0000057131-24-000081 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Jul. 27, 2024

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 July 27, 2024, and July 29, 2023, 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 27, 2024	$	(3,804)	$	246	$	(2,312)	$	(5,870)
Changes before reclassifications	1,207		150		—		1,357


Amounts reclassified to net income	—		—		20		20
Tax effect	—		(37)		(5)		(42)
Other comprehensive income attributable to La-Z-Boy Incorporated	1,207		113		15		1,335
Balance at July 27, 2024	$	(2,597)	$	359	$	(2,297)	$	(4,535)

Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)
Changes before reclassifications	1,087		(15)		—		1,072


Amounts reclassified to net income	—		307		31		338
Tax effect	—		(72)		(8)		(80)
Other comprehensive income attributable to La-Z-Boy Incorporated	1,087		220		23		1,330
Balance at July 29, 2023	$	(1,565)	$	75	$	(2,708)	$	(4,198)

Schedule of Components of Non-controlling Interest

The components of noncontrolling interest were as follows:


	Quarter Ended
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Balance as of the beginning of the period	$	10,296	$	10,261
Net income	645		447
Other comprehensive income (loss)	326		(40)

Balance as of the end of the period	$	11,267	$	10,668

Revenue Recognition

3 Months Ended

Jul. 27, 2024

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 July 27, 2024								Quarter Ended July 29, 2023
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	281,180	$	166,875	$	27,876	$	475,931	$	260,373	$	170,714	$	28,690	$	459,777
Casegoods Furniture	16,088		11,375		3,119		30,582		19,253		11,833		2,910		33,996
Delivery	38,513		7,382		2,068		47,963		40,043		7,571		1,902		49,516
Other (1)	15,119		16,738		5,645		37,502		13,806		18,125		6,559		38,490
Total	$	350,900	$	202,370	$	38,708	$	591,978	$	333,475	$	208,243	$	40,061	$	581,779

Eliminations							(96,446)								(100,128)
Consolidated Net Sales							$	495,532							$	481,651

(1)Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives.

Upholstered Furniture - Includes revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. This 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 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 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)	7/27/2024		4/27/2024
Contract assets	$	36,198	$	35,518

Customer deposits	$	96,877	$	88,798
Deferred revenue	36,198		35,518
Total contract liabilities (1)	$	133,075	$	124,316

(1)During the quarter ended July 27, 2024, we recognized revenue of $109.9 million related to our contract liability balance at April 27, 2024.

- 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

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+ Details

Investments - Schedule of Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Sales of Marketable Securities
Proceeds from sales	$ 7,879	$ 12,404
Gross realized gains	115	161
Gross realized losses	(35)	$ (468)
Fair Value of Available-For-Sale Securities By Contractual Maturity
Within one year	3,174
Securities not due at a single maturity date	4,080
Total	$ 7,254

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Dividends paid (in dollars per share)	$ 0.20	$ 0.1815
Dividends declared (in dollars per share)	$ 0.20
Stock Repurchased During Period, Value	$ (33,916)	$ (10,007)
Common Shares
Shares purchased (in shares)	933	357
Stock Repurchased During Period, Value	$ (933)	$ (357)
Capital in Excess of Par Value
Stock Repurchased During Period, Value	$ (10,325)	$ (4,512)

- 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

- 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

Stock-Based Compensation (Tables)

3 Months Ended

Jul. 27, 2024

Share-Based Payment Arrangement [Abstract]

Schedule 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
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Equity-based awards expense	$	3,175	$	2,526
Liability-based awards expense (1)	161		88
Total stock-based compensation expense	$	3,336	$	2,614

(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.

Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Jul. 27, 2024 $ / shares shares
Stock-Based Compensation
Number of shares or units granted (in shares) \| shares	240,334
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) \| $ / shares	$ 38.04
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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 27, 2024
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

Basis of Presentation (Policies)

3 Months Ended

Jul. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent accounting pronouncements

Accounting Pronouncements Adopted in Fiscal 2025

The following table summarizes Accounting Standards Updates ("ASUs"), which were adopted in fiscal 2025, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.

ASU

Description

Adoption Date

ASU 2023-07

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Fiscal 2025

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

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 2023-09

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fiscal 2026

Fair Value Measurements (Tables)

3 Months Ended

Jul. 27, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at July 27, 2024 and April 27, 2024. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.


