0000057131-23-000152 | 10-Q | XBRL Viewer

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Revenue Recognition
Sales	$ 511,435	$ 611,332	$ 993,086	$ 1,215,423
Wholesale Segment
Revenue Recognition
Sales	263,738	319,613	499,989	643,341
Operating Segments
Revenue Recognition
Sales	615,508	742,020	1,197,287	1,468,589
Operating Segments \| Upholstered Furniture
Revenue Recognition
Sales	530,756	591,663	1,031,322	1,170,185
Operating Segments \| Casegoods Furniture
Revenue Recognition
Sales	37,542	52,505	74,459	100,693
Operating Segments \| Delivery
Revenue Recognition
Sales	54,279	66,810	104,467	132,966
Operating Segments \| Other
Revenue Recognition
Sales	(7,069)	31,042	(12,961)	64,745
Operating Segments \| Wholesale Segment
Revenue Recognition
Sales	364,967	446,231	698,442	888,049
Operating Segments \| Wholesale Segment \| Upholstered Furniture
Revenue Recognition
Sales	314,771	337,997	598,189	668,475
Operating Segments \| Wholesale Segment \| Casegoods Furniture
Revenue Recognition
Sales	20,352	30,545	40,728	58,551
Operating Segments \| Wholesale Segment \| Delivery
Revenue Recognition
Sales	43,655	56,538	83,698	112,775
Operating Segments \| Wholesale Segment \| Other
Revenue Recognition
Sales	(13,811)	21,151	(24,173)	48,248
Operating Segments \| Retail
Revenue Recognition
Sales	214,309	252,152	422,552	488,173
Operating Segments \| Retail \| Upholstered Furniture
Revenue Recognition
Sales	172,989	207,228	343,703	404,030
Operating Segments \| Retail \| Casegoods Furniture
Revenue Recognition
Sales	12,942	15,419	24,775	27,873
Operating Segments \| Retail \| Delivery
Revenue Recognition
Sales	8,869	8,172	17,112	16,188
Operating Segments \| Retail \| Other
Revenue Recognition
Sales	19,509	21,333	36,962	40,082
Corporate and Other
Revenue Recognition
Sales	36,232	43,637	76,293	92,367
Corporate and Other \| Upholstered Furniture
Revenue Recognition
Sales	42,996	46,438	89,430	97,680
Corporate and Other \| Casegoods Furniture
Revenue Recognition
Sales	4,248	6,541	8,956	14,269
Corporate and Other \| Delivery
Revenue Recognition
Sales	1,755	2,100	3,657	4,003
Corporate and Other \| Other
Revenue Recognition
Sales	(12,767)	(11,442)	(25,750)	(23,585)
Eliminations
Revenue Recognition
Sales	$ (104,073)	$ (130,688)	$ (204,201)	$ (253,166)

Fair Value Measurements

6 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them:

•Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.

•Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.

•Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur.

In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss.

The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at October 28, 2023 and April 29, 2023. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.


At October 28, 2023
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	9,903	$	—	$	10,153	$	20,056
Held-to-maturity investments	1,285		—		—		—		1,285

Total assets	$	1,285	$	9,903	$	—	$	10,153	$	21,341


At April 29, 2023
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	16,557	$	—	$	6,995	$	23,552
Held-to-maturity investments	1,351		—		—		—		1,351

Total assets	$	1,351	$	16,557	$	—	$	6,995	$	24,903

(1)Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

At October 28, 2023 and April 29, 2023, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan and our performance compensation retirement plan.

The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation - Performance Shares, Additional Information (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jul. 29, 2023	Oct. 28, 2023
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares)	219,154
Performance Awards
Stock-Based Compensation
Performance awards, performance period	3 years
Performance Awards \| Fiscal 2022 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance	50.00%
Percentage of payout dependent on total shareholder return	50.00%
Granted (in dollars per share)		$ 25.48
Performance Awards \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50.00%
Performance Awards \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200.00%
Performance Based Shares, vesting based on market conditions \| Fiscal 2022 Grant
Stock-Based Compensation
Granted (in dollars per share)		$ 34.15

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	26.50%	25.80%	26.50%	26.20%
Statutory tax rate	21.00%

Investments

6 Months Ended

Oct. 28, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan.

Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet.

The following summarizes our investments:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Short-term investments:
Marketable securities	$	6,500	$	5,043
Held-to-maturity investments	1,285		1,351
Total short-term investments	7,785		6,394
Long-term investments:
Marketable securities	13,556		18,509


Total investments	$	21,341	$	24,903

Investments to enhance returns on cash	$	8,652	$	11,617
Investments to fund compensation/retirement plans	12,689		13,286

Total investments	$	21,341	$	24,903

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:


	10/28/2023						4/29/2023
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	—	$	(138)	$	3,805	$	1,338	$	(103)	$	6,853
Fixed income	—		(400)		13,714		42		(620)		14,039
Other	1,165		—		3,822		1,171		—		4,011
Total securities	$	1,165	$	(538)	$	21,341	$	2,551	$	(723)	$	24,903

The following table summarizes sales of marketable securities:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Proceeds from sales	$	8,064	$	8,418	$	20,468	$	12,664
Gross realized gains	1,715		22		1,876		49
Gross realized losses	(272)		(70)		(740)		(126)

The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:


(Unaudited, amounts in thousands)	10/28/2023
Within one year	$	6,405
Within two to five years	961


Securities not due at a single maturity date	6,348
Total	$	13,714

Fair Value Measurements (Tables)

6 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy


At October 28, 2023
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	9,903	$	—	$	10,153	$	20,056
Held-to-maturity investments	1,285		—		—		—		1,285

Total assets	$	1,285	$	9,903	$	—	$	10,153	$	21,341


At April 29, 2023
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	16,557	$	—	$	6,995	$	23,552
Held-to-maturity investments	1,351		—		—		—		1,351

Total assets	$	1,351	$	16,557	$	—	$	6,995	$	24,903

(1)Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Oct. 28, 2023 store segment brand
Wholesale Segment
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	1
Wholesale Segment \| Casegoods
Segment Reporting Information [Line Items]
Number of brands \| brand	3
Retail Segment
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of stores \| store	177

Goodwill and Other Intangible Assets

6 Months Ended

Oct. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

United Kingdom

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate and Other

Joybird

The following table summarizes changes in the carrying amount of our goodwill by reportable segment:


(Unaudited, amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 29, 2023 (1)	$	20,202	$	129,360	$	55,446	$	205,008
Acquisitions	—		4,273		—		4,273
Translation adjustment	(725)		(83)		—		(808)
Balance at October 28, 2023 (1)	$	19,477	$	133,550	$	55,446	$	208,473

(1)Includes $26.9 million of accumulated impairment losses in Corporate and Other.

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate and Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite-Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375
Acquisitions	—		—		2,773		—		2,773
Amortization	—		(399)				(109)		(508)
Translation adjustment	—		—		(61)		(64)		(125)
Balance at October 28, 2023	$	1,155	$	2,195	$	36,451	$	1,714	$	41,515

We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that an asset might be impaired. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired.

