# EDGAR Filing Document

**Accession Number:** 0000057131
**File Stem:** 0000057131-25-000028
**Filing Date:** 2025-6
**Character Count:** 49400
**Document Hash:** 9ee95468169f0db2202c6d8e0decd7be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000057131-25-000028.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0000057131-25-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250617

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LA-Z-BOY INC
- **CENTRAL INDEX KEY:** 0000057131
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOUSEHOLD FURNITURE [2510]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 380751137
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 0426

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09656
- **FILM NUMBER:** 251053514

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LA-Z-BOY DRIVE
- **CITY:** MONROE
- **STATE:** MI
- **ZIP:** 48162
- **BUSINESS PHONE:** 7342421444

**MAIL ADDRESS:**
- **STREET 1:** ONE LA-Z-BOY DRIVE
- **CITY:** MONROE
- **STATE:** MI
- **ZIP:** 48162

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LA Z BOY CHAIR CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? lzb-20250617

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

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| | | |
|:---|:---|:---|
| | Date of Report (Date of Earliest Event Reported): | **June 17, 2025** |
| **LA-Z-BOY INCORPORATED** | **LA-Z-BOY INCORPORATED** | **LA-Z-BOY INCORPORATED** |
| (Exact name of registrant as specified in its charter)  | (Exact name of registrant as specified in its charter)  | (Exact name of registrant as specified in its charter)  |

---

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| | | |
|:---|:---|:---|
| **Michigan** | **1-9656** | **38-0751137** |
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation) | File Number) | Identification No.) |

---

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| | | | |
|:---|:---|:---|:---|
| **One La-Z-Boy Drive,** | **Monroe,** | **Michigan** | **48162-5138** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code (734) 242-1444

N/A <br> &nbsp;&nbsp;&nbsp;&nbsp; (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $1.00 par value | LZB | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**Item 2.02 Results of Operations and Financial Condition.**

On June 17, 2025, La-Z-Boy Incorporated (the "Company") issued a news release to report the Company's financial results for the fiscal quarter ended April 26, 2025. A copy of the news release is attached to this Current Report on Form 8-K as Exhibit 99.1.

**Item 7.01 Regulation FD Disclosure.**

The information in Items 2.02 and 7.01 of this report and the related exhibit (Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The following exhibits are furnished as part of this report:

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| | |
|:---|:---|
| **Description** | **Description** |
| 99.1 | <u>[News Release Dated](fy25q4pressrelease.htm)[June](fy25q4pressrelease.htm)[17](fy25q4pressrelease.htm)[, 2025](fy25q4pressrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 LA-Z-BOY INCORPORATED <br> (Registrant)

Date: June 17, 2025

---

| |
|:---|
| BY:/s/ Jennifer L. McCurry |
| Jennifer L. McCurry<br>Vice President, Corporate Controller and Chief Accounting Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![image.jpg](image.jpg)

**La-Z-Boy Incorporated Reports Strong Fourth Quarter and Full Year Results;** 

**Sales Growth Across All Segments for the Year and Strong Operating Cash Flow Performance**

**<u>Fiscal 2025 Fourth Quarter Highlights:</u>**

• Consolidated delivered sales of $571 million

–Up 3% versus prior year

• Retail segment delivered sales increased 8%

–Company-owned La-Z-Boy Furniture Galleries<sup>®</sup> network grew by a total of six stores; 203 company-owned store base now represents 55% of total network

• Wholesale segment delivered sales increased 2%

• GAAP operating margin of 5.2%; adjusted<sup>(1)</sup> operating margin of 9.4%, flat versus the year ago period

• GAAP diluted EPS of $0.36 and adjusted<sup>(1)</sup> diluted EPS of $0.92, both of which include a $0.10 impact from unfavorable foreign tax discrete items

• Delivered sales exceeded high end of guidance range and adjusted<sup>(1)</sup> operating margin at high end of guidance range

• Generated $62 million in operating cash flow for the quarter, up 17% versus prior year

**<u>Fiscal 2025 Highlights:</u>**

• Consolidated delivered sales of $2.1 billion

–Up 3% versus prior year

• Retail segment delivered sales increased 5%

–Added 11 newly opened stores, one of the largest yearly expansions in company history, and acquired seven independent La-Z-Boy Furniture Galleries<sup>®</sup> stores