At July 27, 2024
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	5,622	$	—	$	7,888	$	13,510
Held-to-maturity investments	1,299		—		—		—		1,299

Total assets	$	1,299	$	5,622	$	—	$	7,888	$	14,809


At April 27, 2024
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	7,996	$	—	$	10,247	$	18,243
Held-to-maturity investments	1,259		—		—		—		1,259

Total assets	$	1,259	$	7,996	$	—	$	10,247	$	19,502

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

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 47,251
Acquisitions	1,671
Amortization	(255)
Translation adjustment	17
Balance at end of period	48,684
Finite-Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	1,796
Acquisitions	0
Amortization	(200)
Translation adjustment	0
Balance at end of period	1,596
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	1,660
Acquisitions	0
Amortization	(55)
Translation adjustment	49
Balance at end of period	1,654
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	42,640
Acquisitions	1,671
Amortization	0
Translation adjustment	(32)
Balance at end of period	$ 44,279
Corporate and Other
Other intangible assets
Useful life	8 years
Maximum \| Wholesale Segment \| Operating Segments
Other intangible assets
Useful life	15 years

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. 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		2,526
Dividends declared and paid	(7,852)			(7,852)
Dividends declared not paid	(72)			(72)
Ending balance at Jul. 29, 2023	963,930	43,110	356,684	557,666	(4,198)	10,668
Beginning balance at Apr. 27, 2024	1,013,360	42,440	368,485	598,009	(5,870)	10,296
Increase (Decrease) in Stockholders' Equity
Net income	26,804			26,159		645
Other comprehensive income (loss)	1,661				1,335	326
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	7,874	508	10,086	(2,720)
Repurchase of shares of common stock	(33,916)	(933)	(10,325)	(22,658)
Stock option and restricted stock expense	3,175		3,175
Dividends declared and paid	(8,371)			(8,371)
Dividends declared not paid	(111)			(111)
Ending balance at Jul. 27, 2024	$ 1,010,476	$ 42,015	$ 371,421	$ 590,308	$ (4,535)	$ 11,267

- Definition

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

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

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+ Details

Investments (Tables)

3 Months Ended

Jul. 27, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following summarizes our investments:


(Unaudited, amounts in thousands)	7/27/2024		4/27/2024
Short-term investments:
Marketable securities	$	3,210	$	5,553
Held-to-maturity investments	1,299		1,259
Total short-term investments	4,509		6,812
Long-term investments:
Marketable securities	10,300		12,690


Total investments	$	14,809	$	19,502

Investments to enhance returns on cash	$	4,473	$	6,754
Investments to fund compensation/retirement plans	10,336		12,748

Total investments	$	14,809	$	19,502

Schedule of Unrealized Gains, Unrealized Losses and Fair Value

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


	7/27/2024						4/27/2024
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	679	$	—	$	3,808	$	476	$	—	$	3,728
Fixed income	121		(27)		7,254		15		(72)		12,015
Other	690		(13)		3,747		707		(14)		3,759
Total securities	$	1,490	$	(40)	$	14,809	$	1,198	$	(86)	$	19,502

Schedule of Sales of Marketable Securities

The following table summarizes sales of marketable securities:


	Quarter Ended
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Proceeds from sales	$	7,879	$	12,404
Gross realized gains	115		161
Gross realized losses	(35)		(468)

Schedule 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)	7/27/2024
Within one year	$	3,174



Securities not due at a single maturity date	4,080
Total	$	7,254

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 28,909	$ 30,984
Accruals during the period	8,900	8,646
Settlements during the period	(8,331)	(8,836)
Balance as of the end of the period	29,478	$ 30,794
Product warranty liability accrued	$ 22,500		$ 22,400
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)	5 years
Labor costs relating to parts \| Wholesale Segment
Product Warranties
Warranty term (in years)	1 year

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024	Jul. 29, 2023	Apr. 29, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 342,270	$ 341,098	$ 336,434
Restricted cash	0		3,816
Total cash, cash equivalents and restricted cash	$ 342,270	$ 341,098	$ 340,250	$ 346,678

Cover Page - shares	3 Months Ended
Cover Page - shares	Jul. 27, 2024	Aug. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 27, 2024
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		41,827,242
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-26
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Current assets
Cash and equivalents	$ 342,270	$ 341,098
Receivables, net of allowance of $5,181 at 7/27/2024 and $5,076 at 4/27/2024	121,047	139,213
Inventories, net	271,790	263,237
Other current assets	99,268	93,260
Total current assets	834,375	836,808
Property, plant and equipment, net	298,781	298,224
Goodwill	220,109	214,453
Other intangible assets, net	48,684	47,251
Deferred income taxes – long-term	8,969	10,283
Right of use lease assets	448,834	446,466
Other long-term assets, net	57,863	59,957
Total assets	1,917,615	1,913,442
Current liabilities
Accounts payable	94,165	96,486
Lease liabilities, short-term	77,247	77,027
Accrued expenses and other current liabilities	268,530	263,768
Total current liabilities	439,942	437,281
Lease liabilities, long-term	407,009	404,724
Other long-term liabilities	60,188	58,077
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 42,015 outstanding at 7/27/2024 and 42,440 outstanding at 4/27/2024	42,015	42,440
Capital in excess of par value	371,421	368,485
Retained earnings	590,308	598,009
Accumulated other comprehensive loss	(4,535)	(5,870)
Total La-Z-Boy Incorporated shareholders' equity	999,209	1,003,064
Noncontrolling interests	11,267	10,296
Total equity	1,010,476	1,013,360
Total liabilities and equity	$ 1,917,615	$ 1,913,442