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Numerator (basic and diluted):
Net income available to common Shareholders	$ 27,199	$ 46,077	$ 54,678	$ 84,565
Denominator:
Basic weighted average common shares outstanding (in shares)	43,008	43,104	43,123	43,098
Contingent common shares (in shares)	296	78	289	76
Stock option dilution (in shares)	97	0	67	0
Diluted weighted average common shares outstanding (in shares)	43,401	43,182	43,479	43,174
Earnings per Share:
Basic (in dollars per share)	$ 0.63	$ 1.07	$ 1.27	$ 1.96
Diluted (in dollars per share)	$ 0.63	$ 1.07	$ 1.26	$ 1.96

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Common Shares

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interests

Beginning balance at Apr. 30, 2022

$ 819,622

$ 43,089

$ 342,252

$ 431,181

$ (5,797)

$ 8,897

Increase (Decrease) in Stockholders' Equity

Net income

38,940

38,488

452

Other comprehensive income (loss)

(2,038)

(1,519)

(519)

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

(1,703)

151

(194)

(1,660)

Repurchase of shares of common stock

(5,004)

(204)

(4,800)

Stock option and restricted stock expense

1,417

Dividends declared and paid

(7,097)

Dividends declared not paid

(45)

Ending balance at Jul. 30, 2022

844,092

43,036

343,475

456,067

(7,316)

8,830

Beginning balance at Apr. 30, 2022

819,622

43,089

342,252

431,181

(5,797)

8,897

Increase (Decrease) in Stockholders' Equity

Net income

85,719

1,154

Other comprehensive income (loss)

(5,643)

(923)

Ending balance at Oct. 29, 2022

883,786

43,136

347,036

495,003

(10,517)

9,128

Beginning balance at Jul. 30, 2022

844,092

43,036

343,475

456,067

(7,316)

8,830

Increase (Decrease) in Stockholders' Equity

Net income

46,779

46,077

702

Other comprehensive income (loss)

(3,605)

(3,201)

(404)

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

(8)

100

(101)

(7)

Stock option and restricted stock expense

3,662

Dividends declared and paid

(7,064)

Dividends declared not paid

(70)

Ending balance at Oct. 29, 2022

883,786

43,136

347,036

495,003

(10,517)

9,128

Beginning balance at Apr. 29, 2023

952,097

43,318

358,891

545,155

(5,528)

10,261

Increase (Decrease) in Stockholders' Equity

Net income

27,926

27,479

447

Other comprehensive income (loss)

1,290

1,330

(40)

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

(1,978)

149

(221)

(1,906)

Repurchase of shares of common stock

(10,007)

(357)

(4,512)

(5,138)

Stock option and restricted stock expense

2,526

Dividends declared and paid

(7,852)

Dividends declared not paid

(72)

Ending balance at Jul. 29, 2023

963,930

43,110

356,684

557,666

(4,198)

10,668

Beginning balance at Apr. 29, 2023

952,097

43,318

358,891

545,155

(5,528)

10,261

Increase (Decrease) in Stockholders' Equity

Net income

55,620

942

Other comprehensive income (loss)

(2,388)

(524)

Ending balance at Oct. 28, 2023

973,790

42,875

361,409

567,391

(7,392)

9,507

Beginning balance at Jul. 29, 2023

963,930

43,110

356,684

557,666

(4,198)

10,668

Increase (Decrease) in Stockholders' Equity

Net income

27,694

27,199

495

Other comprehensive income (loss)

(3,678)

(3,194)

(484)

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

119

(4)

Repurchase of shares of common stock

(10,005)

(326)

(118)

(9,561)

Stock option and restricted stock expense

4,811

Dividends declared and paid

^[1]

(8,952)

(7,780)

(1,172)

Dividends declared not paid

(129)

Ending balance at Oct. 28, 2023

$ 973,790

$ 42,875

$ 361,409

$ 567,391

$ (7,392)

$ 9,507

[1]	Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Oct. 28, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss) for the quarters ended October 28, 2023, and October 29, 2022, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at July 29, 2023	$	(1,565)	$	75	$	(2,708)	$	(4,198)
Changes before reclassifications	(3,131)		(139)		—		(3,270)


Amounts reclassified to net income	—		24		31		55
Tax effect	—		28		(7)		21
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(3,131)		(87)		24		(3,194)
Balance at October 28, 2023	$	(4,696)	$	(12)	$	(2,684)	$	(7,392)

Balance at July 30, 2022	$	(3,602)	$	(212)	$	(3,502)	$	(7,316)
Changes before reclassifications	(2,949)		(445)		—		(3,394)


Amounts reclassified to net income	—		62		48		110
Tax effect	—		94		(11)		83
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,949)		(289)		37		(3,201)
Balance at October 29, 2022	$	(6,551)	$	(501)	$	(3,465)	$	(10,517)

Activity in accumulated other comprehensive income (loss) for the six months ended October 28, 2023 and October 29, 2022, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)
Changes before reclassifications	(2,044)		(154)		—		(2,198)


Amounts reclassified to net income	—		331		62		393
Tax effect	—		(44)		(15)		(59)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,044)		133		47		(1,864)
Balance at October 28, 2023	$	(4,696)	$	(12)	$	(2,684)	$	(7,392)

Balance at April 30, 2022	$	(1,961)	$	(298)	$	(3,538)	$	(5,797)
Changes before reclassifications	(4,590)		(390)		—		(4,980)


Amounts reclassified to net income	—		121		96		217
Tax effect	—		66		(23)		43
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(4,590)		(203)		73		(4,720)
Balance at October 29, 2022	$	(6,551)	$	(501)	$	(3,465)	$	(10,517)

We reclassified both the unrealized gain (loss) on marketable securities and the net pension amortization from accumulated other comprehensive loss to net income through other income (expense), net.

The components of noncontrolling interest were as follows:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Balance as of the beginning of the period	$	10,668	$	8,830	$	10,261	$	8,897
Net income	495		702		942		1,154
Other comprehensive loss	(484)		(404)		(524)		(923)
Dividends distributed to joint venture minority partners	(1,172)		—		(1,172)		—
Balance as of the end of the period	$	9,507	$	9,128	$	9,507	$	9,128

Stock-Based Compensation (Tables)

6 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Total Stock-based Compensation Expense

The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Equity-based awards expense	$	4,811	$	3,662	$	7,337	$	5,079
Liability-based awards expense (1)	(35)		18		53		146
Total stock-based compensation expense	$	4,776	$	3,680	$	7,390	$	5,225

(1)Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.

Cash and Restricted Cash

6 Months Ended

Oct. 28, 2023

Cash and Cash Equivalents [Abstract]

Cash and Restricted Cash

We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.


(Unaudited, amounts in thousands)	10/28/2023		10/29/2022
Cash and cash equivalents	$	329,632	$	204,626
Restricted cash	3,835		3,268
Total cash, cash equivalents and restricted cash	$	333,467	$	207,894

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Assets
Total assets	$ 21,341	$ 24,903
Recurring basis
Assets
Marketable securities	20,056	23,552
Held-to-maturity investments	1,285	1,351
Total assets	21,341	24,903
Recurring basis \| Level 1
Assets
Marketable securities	0	0
Held-to-maturity investments	1,285	1,351
Total assets	1,285	1,351
Recurring basis \| Level 2
Assets
Marketable securities	9,903	16,557
Held-to-maturity investments	0	0
Total assets	9,903	16,557
Recurring basis \| Level 3
Assets
Marketable securities	0	0
Held-to-maturity investments	0	0
Total assets	0	0
Recurring basis \| NAV
Assets
Marketable securities	10,153	6,995
Held-to-maturity investments	0	0
Total assets	$ 10,153	$ 6,995

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Oct. 28, 2023

Oct. 29, 2022

Cash flows from operating activities

Net income

$ 55,620

$ 85,719

Adjustments to reconcile net income to cash provided by operating activities

(Gain)/loss on disposal and impairment of assets

559

(Gain)/loss on sale of investments

(1,136)

