Current portion of long-term debt			217			223
Accounts payable			75,090			62,403
Accrued expenses and other current liabilities			176,075			118,721
Total current liabilities			286,382			181,347
Long-term debt			89			199
Other long-term liabilities			116,433			86,205
Contingencies and commitments
Shareholders’ equity
Preferred shares – 5,000 authorized; none issued			—			—
Common shares, $1 par value – 150,000 authorized; 46,905 outstanding at 10/27/18 and 46,788 outstanding at 4/28/18			46,905			46,788
Capital in excess of par value			307,701			298,948
Retained earnings			309,543			291,644
Accumulated other comprehensive loss			(28,329	)		(25,199	)
Total La-Z-Boy Incorporated shareholders’ equity			635,820			612,181
Noncontrolling interests			13,411			13,035
Total equity			649,231			625,216
Total liabilities and equity		$1,052,135			$892,967

LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF CASH FLOWS
		Six Months Ended
(Unaudited, amounts in thousands)		10/27/18			10/28/17
Cash flows from operating activities
Net income		$39,300			$34,950
Adjustments to reconcile net income to cash provided by    (used for) operating activities
Gain on disposal of assets			(72	)		(1,884	)
Gain on conversion of investment			—			(2,204	)
Change in deferred taxes			1,572			(403	)
Provision for doubtful accounts			315			74
Depreciation and amortization			15,541			15,869
Equity-based compensation expense			5,679			6,410
Pension plan contributions			(7,000	)		(2,000	)
Change in receivables			122			6,165
Change in inventories			(15,037	)		(4,096	)
Change in other assets			(15,781	)		(7,935	)
Change in payables			6,034			2,136
Change in other liabilities			15,411			4,142
Net cash provided by operating activities			46,084			51,224
Cash flows from investing activities
Proceeds from disposals of assets			256			608
Proceeds from property insurance			114			1,485
Capital expenditures			(26,926	)		(16,372	)
Purchases of investments			(5,193	)		(18,507	)
Proceeds from sales of investments			7,754			11,529
Acquisitions, net of cash acquired			(78,145	)		(15,879	)
Net cash used for investing activities			(102,140	)		(37,136	)
Cash flows from financing activities
Net proceeds from credit facility			35,000			—
Payments on debt			(116	)		(131	)
Stock issued for stock and employee benefit plans, net of    shares withheld for taxes			4,039			356
Purchases of common stock			(11,610	)		(30,692	)
Dividends paid			(11,278	)		(10,648	)
Net cash provided by (used for) financing activities			16,035			(41,115	)
Effect of exchange rate changes on cash and equivalents			(982	)		865
Change in cash, cash equivalents and restricted cash			(41,003	)		(26,162	)
Cash, cash equivalents and restricted cash at beginning of   period			136,871			150,859
Cash, cash equivalents and restricted cash at end of period		$95,868			$124,697
Supplemental disclosure of non-cash investing activities
capital expenditures included in payables		$4,442			$1,631

LA-Z-BOY INCORPORATED SEGMENT INFORMATION
		Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands)		10/27/18			10/28/17			10/27/18			10/28/17
Sales
Upholstery segment:
Sales to external customers		$254,028			$251,741			$494,082			$476,555
Intersegment sales			63,065			53,020			116,409			102,613
Upholstery segment sales			317,093			304,761			610,491			579,168
Casegoods segment:
Sales to external customers			26,242			23,915			50,645			44,934
Intersegment sales			5,135			4,150			9,118			8,641
Casegoods segment sales			31,377			28,065			59,763			53,575
Retail segment sales			139,686			116,737			258,914			227,253
Corporate and Other:
Sales to external customers			19,377			812			20,387			1,542
Intersegment sales			3,001			2,091			5,856			4,021
Corporate and Other sales			22,378			2,903			26,243			5,563
Eliminations			(71,201	)		(59,261	)		(131,383	)		(115,275	)
Consolidated sales		$439,333			$393,205			$824,028			$750,284
Operating Income (Loss)
Upholstery segment		$32,152			$33,424			$56,036			$56,723
Casegoods segment			3,761			3,302			6,841			6,041
Retail segment			6,563			3,903			11,021			5,670
Corporate and Other			(13,976	)		(6,360	)		(22,238	)		(17,867	)
Consolidated operating income		$28,500			$34,269			$51,660			$50,567