Acquisitions	3 Months Ended
Acquisitions	Jul. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 2025 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 2025 and 2024 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 2025 and 2024, 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. Davenport, Iowa Acquisition On July 22, 2024, we completed our acquisition of the Davenport, Iowa business that operates one independently owned La-Z-Boy Furniture Galleries® store for $7.4 million, inclusive of and subject to further customary adjustments. We paid total cash of $5.8 million during the first quarter of fiscal 2025 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 $1.7 million related to the reacquired rights described above. We also recognized $5.1 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. Prior Year Acquisitions 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 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 26,159	$ 27,479

- Definition

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

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-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Jul. 27, 2024

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 27, 2024 (1)	$	20,085	$	138,922	$	55,446	$	214,453
Acquisitions	—		5,099		—		5,099
Translation adjustment	599		(42)		—		557
Balance at July 27, 2024 (1)	$	20,684	$	143,979	$	55,446	$	220,109

(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

Customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over 15 year useful life

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 27, 2024	$	1,155	$	1,796	$	42,640	$	1,660	$	47,251
Acquisitions	—		—		1,671		—		1,671
Amortization	—		(200)		—		(55)		(255)
Translation adjustment	—		—		(32)		49		17
Balance at July 27, 2024	$	1,155	$	1,596	$	44,279	$	1,654	$	48,684

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

Customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over 15 year useful life

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 27, 2024	$	1,155	$	1,796	$	42,640	$	1,660	$	47,251
Acquisitions	—		—		1,671		—		1,671
Amortization	—		(200)		—		(55)		(255)
Translation adjustment	—		—		(32)		49		17
Balance at July 27, 2024	$	1,155	$	1,596	$	44,279	$	1,654	$	48,684

- Definition

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

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Investments - Schedule of Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	$ 1,490	$ 1,198
Gross Unrealized Losses	(40)	(86)
Fair Value	14,809	19,502
Equity securities
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	679	476
Gross Unrealized Losses	0	0
Fair Value	3,808	3,728
Fixed income
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	121	15
Gross Unrealized Losses	(27)	(72)
Fair Value	7,254	12,015
Other
Summary of Investment Holdings [Line Items]
Gross Unrealized Gains	690	707
Gross Unrealized Losses	(13)	(14)
Fair Value	$ 3,747	$ 3,759

- 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
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Jul. 27, 2024 store segment brand
Wholesale Segment
Segment Reporting Information [Line Items]
Number of operating segments	4
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	188

Revenue Recognition (Tables)

3 Months Ended

Jul. 27, 2024

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 July 27, 2024								Quarter Ended July 29, 2023
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	281,180	$	166,875	$	27,876	$	475,931	$	260,373	$	170,714	$	28,690	$	459,777
Casegoods Furniture	16,088		11,375		3,119		30,582		19,253		11,833		2,910		33,996
Delivery	38,513		7,382		2,068		47,963		40,043		7,571		1,902		49,516
Other (1)	15,119		16,738		5,645		37,502		13,806		18,125		6,559		38,490
Total	$	350,900	$	202,370	$	38,708	$	591,978	$	333,475	$	208,243	$	40,061	$	581,779

Eliminations							(96,446)								(100,128)
Consolidated Net Sales							$	495,532							$	481,651

(1)Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives.

Schedule of Contract with Customer, Contract Assets and Contract Liabilities

The following table presents our contract assets and liabilities:


(Unaudited, amounts in thousands)	7/27/2024		4/27/2024
Contract assets	$	36,198	$	35,518

Customer deposits	$	96,877	$	88,798
Deferred revenue	36,198		35,518
Total contract liabilities (1)	$	133,075	$	124,316

(1)During the quarter ended July 27, 2024, we recognized revenue of $109.9 million related to our contract liability balance at April 27, 2024.

Acquisitions (Details) $ in Thousands			3 Months Ended
Acquisitions (Details) $ in Thousands	Jul. 22, 2024 USD ($) store	Jul. 17, 2023 USD ($) store	Jul. 27, 2024 USD ($)	Apr. 27, 2024 USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets and goodwill assets, useful life (in years)			15 years
Indefinite-lived intangible assets acquired			$ 1,671
Goodwill			220,109	$ 214,453
Davenport, Iowa \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store	1
Consideration transferred	$ 7,400
Cash paid			$ 5,800
Indefinite-lived intangible assets acquired	1,700
Davenport, Iowa \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Goodwill	$ 5,100
Colorado Springs, Colorado \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store		2
Consideration transferred		$ 6,000
Cash paid		5,600
Indefinite-lived intangible assets acquired		$ 2,100
Number of distribution center acquired \| store		1
Colorado Springs, Colorado \| Independently-owned Business \| Retail
Business Acquisition [Line Items]
Goodwill		$ 2,200