Provision for doubtful accounts

694

Depreciation and amortization

25,092

19,258

Amortization of right-of-use lease assets

37,285

38,580

Lease impairment/(settlement)

(1,175)

Equity-based compensation expense

7,337

5,079

Change in deferred taxes

(340)

Change in receivables

(9,843)

19,550

Change in inventories

9,757

(36,771)

Change in other assets

(1,361)

4,890

Change in payables

(4,040)

8,027

Change in lease liabilities

(38,121)

(39,380)

Change in other liabilities

(22,802)

(74,797)

Net cash provided by operating activities

56,876

30,954

Cash flows from investing activities

Proceeds from disposals of assets

4,037

Capital expenditures

(26,501)

(40,442)

Purchases of investments

(17,485)

(4,714)

Proceeds from sales of investments

21,956

12,660

Acquisitions

(7,311)

(11,705)

Net cash used for investing activities

(25,304)

(44,138)

Cash flows from financing activities

Payments on debt and finance lease liabilities

(206)

(61)

Holdback payments for acquisitions

(5,000)

Stock issued for stock and employee benefit plans, net of shares withheld for taxes

(1,859)

(1,711)

Repurchases of common stock

(20,014)

(5,004)

Dividends paid to shareholders

(15,632)

(14,161)

Dividends paid to minority interest joint venture partners

^[1]

(1,172)

Net cash used for financing activities

(43,883)

(25,937)

Effect of exchange rate changes on cash and equivalents

(900)

(1,841)

Change in cash, cash equivalents and restricted cash

(13,211)

(40,962)

Cash, cash equivalents and restricted cash at beginning of period

346,678

248,856

Cash, cash equivalents and restricted cash at end of period

333,467

207,894

Supplemental disclosure of non-cash investing activities

Capital expenditures included in payables

$ 3,079

$ 4,251

[1]	Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 28, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	$ 1,165	$ 2,551
Gross Unrealized Losses	(538)	(723)
Fair Value	21,341	24,903
Equity securities
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	0	1,338
Gross Unrealized Losses	(138)	(103)
Fair Value	3,805	6,853
Fixed income
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	0	42
Gross Unrealized Losses	(400)	(620)
Fair Value	13,714	14,039
Other
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	1,165	1,171
Gross Unrealized Losses	0	0
Fair Value	$ 3,822	$ 4,011

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Oct. 29, 2022	Jul. 30, 2022
Dividends paid (in dollars per share)	$ 0.1815	$ 0.1815	$ 0.165	$ 0.165
Dividends declared (in dollars per share)	$ 0.1815	$ 0.1815	$ 0.165	$ 0.165
Common Shares
Shares purchased (in shares)	326	357		204

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Earnings per Share (Tables)

6 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands, except per share data)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Numerator (basic and diluted):


Net income available to common Shareholders	$	27,199	$	46,077	$	54,678	$	84,565

Denominator:
Basic weighted average common shares outstanding	43,008		43,104		43,123		43,098
Contingent common shares	296		78		289		76
Stock option dilution	97		—		67		—
Diluted weighted average common shares outstanding (1)	43,401		43,182		43,479		43,174

Earnings per Share:
Basic	$	0.63	$	1.07	$	1.27	$	1.96
Diluted	$	0.63	$	1.07	$	1.26	$	1.96

(1)Diluted earnings per share was computed using the treasury stock method.

Acquisitions (Details) $ in Thousands					6 Months Ended
Acquisitions (Details) $ in Thousands	Oct. 23, 2023 USD ($) store center	Jul. 17, 2023 USD ($) store center	Sep. 26, 2022 USD ($) store center	Jul. 18, 2022 USD ($) store center	Oct. 28, 2023 USD ($)	Apr. 29, 2023 USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets and goodwill assets, useful life (in years)					15 years
Indefinite-lived intangible assets acquired					$ 2,773
Goodwill					$ 208,473	$ 205,008
Lafayette, Louisiana \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store	1
Number of distribution center acquired \| center	1
Consideration transferred	$ 2,800
Cash paid	1,800
Indefinite-lived intangible assets acquired	700
Lafayette, Louisiana \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Goodwill	$ 2,100
Colorado Springs, Colorado \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store		2
Number of distribution center acquired \| center		1
Consideration transferred		$ 6,000
Cash paid		5,600
Indefinite-lived intangible assets acquired		2,100
Colorado Springs, Colorado \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Goodwill		$ 2,200
Spokane, Washington \| Independently-owned Business
Business Acquisition [Line Items]
Number of distribution center acquired \| center			1
Consideration transferred			$ 4,700
Cash paid			4,000
Indefinite-lived intangible assets acquired			$ 1,200
Spokane, Washington \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Number of stores acquired \| store			1
Goodwill			$ 3,000
Denver, Colorado \| Independently-owned Business
Business Acquisition [Line Items]
Number of distribution center acquired \| center				1
Consideration transferred				$ 10,100
Cash paid				7,700
Indefinite-lived intangible assets acquired				$ 4,300
Denver, Colorado \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Number of stores acquired \| store				5
Goodwill				$ 7,600

Stock-Based Compensation

6 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Equity-based awards expense	$	4,811	$	3,662	$	7,337	$	5,079
Liability-based awards expense (1)	(35)		18		53		146
Total stock-based compensation expense	$	4,776	$	3,680	$	7,390	$	5,225

Restricted Stock. During the first quarter of fiscal 2024, we granted 330,140 shares of restricted stock units to employees and we also have restricted stock awards outstanding from previous grants. We issue restricted stock at no cost to the employees and account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our Compensation and Talent Oversight Committee of our board of directors approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years, with continued vesting upon retirement with respect to the fiscal 2023 and fiscal 2024 grants. We accelerate the expense for restricted stock granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. The weighted-average fair value of the restricted stock that was awarded in the first six months of fiscal 2024 was $27.66 per share, the market value of our common shares on the date of grant.

Restricted Stock Units Issued to Directors. During the first six months of fiscal 2024, we granted 35,736 restricted stock units to our non-employee directors. Restricted stock units granted to our non-employee directors are offered at no cost to the directors and restricted stock units granted following August 2022 vest on the earlier of the date a director ceases to be a member of the board (for any reason other than the termination of service for cause) or the-one year anniversary of the grant date. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of grant. The weighted-average fair value of the restricted stock units granted to our non-employee directors in the first six months of fiscal 2024 was $30.80 per share.

Performance Shares. During the first quarter of fiscal 2024, we granted 219,154 performance-based shares, and we also have performance-based share awards outstanding from previous grants. Payouts of these grants depend on our financial performance (50%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (50%). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the

target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years.

We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. In the event of an employee's termination during the vesting period, the potential right to earn shares under this program is generally forfeited and we have elected to recognize forfeitures as an adjustment to compensation expense in the same period in which the forfeitures occur. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2024 that vest based on attaining performance goals was $25.48, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share’s fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. For shares that vest based on market conditions, we expense compensation cost over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2024 grant of shares that vest based on market conditions was $34.15.

Stock Options. We did not grant stock options to employees during fiscal 2024, but we have stock options outstanding from grants from prior years. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our Compensation and Talent Oversight Committee of our board of directors approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or ten months after the grant date. We accelerate the expense for options granted to retirement eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. Granted options outstanding under the former long-term equity award plan remain in effect and have a term of 10 years. We estimated the fair value of the employee stock options granted in prior years at their respective grant date using the Black-Scholes option-pricing model, which requires management to make certain assumptions.