• Wholesale segment delivered sales increased 2%

• Joybird delivered sales increased 5%

• GAAP operating margin of 6.4%; adjusted<sup>(1)</sup> operating margin of 7.6%, down 20 basis points versus a year ago

• GAAP diluted EPS of $2.35 and adjusted<sup>(1)</sup> diluted EPS of $2.92, both of which include a $0.10 impact from unfavorable foreign tax discrete items

• Generated $187 million in operating cash flow for the year, up 18% versus prior year

• Returned $113 million to shareholders through share repurchases and dividends

–Increased quarterly dividend by 10% to $0.22 in third quarter, the fourth consecutive annual dividend increase

MONROE, Mich., June 17, 2025 -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today reported strong fourth quarter results for the period ended April 26, 2025. For the quarter, sales totaled $571 million, growing 3% against the prior year comparable period. Operating margin was 5.2% for the quarter on a GAAP basis and 9.4% on an adjusted<sup>(1)</sup> basis. Diluted earnings per share totaled $0.36 on a GAAP basis and $0.92 on an adjusted<sup>(1)</sup> basis, both of which include a $0.10 impact from unfavorable foreign tax discrete items. The company returned $113 million to shareholders for the year, up over 30% versus the prior year.

Fourth quarter total written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries<sup>®</sup>) grew 3% versus a year ago and written same-store sales (which exclude the impact of newly opened stores and newly

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acquired stores) were down 5% versus a year ago. Continued challenges in the housing market with stubbornly high mortgage rates and increased volatility in the global economy negatively influenced consumer sentiment and had an adverse impact on industry trends. Industry data for the quarter was mixed with public company peers noting same-store sales of relatively flat to declines in the mid-teen range, while the broader industry data as reported by the U.S. Census Bureau indicated an increase in the mid-single digits.

Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "Our fourth quarter results reflect the ongoing strengthening of our brand and operations under our Century Vision strategy. We executed well throughout the year with sales growth across all of our segments and four consecutive quarters of top line growth, even as the industry contends with depressed housing fundamentals and growing macro uncertainty. We are controlling what we can control with distinct strategies and initiatives across each of our businesses. In Retail, we continue to grow our direct-to-consumer business, own the entire end-to-end consumer experience, and develop more value-added consumer insights. Through opening net new stores and also acquiring existing independent La-Z-Boy Furniture Galleries<sup>®</sup>, we reached a new milestone in the quarter, growing our company-owned store footprint to over 200 stores, nearly doubling our store count over the last 10 years, and now owning 55% of the total network. In Wholesale, we continue to expand our brand reach with compatible strategic partners to serve more consumers. Additionally, we are successfully driving scale and efficiencies in our supply chain. This is highlighted by our core North America La-Z-Boy wholesale business achieving sales growth and margin expansion for four consecutive quarters during fiscal 2025, and continuing to strengthen as we initiate our multi-year distribution and delivery redesign."

Whittington added, "Even as we expect global economic uncertainty to continue challenging consumers in the near term, we are confident in the strength of our business model to outperform our peers and deliver strong financial performance. La-Z-Boy is an iconic brand in a highly fragmented market. We have successfully navigated challenging times throughout our 98-year history by delivering comfort and quality to our consumers. A strong balance sheet combined with an agile supply chain provides us a position of strength in the industry. We will continue to execute our playbook to mitigate an ever changing environment and drive long-term profitable growth and returns for all stakeholders."

**<u>First Quarter Outlook</u>:**

Taylor Luebke, SVP and Chief Financial Officer of La-Z-Boy Incorporated, said, "We delivered growth and strong financial results in what was another challenging year for the industry. We continue to control what we can control and are executing against our Century Vision strategy, which will enable growth through our centennial and beyond. I am pleased with our progress, and our ability to deliver results at or above the high end of our sales and margin expectations for the fourth quarter, even in light of considerable volatility during the quarter. Given higher levels of uncertainty in the broader economic climate, we expect the industry outlook to continue to be volatile and we are planning prudently to navigate the year ahead. We expect to continue to outperform the industry, driven by growth in our company-owned Retail segment and core North America La-Z-Boy wholesale business. Assuming no significant changes in external factors, we expect fiscal first quarter sales to be in the range of $490-$510 million, reflecting modest growth in a challenged consumer environment. We expect adjusted operating margin<sup>(2)</sup> to be in the range of 5.5-7.0%, including the impact of transitory pressure from our UK and Joybird businesses, as well as investment in our distribution network and home delivery redesign project. Also, as a reminder, our first quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales and our annual week-long plant shutdown."