Stock-Based Compensation - Performance Shares (Details)	3 Months Ended
Stock-Based Compensation - Performance Shares (Details)	Jul. 27, 2024 $ / shares shares
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares) \| shares	163,888
Performance Awards
Stock-Based Compensation
Percentage of payout dependent on financial performance	50.00%
Percentage of payout dependent on total shareholder return	50.00%
Performance awards, performance period	3 years
Granted (in dollars per share)	$ 35.59
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
Stock-Based Compensation
Granted (in dollars per share)	$ 54.67

Goodwill and Other Intangible Assets

3 Months Ended

Jul. 27, 2024

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 27, 2024 (1)	$	20,085	$	138,922	$	55,446	$	214,453
Acquisitions	—		5,099		—		5,099
Translation adjustment	599		(42)		—		557
Balance at July 27, 2024 (1)	$	20,684	$	143,979	$	55,446	$	220,109

(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

Customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over 15 year useful life

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 27, 2024	$	1,155	$	1,796	$	42,640	$	1,660	$	47,251
Acquisitions	—		—		1,671		—		1,671
Amortization	—		(200)		—		(55)		(255)
Translation adjustment	—		—		(32)		49		17
Balance at July 27, 2024	$	1,155	$	1,596	$	44,279	$	1,654	$	48,684

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.

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Cash flows from operating activities
Net income	$ 26,804	$ 27,926
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal and impairment of assets	(117)	113
(Gain)/loss on sale of investments	(80)	307
Provision for doubtful accounts	91	(405)
Depreciation and amortization	12,147	10,211
Amortization of right-of-use lease assets	22,722	17,265
Lease impairment/(settlement)	0	(1,175)
Equity-based compensation expense	3,175	2,526
Change in deferred taxes	1,999	602
Change in receivables	17,783	14,769
Change in inventories	(6,912)	9,271
Change in other assets	(6,668)	(2,820)
Change in payables	952	(8,565)
Change in lease liabilities	(23,306)	(17,882)
Change in other liabilities	3,728	(26,230)
Net cash provided by operating activities	52,318	25,913
Cash flows from investing activities
Proceeds from disposals of assets	158	4,031
Capital expenditures	(15,620)	(13,457)
Purchases of investments	(2,813)	(11,407)
Proceeds from sales of investments	7,879	12,404
Acquisitions	(6,797)	(4,250)
Net cash used for investing activities	(17,193)	(12,679)
Cash flows from financing activities
Payments on finance lease liabilities	(145)	(67)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	7,874	(1,978)
Repurchases of common stock	(33,673)	(10,007)
Dividends paid to shareholders	(8,371)	(7,852)
Net cash used for financing activities	(34,315)	(19,904)
Effect of exchange rate changes on cash and equivalents	362	242
Change in cash, cash equivalents and restricted cash	1,172	(6,428)
Cash, cash equivalents and restricted cash at beginning of period	341,098	346,678
Cash, cash equivalents and restricted cash at end of period	342,270	340,250
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 2,583	$ 7,188

Segment Information (Tables)

3 Months Ended

Jul. 27, 2024

Segment Reporting [Abstract]

Schedule of Operating Income (Loss) by Segment

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


	Quarter Ended
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Sales
Wholesale segment:
Sales to external customers	$	256,020	$	236,251
Intersegment sales	94,880		97,224
Wholesale segment sales	350,900		333,475

Retail segment sales	202,370		208,243

Corporate and Other:
Sales to external customers	37,142		37,157
Intersegment sales	1,566		2,904
Corporate and Other sales	38,708		40,061

Eliminations	(96,446)		(100,128)
Consolidated sales	$	495,532	$	481,651

Operating Income (Loss)
Wholesale segment	$	23,999	$	23,503
Retail segment	20,649		29,264
Corporate and Other	(12,278)		(18,241)
Consolidated operating income	32,370		34,526
Interest expense	(210)		(122)
Interest income	4,424		3,056
Other income (expense), net	(618)		556
Income before income taxes	$	35,966	$	38,016

Basis of Presentation (Tables)

3 Months Ended

Jul. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted

ASU

Description

Adoption Date

ASU 2023-07

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Fiscal 2025

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

Accounting Pronouncements not yet Adopted

ASU

Description

Adoption Date

ASU 2023-09

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fiscal 2026

Fair Value Measurements

3 Months Ended

Jul. 27, 2024

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.


At July 27, 2024
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	5,622	$	—	$	7,888	$	13,510
Held-to-maturity investments	1,299		—		—		—		1,299

Total assets	$	1,299	$	5,622	$	—	$	7,888	$	14,809


At April 27, 2024
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	7,996	$	—	$	10,247	$	18,243
Held-to-maturity investments	1,259		—		—		—		1,259

Total assets	$	1,259	$	7,996	$	—	$	10,247	$	19,502

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

At July 27, 2024 and April 27, 2024, we held marketable securities intended to enhance returns on our cash and to fund future obligations of certain retirement plans.