Stock-Based Compensation - Stock Options, Additional Information (Details) - Stock Options	6 Months Ended
	Oct. 28, 2023
Stock-Based Compensation
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term (in years)	10 years
Minimum
Stock-Based Compensation
Vesting period (in years)	1 year
Maximum
Stock-Based Compensation
Vesting period (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Components (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Total investments	$ 21,341	$ 24,903
Investments to enhance returns on cash
Summary of Investment Holdings [Line Items]
Total investments	8,652	11,617
Investments to fund compensation/retirement plans
Summary of Investment Holdings [Line Items]
Total investments	12,689	13,286
Short-term investments
Summary of Investment Holdings [Line Items]
Marketable Securities	6,500	5,043
Held-to-maturity investments	1,285	1,351
Total investments	7,785	6,394
Long-term investments
Summary of Investment Holdings [Line Items]
Marketable Securities	$ 13,556	$ 18,509

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventories (Tables)

6 Months Ended

Oct. 28, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Raw materials	$	125,211	$	116,440
Work in process	20,607		24,328
Finished goods	168,574		181,401
FIFO inventories	314,392		322,169
Excess of FIFO over LIFO	(45,912)		(45,912)
Total inventories	$	268,480	$	276,257

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Current assets
Receivables, allowance	$ 4,714	$ 4,776
Shareholders' equity
Preferred shares, authorized (in shares)	5,000,000	5,000,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1.00	$ 1.00
Common shares, authorized (in shares)	150,000,000	150,000,000
Common shares, outstanding (in shares)	42,875,000	43,318,000

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 30,794	$ 27,516	$ 30,984	$ 27,036
Accruals during the period	6,957	8,453	13,622	16,279
Settlements during the period	(6,624)	(7,612)	(13,479)	(14,958)
Balance as of the end of the period	31,127	$ 28,357	31,127	$ 28,357
Product warranty liability accrued	$ 20,100		$ 20,100		$ 19,900
Minimum \| Wholesale Segment
Product Warranties
Percentage of warranty liability relating to the segment			90.00%
Fabric and leather \| Minimum \| Wholesale Segment
Product Warranties
Warranty term (in years)			1 year
Fabric and leather \| Maximum \| Wholesale Segment
Product Warranties
Warranty term (in years)			3 years
Cushions and padding \| Minimum \| Wholesale Segment
Product Warranties
Warranty term (in years)			1 year
Cushions and padding \| Maximum \| Wholesale Segment
Product Warranties
Warranty term (in years)			10 years
Labor costs relating to parts \| Wholesale Segment
Product Warranties
Warranty term (in years)			1 year

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Sales	$ 511,435	$ 611,332	$ 993,086	$ 1,215,423
Cost of sales	288,830	361,848	564,753	734,909
Gross profit	222,605	249,484	428,333	480,514
Selling, general and administrative expense	188,993	187,601	360,195	365,988
Operating income	33,612	61,883	68,138	114,526
Interest expense	(101)	(119)	(223)	(278)
Interest income	4,042	1,138	7,098	1,612
Other income (expense), net	104	183	660	228
Income before income taxes	37,657	63,085	75,673	116,088
Income tax expense	9,963	16,306	20,053	30,369
Net income	27,694	46,779	55,620	85,719
Net income attributable to noncontrolling interests	(495)	(702)	(942)	(1,154)
Net income attributable to La-Z-Boy Incorporated	$ 27,199	$ 46,077	$ 54,678	$ 84,565
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	43,008	43,104	43,123	43,098
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.63	$ 1.07	$ 1.27	$ 1.96
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	43,401	43,182	43,479	43,174
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.63	$ 1.07	$ 1.26	$ 1.96

Revenue Recognition (Tables)

6 Months Ended

Oct. 28, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenue disaggregated by product category and by segment or unit:


	Quarter Ended October 28, 2023								Quarter Ended October 29, 2022
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	314,771	$	172,989	$	42,996	$	530,756	$	337,997	$	207,228	$	46,438	$	591,663
Casegoods Furniture	20,352		12,942		4,248		37,542		30,545		15,419		6,541		52,505
Delivery	43,655		8,869		1,755		54,279		56,538		8,172		2,100		66,810
Other (1)	(13,811)		19,509		(12,767)		(7,069)		21,151		21,333		(11,442)		31,042
Total	$	364,967	$	214,309	$	36,232	$	615,508	$	446,231	$	252,152	$	43,637	$	742,020

Eliminations							(104,073)								(130,688)
Consolidated Net Sales							$	511,435							$	611,332

	Six Months Ended October 28, 2023								Six Months Ended October 29, 2022
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	598,189	$	343,703	$	89,430	$	1,031,322	$	668,475	$	404,030	$	97,680	$	1,170,185
Casegoods Furniture	40,728		24,775		8,956		74,459		58,551		27,873		14,269		100,693
Delivery	83,698		17,112		3,657		104,467		112,775		16,188		4,003		132,966
Other (1)	(24,173)		36,962		(25,750)		(12,961)		48,248		40,082		(23,585)		64,745
Total	$	698,442	$	422,552	$	76,293	$	1,197,287	$	888,049	$	488,173	$	92,367	$	1,468,589

Eliminations							(204,201)								(253,166)
Consolidated Net Sales							$	993,086							$	1,215,423

(1)Primarily includes discounts and allowances, revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives. In fiscal 2024, certain amounts that were previously charged as surcharges in fiscal 2023 are now included in the base product pricing and reflected in the amounts by product category.

Contract with Customer, Contract Assets and Contract Liabilities

The following table presents our contract assets and liabilities:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Contract assets	$	35,206	$	44,939

Customer deposits	$	93,221	$	105,766
Deferred revenue	35,206		44,939
Total contract liabilities (1)	$	128,427	$	150,705

