Financial News Release

03/26/02

La-Z-Boy Invites Seven Top Fashion Designers to Offer a New Take on An American Icon

MONROE, Mich., March 26 /PRNewswire/ -- La-Z-Boy, the nation's leading manufacturer of upholstered furniture, has partnered with seven of today's most forward-thinking fashion designers to give America a fresh look at La-Z-Boy(R) recliners. John Bartlett, MoMo FaLana, Tommy Hilfiger, Nicole Miller, Todd Oldham, Phat Farm and Cynthia Rowley created the unique "designer recliners," with results ranging from industrial to whimsical and from retro to patriotic. But all have at least one thing in common: the innovation and quality for which La-Z-Boy is famous.

Each of the "designer recliners" are available for online bidding on eBay, at www.ebay.com , between March 25 and April 4. Proceeds from the auction will benefit Bailey House, a not-for-profit organization that provides housing for homeless men, women and children with HIV/AIDS. Another set of the recliners were recently auctioned at the 14th Annual Open Your Heart Auction on February 13, raising more than $30,000 to benefit Bailey House.

"These 'designer recliners' surpassed our expectations, adding a new spark of creativity to the world famous La-Z-Boy comfort," said Kurt L. Darrow, president of La-Z-Boy. "Working with these well-respected designers is the perfect way for La-Z-Boy to demonstrate our commitment to creating fresh, stylish furniture and extend our 'new look of comfort' concept."

The "designer recliners" were created for an advertising campaign, which will debut in the April issue of In Style magazine. In Style is a long-time supporter of Bailey House, and recommended the partnership to La-Z-Boy.

"The La-Z-Boy recliner is a piece of the American landscape, and we are thrilled that these creative designers have added such a fun look to the recliner we all grew up with," said Regina Quattrochi, executive director of Bailey House, Inc. "We are confident that the demand for these recliners will be high and that the eBay auction will be as successful as the Open Your Heart Auction."

Each distinctive "designer recliner" is representative of its talented designer's style and passion. John Bartlett is a sought-after men's wear designer who introduced his first collection in 1992 and instantly had orders from Barney's New York, Bergdorf Goodman and Charivari. "The Naked Recliner" by John Bartlett for La-Z-Boy reflects his attention to minimalist design with an industrial, pared down wood frame chair and a simple, stark covering over the seat and back.

MoMo FaLana designs are created by Maureen Roberts and Michael Lubin, who bridge art and fashion with their extraordinary clothing and introduced their first full line in February of 2000 to rave reviews. "The Yin Yang Recliner" by MoMo FaLana for La-Z-Boy is traditional, but with a cosmopolitan feel. A rich hand-dyed fabric complements its exquisitely designed hand-carved wood feet and arms, and the back comes to a distinguishing point.

Tommy Hilfiger's designs epitomize the creativity and diversity of America with clothes that are a worldwide favorite of men, women and children. In signature Tommy Hilfiger style, he has created a La-Z-Boy recliner in an American flag design. "The Tommy Flag Recliner" by Tommy Hilfiger for La-Z-Boy features wood legs, and its arms are covered in bright red and white striped upholstery. Accordingly, the seat and back of the chair feature a blue print with patriotic white stars.

Nicole Miller's talents have led her to a successful career designing evening wear, sportswear, accessories and men's ties, as well as the creation of two signature scents. "The La-Z-Leopard Recliner" by Nicole Miller for La-Z-Boy is a truly contemporary chair with big, wood, arched arms, a low- sitting seat, and a rounded back. The recliner is covered in leather with a leopard print.

Todd Oldham is a versatile designer, offering collections of jeans for men and women, watches, optical accessories -- he even introduced his own Barbie(R) for Mattel(R) in 1998.

"The Buster Recliner" by Todd Oldham for La-Z-Boy is a retro-chic contribution that features striped vinyl reminiscent of a 50's diner booth, with steel legs and a comfortable, padded back and seat.

Phat Farm designs provide a variety of stylish clothing for men, women and children. "The Nature's My Canvas Recliner" by Phat Farm for La-Z-Boy is suede and leather and features the Phat Farm crest and logo with a farm graphic decorating the leg rest. The leather back features a colorful graphic of land and sky.

Cynthia Rowley's extensive collection includes men's and women's clothing lines, shoes, handbags and small leather goods, watches, scarves, eyewear and tableware. "The La-Z-Girl Recliner" by Cynthia Rowley for La-Z-Boy is a contemporary chair with flared arms and tapered wood legs that is upholstered in a light pink velvet with lime green welting on the seams.

About Bailey House

Bailey House (formerly the AIDS Resource Center) was founded in 1983 and was one of the first AIDS agencies in the United States to address the needs of a growing number of people living with HIV/AIDS threatened by homelessness. Eighteen years later, with an annual budget of almost $9 million, Bailey House's dedication to providing housing, quality care and a supportive environment locally and nationally for people with HIV/AIDS remains its primary mission. With no cure in sight for AIDS, the challenges continue to mount for Bailey House to enhance the services provided for men, women and children living with the disease.

About La-Z-Boy

Headquartered in Monroe, Mich., La-Z-Boy is the nation's largest single manufacturer of upholstered furniture and the world's leading producer of reclining chairs. The company manufactures a full line of products for the living room and family room, including the company's world-famous recliners, reclining sofas and love seats, sleep sofas, modular furniture and leather upholstery, as well as stationary sofas, love seats and chairs. It is a division of La-Z-Boy Incorporated (NYSE: LZB; PCX), one of the nation's largest furniture manufacturers.

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SOURCE La-Z-Boy

-0- 03/26/2002

/CONTACT: Heather Schneider or Shannon Quinn for La-Z-Boy, +1-800-837-7123, or +1-312-565-3900/