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.

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+ Details

Segment Information

3 Months Ended

Jul. 27, 2024

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 four operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, our casegoods operating segment that sells furniture under three brands (American Drew®, Hammary®, and Kincaid®), and our international operating segment, which includes our international La-Z-Boy wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® 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 188 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other home furnishings accessories, to end consumers through these stores.

Corporate and Other. Corporate and Other includes the shared costs for corporate functions, including human resources, information technology, finance and 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, and through small-format stores in key urban markets. 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
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Sales
Wholesale segment:
Sales to external customers	$	256,020	$	236,251
Intersegment sales	94,880		97,224
Wholesale segment sales	350,900		333,475

Retail segment sales	202,370		208,243

Corporate and Other:
Sales to external customers	37,142		37,157
Intersegment sales	1,566		2,904
Corporate and Other sales	38,708		40,061

Eliminations	(96,446)		(100,128)
Consolidated sales	$	495,532	$	481,651

Operating Income (Loss)
Wholesale segment	$	23,999	$	23,503
Retail segment	20,649		29,264
Corporate and Other	(12,278)		(18,241)
Consolidated operating income	32,370		34,526
Interest expense	(210)		(122)
Interest income	4,424		3,056
Other income (expense), net	(618)		556
Income before income taxes	$	35,966	$	38,016

- 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

Cash and Restricted Cash

3 Months Ended

Jul. 27, 2024

Cash and Cash Equivalents [Abstract]

Cash and Restricted Cash

At July 29, 2023, we had restricted cash on deposit with a bank as collateral for certain letters of credit that matured within 12 months. During fiscal 2024, we renewed these letters of credit and as of April 27, 2024, we were no longer required to hold restricted cash as collateral. All of our letters of credit have maturity dates within the next 12 months, and we expect to renew some of these letters of credit when they mature.


(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Cash and cash equivalents	$	342,270	$	336,434
Restricted cash	—		3,816
Total cash, cash equivalents and restricted cash	$	342,270	$	340,250

Cash and Restricted Cash (Tables)

3 Months Ended

Jul. 27, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Cash and cash equivalents	$	342,270	$	336,434
Restricted cash	—		3,816
Total cash, cash equivalents and restricted cash	$	342,270	$	340,250

Inventories (Tables)

3 Months Ended

Jul. 27, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	7/27/2024		4/27/2024
Raw materials	$	136,062	$	125,932
Work in process	19,814		19,443
Finished goods	159,491		161,439
FIFO inventories	315,367		306,814
Excess of FIFO over LIFO	(43,577)		(43,577)
Total inventories	$	271,790	$	263,237

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.2	0.7

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 26,804	$ 27,926
Other comprehensive income
Currency translation adjustment	1,533	1,047
Net unrealized gain on marketable securities, net of tax	113	220
Net pension amortization, net of tax	15	23
Total other comprehensive income	1,661	1,290
Total comprehensive income before noncontrolling interests	28,465	29,216
Comprehensive (income) attributable to noncontrolling interests	(971)	(407)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 27,494	$ 28,809

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 214,453
Acquisitions	5,099
Translation adjustment	557
Balance at end of period	220,109
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	20,085
Acquisitions	0
Translation adjustment	599
Balance at end of period	20,684
Retail Segment \| Operating Segments
Roll-forward of goodwill
Balance at beginning of period	138,922
Acquisitions	5,099
Translation adjustment	(42)
Balance at end of period	$ 143,979

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Stock-Based Compensation - Schedule of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 3,175	$ 2,526
Liability-based awards expense	161	88
Total stock-based compensation expense	$ 3,336	$ 2,614

Product Warranties (Tables)

3 Months Ended

Jul. 27, 2024

Product Warranties Disclosures [Abstract]

Schedule of Reconciliation of Changes in Product Warranty Liability

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


	Quarter Ended
(Unaudited, amounts in thousands)	7/27/2024 (1)		7/29/2023 (2)
Balance as of the beginning of the period	$	28,909	$	30,984

Accruals during the period	8,900		8,646
Settlements during the period	(8,331)		(8,836)
Balance as of the end of the period	$	29,478	$	30,794

(1)$22.5 million and $22.4 million is recorded in accrued expenses and other current liabilities as of July 27, 2024, and April 27, 2024, respectively, while the remainder is included in other long-term liabilities.

(2)Accruals and settlements for fiscal 2024 have been revised. The adjustments were offsetting and had no impact on the liability balance at the end of each reporting period in fiscal 2024 or the amount recognized in the consolidated statement of income for fiscal 2024.