(1)During the six months ended October 28, 2023, we recognized revenue of $137.4 million related to our contract liability balance at April 29, 2023.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Oct. 29, 2022	Jul. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Activity in accumulated other comprehensive loss
Beginning balance	$ 963,930	$ 952,097	$ 844,092	$ 819,622	$ 952,097	$ 819,622
Changes before reclassifications	(3,270)		(3,394)		(2,198)	(4,980)
Amounts reclassified to net income	55		110		393	217
Tax effect	21		83		(59)	43
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(3,194)		(3,201)		(1,864)	(4,720)
Ending balance	973,790	963,930	883,786	844,092	973,790	883,786
Components of non-controlling interest
Beginning balance	963,930	952,097	844,092	819,622	952,097	819,622
Net income	27,694	27,926	46,779	38,940	55,620	85,719
Other comprehensive loss	(3,678)	1,290	(3,605)	(2,038)	(2,388)	(5,643)
Ending balance	973,790	963,930	883,786	844,092	973,790	883,786
Accumulated other comprehensive income (loss)
Activity in accumulated other comprehensive loss
Beginning balance	(4,198)	(5,528)	(7,316)	(5,797)	(5,528)	(5,797)
Ending balance	(7,392)	(4,198)	(10,517)	(7,316)	(7,392)	(10,517)
Components of non-controlling interest
Beginning balance	(4,198)	(5,528)	(7,316)	(5,797)	(5,528)	(5,797)
Ending balance	(7,392)	(4,198)	(10,517)	(7,316)	(7,392)	(10,517)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	(1,565)	(2,652)	(3,602)	(1,961)	(2,652)	(1,961)
Changes before reclassifications	(3,131)		(2,949)		(2,044)	(4,590)
Amounts reclassified to net income	0		0		0	0
Tax effect	0		0		0	0
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(3,131)		(2,949)		(2,044)	(4,590)
Ending balance	(4,696)	(1,565)	(6,551)	(3,602)	(4,696)	(6,551)
Components of non-controlling interest
Beginning balance	(1,565)	(2,652)	(3,602)	(1,961)	(2,652)	(1,961)
Ending balance	(4,696)	(1,565)	(6,551)	(3,602)	(4,696)	(6,551)
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	75	(145)	(212)	(298)	(145)	(298)
Changes before reclassifications	(139)		(445)		(154)	(390)
Amounts reclassified to net income	24		62		331	121
Tax effect	28		94		(44)	66
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(87)		(289)		133	(203)
Ending balance	(12)	75	(501)	(212)	(12)	(501)
Components of non-controlling interest
Beginning balance	75	(145)	(212)	(298)	(145)	(298)
Ending balance	(12)	75	(501)	(212)	(12)	(501)
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(2,708)	(2,731)	(3,502)	(3,538)	(2,731)	(3,538)
Changes before reclassifications	0		0		0	0
Amounts reclassified to net income	31		48		62	96
Tax effect	(7)		(11)		(15)	(23)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	24		37		47	73
Ending balance	(2,684)	(2,708)	(3,465)	(3,502)	(2,684)	(3,465)
Components of non-controlling interest
Beginning balance	(2,708)	(2,731)	(3,502)	(3,538)	(2,731)	(3,538)
Ending balance	(2,684)	(2,708)	(3,465)	(3,502)	(2,684)	(3,465)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	10,668	10,261	8,830	8,897	10,261	8,897
Ending balance	9,507	10,668	9,128	8,830	9,507	9,128
Components of non-controlling interest
Beginning balance	10,668	10,261	8,830	8,897	10,261	8,897
Net income	495	447	702	452	942	1,154
Other comprehensive loss	(484)	(40)	(404)	(519)	(524)	(923)
Dividends distributed to joint venture minority partners	(1,172)		0		(1,172)	0
Ending balance	$ 9,507	$ 10,668	$ 9,128	$ 8,830	$ 9,507	$ 9,128

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Segment Reporting Information [Line Items]
Sales	$ 511,435	$ 611,332	$ 993,086	$ 1,215,423
Operating Income (Loss)	33,612	61,883	68,138	114,526
Interest expense	(101)	(119)	(223)	(278)
Interest income	4,042	1,138	7,098	1,612
Other income (expense), net	104	183	660	228
Income before income taxes	37,657	63,085	75,673	116,088
Wholesale Segment
Segment Reporting Information [Line Items]
Sales	263,738	319,613	499,989	643,341
Operating Segments
Segment Reporting Information [Line Items]
Sales	615,508	742,020	1,197,287	1,468,589
Operating Segments \| Wholesale Segment
Segment Reporting Information [Line Items]
Sales	364,967	446,231	698,442	888,049
Operating Income (Loss)	21,450	38,476	44,953	64,618
Operating Segments \| Retail Segment
Segment Reporting Information [Line Items]
Sales	214,309	252,152	422,552	488,173
Operating Income (Loss)	27,935	41,500	57,199	79,652
Corporate and Other
Segment Reporting Information [Line Items]
Sales	36,232	43,637	76,293	92,367
Operating Income (Loss)	(15,773)	(18,093)	(34,014)	(29,744)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	33,388	39,567	70,545	83,909
Intersegment sales
Segment Reporting Information [Line Items]
Sales	2,844	4,070	5,748	8,458
Intersegment sales \| Wholesale Segment
Segment Reporting Information [Line Items]
Sales	101,229	126,618	198,453	244,708
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (104,073)	$ (130,688)	$ (204,201)	$ (253,166)

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Sales of Marketable Securities
Proceeds from sales	$ 8,064	$ 8,418	$ 20,468	$ 12,664
Gross realized gains	1,715	22	1,876	49
Gross realized losses	(272)	$ (70)	(740)	$ (126)
Fair Value of Available-For-Sale Securities By Contractual Maturity
Within one year	6,405		6,405
Within two to five years	961		961
Securities not due at a single maturity date	6,348		6,348
Total	$ 13,714		$ 13,714

Basis of Presentation

6 Months Ended

Oct. 28, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 29, 2023 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles ("US GAAP"), which we applied on a basis consistent with those reflected in our fiscal 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by US GAAP. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 27, 2024.

At October 28, 2023, we owned investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. Each of these companies is a variable interest entity and we have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary.

Accounting Pronouncements Adopted in Fiscal 2024

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2024, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.

ASU

Description

Adoption Date

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Fiscal 2024

Accounting Pronouncements not yet Adopted

The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.

ASU

Description

Adoption Date

ASU 2023-05

Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

Fiscal 2025

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Fiscal 2025

Change in Accounting Policy - Distribution Center Costs

In the first quarter of fiscal 2024, we made a voluntary change to the presentation of costs directly attributable to our distribution activities conducted through our distribution centers in the United States. Our policy has changed from presenting these costs within selling, general and administrative ("SG&A") expense to presenting them as cost of sales. We believe this presentation is preferable because it will enhance the comparability of our financial statements with those of our industry peers and align with how we internally manage supply chain costs and margin.

In accordance with US GAAP, the period presented below has been retrospectively adjusted to reflect the change to cost of sales and SG&A expense. This change had no impact to sales, income from operations, net income, earnings per share, retained earnings or other components of equity or net assets.


(Unaudited, amounts in thousands)	For the Quarter Ended October 29, 2022						For the Six Months Ended October 29, 2022
	Previously Reported		Effect of Change		As Adjusted		Previously Reported		Effect of Change		As Adjusted
Cost of sales	$	350,596	$	11,252	$	361,848	$	713,227	$	21,682	$	734,909
Gross profit	260,736		(11,252)		249,484		502,196		(21,682)		480,514
Selling, general and administrative expense	198,853		(11,252)		187,601		387,670		(21,682)		365,988

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 4,811	$ 3,662	$ 7,337	$ 5,079
Liability-based awards expense	(35)	18	53	146
Total stock-based compensation expense	$ 4,776	$ 3,680	$ 7,390	$ 5,225

Inventories

6 Months Ended

Oct. 28, 2023

Inventory Disclosure [Abstract]

Inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Raw materials	$	125,211	$	116,440
Work in process	20,607		24,328
Finished goods	168,574		181,401
FIFO inventories	314,392		322,169
Excess of FIFO over LIFO	(45,912)		(45,912)
Total inventories	$	268,480	$	276,257

Investments (Tables)

6 Months Ended

Oct. 28, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following summarizes our investments:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Short-term investments:
Marketable securities	$	6,500	$	5,043
Held-to-maturity investments	1,285		1,351
Total short-term investments	7,785		6,394
Long-term investments:
Marketable securities	13,556		18,509


Total investments	$	21,341	$	24,903

Investments to enhance returns on cash	$	8,652	$	11,617
Investments to fund compensation/retirement plans	12,689		13,286

Total investments	$	21,341	$	24,903

Summary of Unrealized Gains, Unrealized Losses, and Fair Value By Investment Type

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:


	10/28/2023						4/29/2023
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	—	$	(138)	$	3,805	$	1,338	$	(103)	$	6,853
Fixed income	—		(400)		13,714		42		(620)		14,039
Other	1,165		—		3,822		1,171		—		4,011
Total securities	$	1,165	$	(538)	$	21,341	$	2,551	$	(723)	$	24,903

Summary of Sales of Marketable Securities

The following table summarizes sales of marketable securities:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Proceeds from sales	$	8,064	$	8,418	$	20,468	$	12,664
Gross realized gains	1,715		22		1,876		49
Gross realized losses	(272)		(70)		(740)		(126)

Summary of Fair Value of Fixed Income Marketable Securities

The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:


(Unaudited, amounts in thousands)	10/28/2023
Within one year	$	6,405
Within two to five years	961


Securities not due at a single maturity date	6,348
Total	$	13,714

Inventories (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 125,211	$ 116,440
Work in process	20,607	24,328
Finished goods	168,574	181,401
FIFO inventories	314,392	322,169
Excess of FIFO over LIFO	(45,912)	(45,912)
Total inventories	$ 268,480	$ 276,257

Revenue Recognition

6 Months Ended

Oct. 28, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship the product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery.