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**Key Results:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***(Unaudited, amounts in thousands, except per share data and percentages)*** | **Quarter Ended** | **Quarter Ended** | | **Year Ended** | **Year Ended** | |
| ***(Unaudited, amounts in thousands, except per share data and percentages)*** | **4/26/2025** | **4/27/2024** |<br> **Change** | **4/26/2025** | **4/27/2024** |<br>**Change** |
| Sales | $570871 | $553535 | 3% | $2109207 | $2047027 | 3% |
| GAAP operating income | 29527 | 50097 | (41)% | 135837 | 150796 | (10)% |
| Adjusted operating income | 53611 | 52114 | 3% | 160826 | 159398 | 1% |
| GAAP operating margin | 5.2% | 9.1% | (390) bps | 6.4% | 7.4% | (100) bps |
| Adjusted operating margin | 9.4% | 9.4% | 0 bps | 7.6% | 7.8% | (20) bps |
| GAAP net income attributable to La-Z-Boy Incorporated | 14931 | 39308 | (62)% | 99556 | 122626 | (19)% |
| Adjusted net income attributable to La-Z-Boy Incorporated | 38392 | 40811 | (6)% | 123745 | 129131 | (4)% |
| Diluted weighted average common shares | 41942 | 42974 |  | 42345 | 43280 |  |
| GAAP diluted earnings per share | $0.36 | $0.91 | (60)% | $2.35 | $2.83 | (17)% |
| Adjusted diluted earnings per share | $0.92 | $0.95 | (3)% | $2.92 | $2.98 | (2)% |

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**Liquidity Measures:**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | | **Year Ended** | **Year Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **4/26/2025** | **4/27/2024** |<br>***(Unaudited, amounts in thousands)*** | **4/26/2025** | **4/27/2024** |
| **Free Cash Flow** | | | **Cash Returns to Shareholders** | | |
| &nbsp;&nbsp;Operating cash flow | $187271 | $158127 | &nbsp;&nbsp;Share repurchases | $77930 | $52773 |
| &nbsp;&nbsp;Capital expenditures | (74280) | (53551) | &nbsp;&nbsp;Dividends | 34955 | 32665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $112991 | $104576 | &nbsp;&nbsp;&nbsp;&nbsp;Cash returns to shareholders | $112885 | $85438 |

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| | | |
|:---|:---|:---|
| ***(Unaudited, amounts in thousands)*** | **4/26/2025** | **4/27/2024** |
| Cash and cash equivalents | $328449 | $341098 |

---

**<u>Fiscal 2025 Fourth Quarter Results versus Fiscal 2024 Fourth Quarter</u>:**

• Consolidated sales in the fourth quarter of fiscal 2025 increased 3% to $571 million versus last year, primarily driven by acquisitions and new stores in the Retail segment, and continued momentum in our core North America La-Z-Boy wholesale business

• Consolidated GAAP operating margin was 5.2% versus 9.1%

–Consolidated adjusted<sup>(1)</sup> operating margin was flat at 9.4% versus the year ago period, as lower input costs (reduced commodity prices and improved sourcing) and leverage on marketing investments were offset by the impact of a significant customer transition in our international wholesale business as well as acceleration of tariff expenses in the quarter

• GAAP diluted EPS was $0.36 versus $0.91, and adjusted<sup>(1)</sup> diluted EPS totaled $0.92 versus $0.95 last year in the comparable period. GAAP and adjusted<sup>(1)</sup> diluted EPS for fiscal 2025 both include a $0.10 impact from unfavorable foreign tax discrete items

**Retail Segment:**

**•** Sales:

–Written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries<sup>®</sup> stores) increased 3% compared to the year ago period driven primarily by new and acquired stores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Written same-store sales decreased 5%, as continued weakness in industry traffic was partially offset by higher average ticket and design sales

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–Delivered sales increased 8% to $247 million versus last year, primarily due to growth from acquired and new stores and positive delivered same-store sales growth

• Operating Margin:

–GAAP operating margin and GAAP operating income were 13.1% and $32 million, versus 14.1% and $32 million in the prior period, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted<sup>(1)</sup> operating margin and adjusted<sup>(1)</sup> operating income were 13.1% and $32 million, down 110 basis points, and flat, respectively, due to investment in new stores