Earnings per Share (Tables)

3 Months Ended

Jul. 27, 2024

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
(Unaudited, amounts in thousands, except per share data)	7/27/2024		7/29/2023
Numerator (basic and diluted):


Net income available to common Shareholders	$	26,159	$	27,479

Denominator:
Basic weighted average common shares outstanding	42,052		43,239
Contingent common shares	351		54
Stock option dilution	161		40
Diluted weighted average common shares outstanding	42,564		43,333

Earnings per Share:
Basic	$	0.62	$	0.64
Diluted (1)	$	0.61	$	0.63

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

Basis of Presentation

3 Months Ended

Jul. 27, 2024

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 27, 2024 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 2024 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 26, 2025.

Accounting Pronouncements Adopted in Fiscal 2025

ASU

Description

Adoption Date

ASU 2023-07

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Fiscal 2025

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

Accounting Pronouncements not yet Adopted

ASU

Description

Adoption Date

ASU 2023-09

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fiscal 2026

Stock-Based Compensation - Stock Options (Details) - Stock Options	3 Months Ended
	Jul. 27, 2024
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

+ Details

Income Taxes	3 Months Ended
Income Taxes	Jul. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 25.5% for the quarter ended July 27, 2024, compared with 26.5% for the quarter ended July 29, 2023. The reduced effective tax rate in the first quarter of fiscal 2025 was partially the result of tax benefits from the vesting of stock-based compensation. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings per Share

3 Months Ended

Jul. 27, 2024

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
(Unaudited, amounts in thousands, except per share data)	7/27/2024		7/29/2023
Numerator (basic and diluted):


Net income available to common Shareholders	$	26,159	$	27,479

Denominator:
Basic weighted average common shares outstanding	42,052		43,239
Contingent common shares	351		54
Stock option dilution	161		40
Diluted weighted average common shares outstanding	42,564		43,333

Earnings per Share:
Basic	$	0.62	$	0.64
Diluted (1)	$	0.61	$	0.63

(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 quarters ended July 27, 2024 and July 29, 2023, we excluded options to purchase 0.2 million shares and 0.7 million shares from the diluted share calculation, respectively.

Stock-Based Compensation

3 Months Ended

Jul. 27, 2024

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
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Equity-based awards expense	$	3,175	$	2,526
Liability-based awards expense (1)	161		88
Total stock-based compensation expense	$	3,336	$	2,614

Restricted Stock. During the first quarter of fiscal 2025, we granted 240,334 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, fiscal 2024 and fiscal 2025 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 quarter of fiscal 2025 was $38.04 per share, the market value of our common shares on the date of grant.

Performance Shares. During the first quarter of fiscal 2025, we granted 163,888 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 2025 that vest based on attaining performance goals was $35.59, 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 2025 grant of shares that vest based on market conditions was $54.67.

Stock Options. We did not grant stock options to employees during the first quarter of fiscal 2025, 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.

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Current assets
Receivables, allowance	$ 5,181	$ 5,076
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)	42,015,000	42,440,000

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 36,198	$ 35,518
Customer deposits	96,877	88,798
Deferred revenue	36,198	35,518
Total contract liabilities	133,075	$ 124,316
Revenue recognized related to contract liabilities	$ 109,900

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Jul. 27, 2024	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	25.50%	26.50%
Statutory tax rate	21.00%

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Summary of Investment Holdings [Line Items]
Total investments	$ 14,809	$ 19,502
Investments to enhance returns on cash
Summary of Investment Holdings [Line Items]
Total investments	4,473	6,754
Investments to fund compensation/retirement plans
Summary of Investment Holdings [Line Items]
Total investments	10,336	12,748
Short-term investments
Summary of Investment Holdings [Line Items]
Marketable securities	3,210	5,553
Held-to-maturity investments	1,299	1,259
Total investments	4,509	6,812
Long-term investments
Summary of Investment Holdings [Line Items]
Marketable securities	$ 10,300	$ 12,690

- 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

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Segment Reporting Information [Line Items]
Sales	$ 495,532	$ 481,651
Operating Income (Loss)	32,370	34,526
Interest expense	(210)	(122)
Interest income	4,424	3,056
Other income (expense), net	(618)	556
Income before income taxes	35,966	38,016
Wholesale Segment
Segment Reporting Information [Line Items]
Sales	256,020	236,251
Operating Segments
Segment Reporting Information [Line Items]
Sales	591,978	581,779
Operating Segments \| Wholesale Segment
Segment Reporting Information [Line Items]
Sales	350,900	333,475
Operating Income (Loss)	23,999	23,503
Operating Segments \| Retail Segment
Segment Reporting Information [Line Items]
Sales	202,370	208,243
Operating Income (Loss)	20,649	29,264
Corporate and Other
Segment Reporting Information [Line Items]
Sales	38,708	40,061
Operating Income (Loss)	(12,278)	(18,241)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	37,142	37,157
Intersegment sales
Segment Reporting Information [Line Items]
Sales	1,566	2,904
Intersegment sales \| Wholesale Segment
Segment Reporting Information [Line Items]
Sales	94,880	97,224
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (96,446)	$ (100,128)