For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time we recognize revenue in accordance with this election.

For sales tax, we have elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes.

We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.

The following table presents our revenue disaggregated by product category and by segment or unit:


	Quarter Ended October 28, 2023								Quarter Ended October 29, 2022
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	314,771	$	172,989	$	42,996	$	530,756	$	337,997	$	207,228	$	46,438	$	591,663
Casegoods Furniture	20,352		12,942		4,248		37,542		30,545		15,419		6,541		52,505
Delivery	43,655		8,869		1,755		54,279		56,538		8,172		2,100		66,810
Other (1)	(13,811)		19,509		(12,767)		(7,069)		21,151		21,333		(11,442)		31,042
Total	$	364,967	$	214,309	$	36,232	$	615,508	$	446,231	$	252,152	$	43,637	$	742,020

Eliminations							(104,073)								(130,688)
Consolidated Net Sales							$	511,435							$	611,332

	Six Months Ended October 28, 2023								Six Months Ended October 29, 2022
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	598,189	$	343,703	$	89,430	$	1,031,322	$	668,475	$	404,030	$	97,680	$	1,170,185
Casegoods Furniture	40,728		24,775		8,956		74,459		58,551		27,873		14,269		100,693
Delivery	83,698		17,112		3,657		104,467		112,775		16,188		4,003		132,966
Other (1)	(24,173)		36,962		(25,750)		(12,961)		48,248		40,082		(23,585)		64,745
Total	$	698,442	$	422,552	$	76,293	$	1,197,287	$	888,049	$	488,173	$	92,367	$	1,468,589

Eliminations							(204,201)								(253,166)
Consolidated Net Sales							$	993,086							$	1,215,423

Upholstered Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

Casegoods Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches; furniture typically found in the dining room, such as dining tables, storage units, and stools; and furniture typically found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

Contract Assets and Liabilities. We receive customer deposits from end consumers before we recognize revenue and in some cases, we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet, customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other current liabilities while contract assets are reported as other current assets.

The following table presents our contract assets and liabilities:


(Unaudited, amounts in thousands)	10/28/2023		4/29/2023
Contract assets	$	35,206	$	44,939

Customer deposits	$	93,221	$	105,766
Deferred revenue	35,206		44,939
Total contract liabilities (1)	$	128,427	$	150,705

(1)During the six months ended October 28, 2023, we recognized revenue of $137.4 million related to our contract liability balance at April 29, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Product Warranties (Tables)

6 Months Ended

Oct. 28, 2023

Product Warranties Disclosures [Abstract]

Reconciliation of Changes in Product Warranty Liability

A reconciliation of the changes in our product warranty liability is as follows:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023 (1)		10/29/2022
Balance as of the beginning of the period	$	30,794	$	27,516	$	30,984	$	27,036

Accruals during the period	6,957		8,453		13,622		16,279
Settlements during the period	(6,624)		(7,612)		(13,479)		(14,958)
Balance as of the end of the period	$	31,127	$	28,357	$	31,127	$	28,357

(1)$20.1 million and $19.9 million is recorded in accrued expenses and other current liabilities as of October 28, 2023, and April 29, 2023, respectively, while the remainder is included in other long-term liabilities.

Cash and Restricted Cash (Tables)

6 Months Ended

Oct. 28, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents


(Unaudited, amounts in thousands)	10/28/2023		10/29/2022
Cash and cash equivalents	$	329,632	$	204,626
Restricted cash	3,835		3,268
Total cash, cash equivalents and restricted cash	$	333,467	$	207,894

Restrictions on Cash and Cash Equivalents


(Unaudited, amounts in thousands)	10/28/2023		10/29/2022
Cash and cash equivalents	$	329,632	$	204,626
Restricted cash	3,835		3,268
Total cash, cash equivalents and restricted cash	$	333,467	$	207,894

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Oct. 28, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Activity in Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss) for the quarters ended October 28, 2023, and October 29, 2022, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at July 29, 2023	$	(1,565)	$	75	$	(2,708)	$	(4,198)
Changes before reclassifications	(3,131)		(139)		—		(3,270)


Amounts reclassified to net income	—		24		31		55
Tax effect	—		28		(7)		21
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(3,131)		(87)		24		(3,194)
Balance at October 28, 2023	$	(4,696)	$	(12)	$	(2,684)	$	(7,392)

Balance at July 30, 2022	$	(3,602)	$	(212)	$	(3,502)	$	(7,316)
Changes before reclassifications	(2,949)		(445)		—		(3,394)


Amounts reclassified to net income	—		62		48		110
Tax effect	—		94		(11)		83
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,949)		(289)		37		(3,201)
Balance at October 29, 2022	$	(6,551)	$	(501)	$	(3,465)	$	(10,517)

Activity in accumulated other comprehensive income (loss) for the six months ended October 28, 2023 and October 29, 2022, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)
Changes before reclassifications	(2,044)		(154)		—		(2,198)


Amounts reclassified to net income	—		331		62		393
Tax effect	—		(44)		(15)		(59)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,044)		133		47		(1,864)
Balance at October 28, 2023	$	(4,696)	$	(12)	$	(2,684)	$	(7,392)

Balance at April 30, 2022	$	(1,961)	$	(298)	$	(3,538)	$	(5,797)
Changes before reclassifications	(4,590)		(390)		—		(4,980)


Amounts reclassified to net income	—		121		96		217
Tax effect	—		66		(23)		43
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(4,590)		(203)		73		(4,720)
Balance at October 29, 2022	$	(6,551)	$	(501)	$	(3,465)	$	(10,517)

Schedule of Components of Non-controlling Interest

The components of noncontrolling interest were as follows:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Balance as of the beginning of the period	$	10,668	$	8,830	$	10,261	$	8,897
Net income	495		702		942		1,154
Other comprehensive loss	(484)		(404)		(524)		(923)
Dividends distributed to joint venture minority partners	(1,172)		—		(1,172)		—
Balance as of the end of the period	$	9,507	$	9,128	$	9,507	$	9,128

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 27,694	$ 46,779	$ 55,620	$ 85,719
Other comprehensive income (loss)
Currency translation adjustment	(3,615)	(3,353)	(2,568)	(5,513)
Net unrealized gain (loss) on marketable securities, net of tax	(87)	(289)	133	(203)
Net pension amortization, net of tax	24	37	47	73
Total other comprehensive income (loss)	(3,678)	(3,605)	(2,388)	(5,643)
Total comprehensive income before noncontrolling interests	24,016	43,174	53,232	80,076
Comprehensive (income) loss attributable to noncontrolling interests	(11)	(298)	(418)	(231)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 24,005	$ 42,876	$ 52,814	$ 79,845

Basis of Presentation (Policies)