**Wholesale Segment:**

• Sales:

–Sales increased 2% to $402 million, driven by growth in our core North America La-Z-Boy wholesale business partially offset by the continued impact of a significant customer transition in our international wholesale business

• Operating Margin:

–GAAP operating margin decreased to 2.5% versus 8.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted<sup>(1)</sup> operating margin was 8.5%, flat versus the year ago as gross margin and SG&A as a percent of sales were largely unchanged. Continued margin expansion in our core North America La-Z-Boy wholesale business was offset by the margin impact of a significant customer transition in the international wholesale business as well as incremental tariff expenses in the quarter

**Corporate & Other:**

• Joybird written sales decreased 21% as recent economic and industry trends disproportionately impacted the Joybird online consumer

• Delivered sales decreased 2% to $36 million as positive growth within existing stores was offset by declines in the online business

• Joybird adjusted<sup>(1)</sup> operating margin was positive in the fourth quarter, relatively flat versus prior year

**<u>Balance Sheet and Cash Flow, Fiscal 2025</u>:**

• Ended the quarter with $328 million in cash<sup>(3)</sup> and no external debt

• Generated $187 million in cash from operating activities (up 18% from the prior year) including $62 million in the fourth quarter (up 17% from the prior year comparable period), versus $158 million in Fiscal 2024 and $53 million in last year's fourth quarter

• Invested $74 million in capital expenditures, primarily related to La-Z-Boy Furniture Galleries<sup>®</sup> (new stores and remodels)

• Returned approximately $113 million to shareholders, including $78 million in share repurchases and $35 million in dividends, which was raised by 10% to $0.22 in third quarter, the fourth consecutive annual dividend increase

**<u>Conference Call</u>:**

La-Z-Boy will hold a conference call with the investment community on Wednesday, June 18, 2025, at 8:30 a.m. ET. The toll-free dial-in number is (888) 506-0062; international callers may use (973) 528-0011. Enter Participant Access Code: 546047.

The call will be webcast live, with corresponding slides, and archived on the internet. It will be available at <u>https://lazboy.gcs-web.com/</u>. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at (877) 481-4010 and to international callers at (919) 882-2331. Enter Replay Passcode: 52510. The webcast replay will be available for one year.

**<u>Investor Relations Contact</u>:**

Mark Becks, CFA, (734) 457-9538

mark.becks@la-z-boy.com

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**<u>Media Contact</u>:**

Cara Klaer, (734) 598-0652

cara.klaer@la-z-boy.com

**<u>About La-Z-Boy</u>:**

La-Z-Boy Incorporated brings the transformational power of comfort to people, homes, and communities around the world - a mission that began when its founders invented the iconic recliner in 1927. Today, the company operates as a vertically integrated furniture retailer and manufacturer, committed to uncompromising quality and compassion for its consumers.

The Retail segment consists of over 200 company-owned La-Z-Boy Furniture Galleries<sup>®</sup> stores and is part of a broader network of nearly 370 La-Z-Boy Furniture Galleries<sup>®</sup> that, with La-Z-Boy.com, serve customers nationwide. Joybird<sup>®</sup>, an e-commerce retailer and manufacturer of modern upholstered furniture, has 12 stores in the U.S. In the Wholesale segment, La-Z-Boy manufactures comfortable, custom furniture for Furniture Galleries<sup>®</sup> and a variety of retail channels, England Furniture Co. offers custom upholstered furniture, and casegoods brands Kincaid<sup>®</sup>, American Drew<sup>®</sup>, and Hammary<sup>®</sup> provide pieces that make every room feel like home. To learn more, please visit: https://www.la-z-boy.com/.

**<u>Notes</u>:**

<sup>(1)</sup> *Beginning in FY2025 Q4, the company renamed all of its Non-GAAP financial measures to adjusted financial measures; for example, Non-GAAP diluted EPS has been renamed to adjusted diluted EPS. The methodology for calculating these measures remains unchanged, and therefore any previously reported non-GAAP financial measures that are renamed to corresponding adjusted financial measures remain unchanged. Please refer to the accompanying "Reconciliation of GAAP to Adjusted Financial Measures" and "Reconciliation of GAAP to Adjusted Financial Measures: Segment Information" for detailed information.*