Inventories (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 136,062	$ 125,932
Work in process	19,814	19,443
Finished goods	159,491	161,439
FIFO inventories	315,367	306,814
Excess of FIFO over LIFO	(43,577)	(43,577)
Total inventories	$ 271,790	$ 263,237

Investments

3 Months Ended

Jul. 27, 2024

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)	7/27/2024		4/27/2024
Short-term investments:
Marketable securities	$	3,210	$	5,553
Held-to-maturity investments	1,299		1,259
Total short-term investments	4,509		6,812
Long-term investments:
Marketable securities	10,300		12,690


Total investments	$	14,809	$	19,502

Investments to enhance returns on cash	$	4,473	$	6,754
Investments to fund compensation/retirement plans	10,336		12,748

Total investments	$	14,809	$	19,502

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


	7/27/2024						4/27/2024
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	679	$	—	$	3,808	$	476	$	—	$	3,728
Fixed income	121		(27)		7,254		15		(72)		12,015
Other	690		(13)		3,747		707		(14)		3,759
Total securities	$	1,490	$	(40)	$	14,809	$	1,198	$	(86)	$	19,502

The following table summarizes sales of marketable securities:


	Quarter Ended
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Proceeds from sales	$	7,879	$	12,404
Gross realized gains	115		161
Gross realized losses	(35)		(468)

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)	7/27/2024
Within one year	$	3,174



Securities not due at a single maturity date	4,080
Total	$	7,254

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Numerator (basic and diluted):
Net income available to common Shareholders	$ 26,159	$ 27,479
Denominator:
Basic weighted average common shares outstanding (in shares)	42,052	43,239
Contingent common shares (in shares)	351	54
Stock option dilution (in shares)	161	40
Diluted weighted average common shares outstanding (in shares)	42,564	43,333
Earnings per Share:
Basic (in dollars per share)	$ 0.62	$ 0.64
Diluted (in dollars per share)	$ 0.61	$ 0.63

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Statement [Abstract]
Sales	$ 495,532	$ 481,651
Cost of sales	282,189	275,923
Gross profit	213,343	205,728
Selling, general and administrative expense	180,973	171,202
Operating income	32,370	34,526
Interest expense	(210)	(122)
Interest income	4,424	3,056
Other income (expense), net	(618)	556
Income before income taxes	35,966	38,016
Income tax expense	9,162	10,090
Net income	26,804	27,926
Net (income) attributable to noncontrolling interests	(645)	(447)
Net income attributable to La-Z-Boy Incorporated	$ 26,159	$ 27,479
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	42,052	43,239
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.62	$ 0.64
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	42,564	43,333
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.61	$ 0.63

Product Warranties

3 Months Ended

Jul. 27, 2024

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 sales volume and 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 five 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 the 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
(Unaudited, amounts in thousands)	7/27/2024 (1)		7/29/2023 (2)
Balance as of the beginning of the period	$	28,909	$	30,984

Accruals during the period	8,900		8,646
Settlements during the period	(8,331)		(8,836)
Balance as of the end of the period	$	29,478	$	30,794

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

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Activity in accumulated other comprehensive loss
Beginning balance	$ 1,013,360	$ 952,097
Ending balance	1,010,476	963,930
Components of non-controlling interest
Beginning balance	1,013,360	952,097
Net income	26,804	27,926
Other comprehensive income (loss)	1,661	1,290
Ending balance	1,010,476	963,930
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Beginning balance	(5,870)	(5,528)
Changes before reclassifications	1,357	1,072
Amounts reclassified to net income	20	338
Tax effect	(42)	(80)
Other comprehensive income attributable to La-Z-Boy Incorporated	1,335	1,330
Ending balance	(4,535)	(4,198)
Components of non-controlling interest
Beginning balance	(5,870)	(5,528)
Other comprehensive income (loss)	1,335	1,330
Ending balance	(4,535)	(4,198)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	(3,804)	(2,652)
Changes before reclassifications	1,207	1,087
Amounts reclassified to net income	0	0
Tax effect	0	0
Other comprehensive income attributable to La-Z-Boy Incorporated	1,207	1,087
Ending balance	(2,597)	(1,565)
Components of non-controlling interest
Beginning balance	(3,804)	(2,652)
Ending balance	(2,597)	(1,565)
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	246	(145)
Changes before reclassifications	150	(15)
Amounts reclassified to net income	0	307
Tax effect	(37)	(72)
Other comprehensive income attributable to La-Z-Boy Incorporated	113	220
Ending balance	359	75
Components of non-controlling interest
Beginning balance	246	(145)
Ending balance	359	75
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(2,312)	(2,731)
Changes before reclassifications	0	0
Amounts reclassified to net income	20	31
Tax effect	(5)	(8)
Other comprehensive income attributable to La-Z-Boy Incorporated	15	23
Ending balance	(2,297)	(2,708)
Components of non-controlling interest
Beginning balance	(2,312)	(2,731)
Ending balance	(2,297)	(2,708)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	10,296	10,261
Ending balance	11,267	10,668
Components of non-controlling interest
Beginning balance	10,296	10,261
Net income	645	447
Other comprehensive income (loss)	326	(40)
Ending balance	$ 11,267	$ 10,668