6 Months Ended

Oct. 28, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent accounting pronouncements

Accounting Pronouncements Adopted in Fiscal 2024

ASU

Description

Adoption Date

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Fiscal 2024

Accounting Pronouncements not yet Adopted

ASU

Description

Adoption Date

ASU 2023-05

Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

Fiscal 2025

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Fiscal 2025

Segment Information (Tables)

6 Months Ended

Oct. 28, 2023

Segment Reporting [Abstract]

Schedule of Operating Income (Loss) by Segment

The following table presents sales and operating income (loss) by segment:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Sales
Wholesale segment:
Sales to external customers	$	263,738	$	319,613	$	499,989	$	643,341
Intersegment sales	101,229		126,618		198,453		244,708
Wholesale segment sales	364,967		446,231		698,442		888,049

Retail segment sales	214,309		252,152		422,552		488,173

Corporate and Other:
Sales to external customers	33,388		39,567		70,545		83,909
Intersegment sales	2,844		4,070		5,748		8,458
Corporate and Other sales	36,232		43,637		76,293		92,367

Eliminations	(104,073)		(130,688)		(204,201)		(253,166)
Consolidated sales	$	511,435	$	611,332	$	993,086	$	1,215,423

Operating Income (Loss)
Wholesale segment	$	21,450	$	38,476	$	44,953	$	64,618
Retail segment	27,935		41,500		57,199		79,652
Corporate and Other	(15,773)		(18,093)		(34,014)		(29,744)
Consolidated operating income	33,612		61,883		68,138		114,526
Interest expense	(101)		(119)		(223)		(278)
Interest income	4,042		1,138		7,098		1,612
Other income (expense), net	104		183		660		228
Income before income taxes	$	37,657	$	63,085	$	75,673	$	116,088

Earnings per Share

6 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Earnings per Share

The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands, except per share data)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Numerator (basic and diluted):


Net income available to common Shareholders	$	27,199	$	46,077	$	54,678	$	84,565

Denominator:
Basic weighted average common shares outstanding	43,008		43,104		43,123		43,098
Contingent common shares	296		78		289		76
Stock option dilution	97		—		67		—
Diluted weighted average common shares outstanding (1)	43,401		43,182		43,479		43,174

Earnings per Share:
Basic	$	0.63	$	1.07	$	1.27	$	1.96
Diluted	$	0.63	$	1.07	$	1.26	$	1.96

(1)Diluted earnings per share was computed using the treasury stock method.

The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.

We exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. For the second quarter and six months ended October 28, 2023, we excluded options to purchase 0.5 million shares and 0.7 million shares, respectively, from the diluted share calculation. For the second quarter and six months ended October 29, 2022, we excluded options to purchase 1.5 million shares from the diluted share calculation.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Oct. 28, 2023 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 205,008
Acquisitions	4,273
Translation adjustment	(808)
Balance at end of period	208,473
Corporate and Other
Roll-forward of goodwill
Balance at beginning of period	55,446
Acquisitions	0
Translation adjustment	0
Balance at end of period	55,446
Goodwill, impairment loss	26,900
Wholesale Segment \| Operating Segments
Roll-forward of goodwill
Balance at beginning of period	20,202
Acquisitions	0
Translation adjustment	(725)
Balance at end of period	19,477
Retail Segment \| Operating Segments
Roll-forward of goodwill
Balance at beginning of period	129,360
Acquisitions	4,273
Translation adjustment	(83)
Balance at end of period	$ 133,550

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Basis of Presentation (Tables)

6 Months Ended

Oct. 28, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted

ASU

Description

Adoption Date

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Fiscal 2024

Accounting Pronouncements not yet Adopted

ASU

Description

Adoption Date

ASU 2023-05

Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

Fiscal 2025

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Fiscal 2025

Schedule of Error Corrections and Prior Period Adjustments


(Unaudited, amounts in thousands)	For the Quarter Ended October 29, 2022						For the Six Months Ended October 29, 2022
	Previously Reported		Effect of Change		As Adjusted		Previously Reported		Effect of Change		As Adjusted
Cost of sales	$	350,596	$	11,252	$	361,848	$	713,227	$	21,682	$	734,909
Gross profit	260,736		(11,252)		249,484		502,196		(21,682)		480,514
Selling, general and administrative expense	198,853		(11,252)		187,601		387,670		(21,682)		365,988

Product Warranties

6 Months Ended

Oct. 28, 2023

Product Warranties Disclosures [Abstract]

Product Warranties

We accrue an estimated liability for product warranties when we recognize revenue on the sale of warrantied products. We estimate future warranty claims on product sales based on our historical claims experience and periodically adjust the provision to reflect changes in actual experience. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs, and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Wholesale reportable segment, as we generally warrant our products against defects for one to three years on fabric and leather, from one to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames, unless otherwise noted in the warranty. Additionally, our Wholesale segment warranties cover labor costs relating to our parts for one year. We provide a limited lifetime warranty against defects on a majority of Joybird products, which are a part of our Corporate and Other results. For all our manufacturer warranties, the

warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known.

A reconciliation of the changes in our product warranty liability is as follows:


	Quarter Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023 (1)		10/29/2022
Balance as of the beginning of the period	$	30,794	$	27,516	$	30,984	$	27,036

Accruals during the period	6,957		8,453		13,622		16,279
Settlements during the period	(6,624)		(7,612)		(13,479)		(14,958)
Balance as of the end of the period	$	31,127	$	28,357	$	31,127	$	28,357

We recorded accruals during the periods presented in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.

Income Taxes	6 Months Ended
Income Taxes	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 26.5% for both the second quarter and first six months ended October 28, 2023 compared with 25.8% and 26.2% for the second quarter and first six months ended October 29, 2022, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.5	1.5	0.7	1.5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Oct. 28, 2023 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 39,375
Acquisitions	2,773
Amortization	(508)
Translation adjustment	(125)
Balance at end of period	41,515
Finite-Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	2,594
Acquisitions	0
Amortization	(399)
Translation adjustment	0
Balance at end of period	2,195
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	1,887
Acquisitions	0
Amortization	(109)
Translation adjustment	(64)
Balance at end of period	1,714
Finite-Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Acquisitions	0
Amortization	0
Translation adjustment	0
Balance at end of period	1,155
Indefinite- Lived Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	33,739
Acquisitions	2,773
Amortization
Translation adjustment	(61)
Balance at end of period	$ 36,451
Corporate and Other
Other intangible assets
Useful life	8 years
Maximum \| Wholesale Segment \| Operating Segments
Other intangible assets
Useful life	15 years