LA-Z-BOY INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
		Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands, except per share data)		10/27/18			10/28/17			10/27/18			10/28/17
GAAP gross profit		$174,405			$154,952			$322,927			$294,055
Add back: Purchase accounting charges –   incremental expense upon the sale of inventory   acquired at fair value			2,448			127			2,491			261
Non-GAAP gross profit		$176,853			$155,079			$325,418			$294,316
GAAP SG&A		$145,905			$120,683			$271,267			$243,488
Less: Purchase accounting charges – amortization of    intangible assets and retention agreements			(1,238	)		(595	)		(1,341	)		(956	)
Non-GAAP SG&A		$144,667			$120,088			$269,926			$242,532
GAAP operating income		$28,500			$34,269			$51,660			$50,567
Add back: Purchase accounting charges			3,686			722			3,832			1,217
Non-GAAP operating income		$32,186			$34,991			$55,492			$51,784
GAAP income before income taxes		$26,394			$33,559			$50,944			$51,792
Add back: Purchase accounting charges recorded as   part of gross profit, SG&A, and interest expense			3,875			722			4,020			1,217
Non-GAAP income before income taxes		$30,269			$34,281			$54,964			$53,009
GAAP net income attributable to La-Z-Boy   Incorporated		$20,012			$22,896			$38,315			$34,547
Add back: Purchase accounting charges   recorded as part of gross profit, SG&A, and   interest expense			3,875			722			4,020			1,217
Less: Tax effect of purchase accounting charges			(887	)		(222	)		(921	)		(396	)
Non-GAAP net income attributable to La-Z-Boy   Incorporated		$23,000			$23,396			$41,414			$35,368
GAAP net income attributable to La-Z-Boy   Incorporated per diluted share		$0.42			$0.47			$0.81			$0.71
Add back: Purchase accounting charges, net of tax,   per share			0.06			0.01			0.07			0.02
Non-GAAP net income attributable to La-Z-   Boy Incorporated per diluted share		$0.48			$0.48			$0.88			$0.73

LA-Z-BOY INCORPORATED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES SEGMENT INFORMATION
		Quarter Ended
(Unaudited, amounts in thousands)		10/27/18			% of sales			10/28/17			% of sales
GAAP operating income (loss)
Upholstery segment		$32,152			10.1%			$33,424			11.0%
Casegoods segment			3,761		12.0%				3,302		11.8%
Retail segment			6,563		4.7%				3,903		3.3%
Corporate and Other			(13,976	)	N/M				(6,360	)	N/M
GAAP Consolidated operating income		$28,500			6.5%			$34,269			8.7%
Purchase accounting charges affecting operating income
Upholstery segment		$101						$369
Casegoods segment			—						—
Retail segment			1,045						353
Corporate and Other			2,540						—
Consolidated purchase accounting charges affecting   operating income		$3,686						$722
Non-GAAP operating income (loss)
Upholstery segment		$32,253			10.2%			$33,793			11.1%
Casegoods segment			3,761		12.0%				3,302		11.8%
Retail segment			7,608		5.4%				4,256		3.6%
Corporate and Other			(11,436	)	N/M				(6,360	)	N/M
Non-GAAP Consolidated operating income		$32,186			7.3%			$34,991			8.9%
		Six Months Ended
		10/27/18			% of sales			10/28/17			% of sales
GAAP operating income (loss)
Upholstery segment		$56,036			9.2%			$56,723			9.8%
Casegoods segment			6,841		11.4%				6,041		11.3%
Retail segment			11,021		4.3%				5,670		2.5%
Corporate and Other			(22,238	)	N/M				(17,867	)	N/M
GAAP Consolidated operating income		$51,660			6.3%			$50,567			6.7%
Purchase accounting charges affecting operating income
Upholstery segment		$204						$730
Casegoods segment			—						—
Retail segment			1,088						487
Corporate and Other			2,540						—
Consolidated purchase accounting charges affecting   operating income		$3,832						$1,217
Non-GAAP operating income (loss)
Upholstery segment		$56,240			9.2%			$57,453			9.9%
Casegoods segment			6,841		11.4%				6,041		11.3%
Retail segment			12,109		4.7%				6,157		2.7%
Corporate and Other			(19,698	)	N/M				(17,867	)	N/M
Non-GAAP Consolidated operating income		$55,492			6.7%			$51,784			6.9%
N/M – Not Meaningful

Contact:
Kathy Liebmann
(734) 241-2438
kathy.liebmann@la-z-boy.com 

 

Source: La-Z-Boy Incorporated