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Revenue Recognition
Sales	$ 495,532	$ 481,651
Wholesale Segment
Revenue Recognition
Sales	256,020	236,251
Operating Segments
Revenue Recognition
Sales	591,978	581,779
Operating Segments \| Upholstered Furniture
Revenue Recognition
Sales	475,931	459,777
Operating Segments \| Casegoods Furniture
Revenue Recognition
Sales	30,582	33,996
Operating Segments \| Delivery
Revenue Recognition
Sales	47,963	49,516
Operating Segments \| Other
Revenue Recognition
Sales	37,502	38,490
Operating Segments \| Wholesale Segment
Revenue Recognition
Sales	350,900	333,475
Operating Segments \| Wholesale Segment \| Upholstered Furniture
Revenue Recognition
Sales	281,180	260,373
Operating Segments \| Wholesale Segment \| Casegoods Furniture
Revenue Recognition
Sales	16,088	19,253
Operating Segments \| Wholesale Segment \| Delivery
Revenue Recognition
Sales	38,513	40,043
Operating Segments \| Wholesale Segment \| Other
Revenue Recognition
Sales	15,119	13,806
Operating Segments \| Retail
Revenue Recognition
Sales	202,370	208,243
Operating Segments \| Retail \| Upholstered Furniture
Revenue Recognition
Sales	166,875	170,714
Operating Segments \| Retail \| Casegoods Furniture
Revenue Recognition
Sales	11,375	11,833
Operating Segments \| Retail \| Delivery
Revenue Recognition
Sales	7,382	7,571
Operating Segments \| Retail \| Other
Revenue Recognition
Sales	16,738	18,125
Corporate and Other
Revenue Recognition
Sales	38,708	40,061
Corporate and Other \| Upholstered Furniture
Revenue Recognition
Sales	27,876	28,690
Corporate and Other \| Casegoods Furniture
Revenue Recognition
Sales	3,119	2,910
Corporate and Other \| Delivery
Revenue Recognition
Sales	2,068	1,902
Corporate and Other \| Other
Revenue Recognition
Sales	5,645	6,559
Eliminations
Revenue Recognition
Sales	$ (96,446)	$ (100,128)

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024
Assets
Total assets	$ 14,809	$ 19,502
Recurring basis
Assets
Marketable securities	13,510	18,243
Held-to-maturity investments	1,299	1,259
Total assets	14,809	19,502
Recurring basis \| Level 1
Assets
Marketable securities	0	0
Held-to-maturity investments	1,299	1,259
Total assets	1,299	1,259
Recurring basis \| Level 2
Assets
Marketable securities	5,622	7,996
Held-to-maturity investments	0	0
Total assets	5,622	7,996
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	7,888	10,247
Held-to-maturity investments	0	0
Total assets	$ 7,888	$ 10,247

Inventories

3 Months Ended

Jul. 27, 2024

Inventory Disclosure [Abstract]

Inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	7/27/2024		4/27/2024
Raw materials	$	136,062	$	125,932
Work in process	19,814		19,443
Finished goods	159,491		161,439
FIFO inventories	315,367		306,814
Excess of FIFO over LIFO	(43,577)		(43,577)
Total inventories	$	271,790	$	263,237

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jul. 27, 2024

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 July 27, 2024, and July 29, 2023, 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 27, 2024	$	(3,804)	$	246	$	(2,312)	$	(5,870)
Changes before reclassifications	1,207		150		—		1,357


Amounts reclassified to net income	—		—		20		20
Tax effect	—		(37)		(5)		(42)
Other comprehensive income attributable to La-Z-Boy Incorporated	1,207		113		15		1,335
Balance at July 27, 2024	$	(2,597)	$	359	$	(2,297)	$	(4,535)

Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)
Changes before reclassifications	1,087		(15)		—		1,072


Amounts reclassified to net income	—		307		31		338
Tax effect	—		(72)		(8)		(80)
Other comprehensive income attributable to La-Z-Boy Incorporated	1,087		220		23		1,330
Balance at July 29, 2023	$	(1,565)	$	75	$	(2,708)	$	(4,198)

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
(Unaudited, amounts in thousands)	7/27/2024		7/29/2023
Balance as of the beginning of the period	$	10,296	$	10,261
Net income	645		447
Other comprehensive income (loss)	326		(40)

Balance as of the end of the period	$	11,267	$	10,668