Acquisitions	6 Months Ended
Acquisitions	Oct. 28, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions None of the below acquisitions were significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for the acquisitions completed in fiscal 2024 are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data. Each of the following Retail acquisitions completed in fiscal 2024 and 2023 reflect a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network. Prior to each Retail acquisition completed in fiscal 2024 and 2023, we licensed to the counterparty the exclusive right to own and operate the La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in each of their respective markets, and we reacquired these rights when we consummated the transaction. These required rights are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement date of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. For federal income tax purposes, we amortize and deduct these indefinite-lived intangible assets and goodwill, if any, over 15 years. Lafayette, Louisiana Acquisition On October 23, 2023, we completed our acquisition of the Lafayette Louisiana business that operates one independently owned La-Z-Boy Furniture Galleries® store and one distribution center for $2.8 million, inclusive of and subject to further customary adjustments. We paid total cash of $1.8 million during the second quarter of fiscal 2024 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $0.7 million related to the reacquired rights described above. We also recognized $2.1 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired store and future benefits of these synergies. Colorado Springs, Colorado Acquisition On July 17, 2023, we completed our acquisition of the Colorado Springs, Colorado business that operates two independently owned La-Z-Boy Furniture Galleries® stores and one distribution center for $6.0 million, inclusive of and subject to further to customary adjustments. We paid total cash of $5.6 million during the first and second quarters of fiscal 2024 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $2.1 million related to the reacquired rights described above. We also recognized $2.2 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. Prior Year Acquisitions Spokane, Washington Acquisition On September 26, 2022, we completed our acquisition of the Spokane, Washington business that operates one independently owned La-Z-Boy Furniture Galleries® store and one distribution center for $4.7 million, inclusive of customary adjustments. We paid total cash of $4.0 million during the second quarter of fiscal 2023 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $1.2 million related to the reacquired rights described above. We also recognized $3.0 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired store and future benefits of these synergies. Denver, Colorado Acquisition On July 18, 2022, we completed our acquisition of the Denver, Colorado business that operates five independently owned La-Z-Boy Furniture Galleries® stores and one distribution center for $10.1 million, inclusive of customary adjustments. We paid total cash of $7.7 million during the first and second quarters of fiscal 2023 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $4.3 million related to the reacquired rights described above. We also recognized $7.6 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies.

Basis of Presentation - Additional Information (Details)	Oct. 28, 2023 company
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Preferred share investments with common share warrant, number of privately-held companies	2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2023	Apr. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 35,206	$ 44,939
Customer deposits	93,221	105,766
Deferred revenue	35,206	44,939
Total contract liabilities	128,427	$ 150,705
Revenue recognized related to contract liabilities	$ 137,400

Cover Page - shares	6 Months Ended
Cover Page - shares	Oct. 28, 2023	Nov. 22, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 2023
Document Transition Report	false
Entity File Number	1-9656
Entity Registrant Name	LA-Z-BOY INCORPORATED
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0751137
Entity Address, Address Line One	One La-Z-Boy Drive,
Entity Address, City or Town	Monroe,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48162-5138
City Area Code	734
Local Phone Number	242-1444
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	LZB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,779,520
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Oct. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

United Kingdom

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate and Other

Joybird

The following table summarizes changes in the carrying amount of our goodwill by reportable segment:


(Unaudited, amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 29, 2023 (1)	$	20,202	$	129,360	$	55,446	$	205,008
Acquisitions	—		4,273		—		4,273
Translation adjustment	(725)		(83)		—		(808)
Balance at October 28, 2023 (1)	$	19,477	$	133,550	$	55,446	$	208,473

(1)Includes $26.9 million of accumulated impairment losses in Corporate and Other.

Schedule of Other Intangible Assets - Indefinite-Lived

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate and Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite-Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375
Acquisitions	—		—		2,773		—		2,773
Amortization	—		(399)				(109)		(508)
Translation adjustment	—		—		(61)		(64)		(125)
Balance at October 28, 2023	$	1,155	$	2,195	$	36,451	$	1,714	$	41,515

Schedule of Other Intangible Assets - Finite-Lived

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate and Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite-Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375
Acquisitions	—		—		2,773		—		2,773
Amortization	—		(399)				(109)		(508)
Translation adjustment	—		—		(61)		(64)		(125)
Balance at October 28, 2023	$	1,155	$	2,195	$	36,451	$	1,714	$	41,515

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Basis of Presentation - Schedule of Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 288,830	$ 361,848	$ 564,753	$ 734,909
Gross profit	222,605	249,484	428,333	480,514
Selling, general and administrative expense	$ 188,993	187,601	$ 360,195	365,988
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		350,596		713,227
Gross profit		260,736		502,196
Selling, general and administrative expense		198,853		387,670
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		11,252		21,682
Gross profit		(11,252)		(21,682)
Selling, general and administrative expense		$ (11,252)		$ (21,682)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Segment Information

6 Months Ended

Oct. 28, 2023

Segment Reporting [Abstract]

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 177 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 Ended				Six Months Ended
(Unaudited, amounts in thousands)	10/28/2023		10/29/2022		10/28/2023		10/29/2022
Sales
Wholesale segment:
Sales to external customers	$	263,738	$	319,613	$	499,989	$	643,341
Intersegment sales	101,229		126,618		198,453		244,708
Wholesale segment sales	364,967		446,231		698,442		888,049

Retail segment sales	214,309		252,152		422,552		488,173

Corporate and Other:
Sales to external customers	33,388		39,567		70,545		83,909
Intersegment sales	2,844		4,070		5,748		8,458
Corporate and Other sales	36,232		43,637		76,293		92,367

Eliminations	(104,073)		(130,688)		(204,201)		(253,166)
Consolidated sales	$	511,435	$	611,332	$	993,086	$	1,215,423

Operating Income (Loss)
Wholesale segment	$	21,450	$	38,476	$	44,953	$	64,618
Retail segment	27,935		41,500		57,199		79,652
Corporate and Other	(15,773)		(18,093)		(34,014)		(29,744)
Consolidated operating income	33,612		61,883		68,138		114,526
Interest expense	(101)		(119)		(223)		(278)
Interest income	4,042		1,138		7,098		1,612
Other income (expense), net	104		183		660		228
Income before income taxes	$	37,657	$	63,085	$	75,673	$	116,088

- 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,199	$ 46,077	$ 54,678	$ 84,565

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023	Oct. 29, 2022	Apr. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 329,632	$ 343,374	$ 204,626
Restricted cash	3,835	3,304	3,268
Total cash, cash equivalents and restricted cash	$ 333,467	$ 346,678	$ 207,894	$ 248,856

Stock-Based Compensation - Restricted Stock, Additional Information (Details) - Restricted Stock - $ / shares	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Oct. 28, 2023
Stock-Based Compensation
Number of shares or units granted (in shares)		330,140
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Fair value per share (in dollars per share)			$ 27.66
Director
Stock-Based Compensation
Number of shares or units granted (in shares)			35,736
Fair value per share (in dollars per share)			$ 30.80
Minimum
Stock-Based Compensation
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Current assets
Cash and equivalents	$ 329,632	$ 343,374
Restricted cash	3,835	3,304
Receivables, net of allowance of $4,714 at 10/28/2023 and $4,776 at 4/29/2023	134,394	125,536
Inventories, net	268,480	276,257
Other current assets	104,675	106,129
Total current assets	841,016	854,600
Property, plant and equipment, net	270,682	278,578
Goodwill	208,473	205,008
Other intangible assets, net	41,515	39,375
Deferred income taxes – long-term	8,477	8,918
Right of use lease assets	452,232	416,269
Other long-term assets, net	57,630	63,515
Total assets	1,880,025	1,866,263
Current liabilities
Accounts payable	98,088	107,460
Lease liabilities, short-term	77,401	77,751
Accrued expenses and other current liabilities	256,325	290,650
Total current liabilities	431,814	475,861
Lease liabilities, long-term	406,458	368,163
Other long-term liabilities	67,963	70,142
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 42,875 outstanding at 10/28/2023 and 43,318 outstanding at 4/29/2023	42,875	43,318
Capital in excess of par value	361,409	358,891
Retained earnings	567,391	545,155
Accumulated other comprehensive loss	(7,392)	(5,528)
Total La-Z-Boy Incorporated shareholders' equity	964,283	941,836
Noncontrolling interests	9,507	10,261
Total equity	973,790	952,097
Total liabilities and equity	$ 1,880,025	$ 1,866,263