***Adjusted amounts for the fourth quarter of fiscal 2025 exclude:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *a $20.6 million pre-tax, or $0.49 per diluted share, charge related to the goodwill impairment in our United Kingdom ("UK") wholesale and manufacturing businesses, which were acquired in fiscal years 2017 and 2022, respectively. Based on a quantitative goodwill assessment, a decline in the financial performance of the UK businesses, primarily resulting from a significant customer transition, resulted in the impairment of the full value of the UK goodwill. We continue to execute on this customer transition and remain focused on growth opportunities for this busi*ness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• a $3.2 million pre-tax, or $0.07 per share, charge related to UK supply chain optimization actions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or less than $0.01 per diluted share, all included in operating income*

***Adjusted amounts for the fourth quarter of fiscal 2024 exclude:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *a $1.7 million pre-tax, or less than $0.03 per diluted share, charge related to our Mexico supply chain optimization actions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or $0.01 per diluted share, all included in operating income*

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***Adjusted amounts for full fiscal 2025 exclude:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *a $20.6 million pre-tax, or $0.48 per diluted share, charge related to the goodwill impairment in our UK wholesale and manufacturing businesses, which were acquired in fiscal years 2017 and 2022, respectively. Based on a quantitative goodwill assessment, a decline in the financial performance of the UK businesses, primarily resulting from a significant customer transition, resulted in the impairment of the full value of the UK goodwill. We continue to execute on this customer transition and remain focused on growth opportunities for this business.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• a $3.2 million pre-tax, or $0.07 per share, charge related to UK supply chain optimization actions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $1.2 million pre-tax, or $0.02 per diluted share, all included in operating income*

***Adjusted amounts for full fiscal 2024 exclude:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *a $7.5 million pre-tax, or $0.13 per diluted share, charge related to our Mexico supply chain optimization actions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $1.2 million pre-tax. or $0.02 per share, with $1.1 million included in operating income and $0.1 million included in interest expense*

<sup>(2)</sup> *This reference to* ***adjusted operating margin*** *for a future period is an adjusted financial measure. We have not provided a reconciliation of adjusted operating margin for future periods in this press release because such reconciliation cannot be provided without unreasonable efforts.*

*Please refer to the accompanying "Reconciliation of GAAP to adjusted Financial Measures" and "Reconciliation of GAAP to adjusted Financial Measures: Segment Information" for detailed information on calculating the adjusted financial measures used in this press release and a reconciliation to the most directly comparable GAAP measure.*

<sup>(3)</sup> ***Cash*** *includes cash and cash equivalents.*

**<u>Cautionary Note Regarding Forward-Looking Statements</u>:**

This news release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Generally, forward-looking statements include information concerning expectations, projections or trends relating to our results of operations, financial results, financial condition, strategic initiatives and plans, expenses, dividends, share repurchases, liquidity, use of cash and cash requirements, borrowing capacity, investments, future economic performance, and our business and industry.

The forward-looking statements in this press release are based on certain assumptions and currently available information and are subject to various risks and uncertainties, many of which are unforeseeable and beyond our control. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our Fiscal 2025 Annual Report on Form 10-K and other factors identified in our reports filed with the Securities and Exchange Commission (the "SEC"), available on the SEC's website at www.sec.gov. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.

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**<u>Adjusted Financial Measures</u>:**

In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), this press release also includes adjusted financial measures. Management uses these adjusted financial measures when assessing our ongoing performance. This press release contains references to adjusted operating income (on a consolidated basis and by segment), adjusted operating margin (on a consolidated basis and by segment), and adjusted net income attributable to La-Z-Boy Incorporated per diluted share, adjusted diluted earnings per share (and components thereof, including adjusted income before income taxes and adjusted net income attributable to La-Z-Boy Incorporated), each of which may exclude, as applicable, supply chain optimization charges, goodwill impairment charges, and purchase accounting charges. The supply chain optimization charges in fiscal 2025 include asset impairment costs and severance costs related to our United Kingdom wholesale businesses. The supply chain optimization charges in fiscal 2024 include asset impairment costs, accelerated depreciation expense, lease termination gains, severance costs, and employee relocation costs related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The purchase accounting charges include the amortization of intangible assets, incremental expense upon the sale of inventory acquired at fair value, and fair value adjustments of future cash payments recorded as interest expense. These adjusted financial measures are not meant to be considered superior to or a substitute for La-Z-Boy Incorporated's results of operations prepared in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. Reconciliations of such adjusted financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Management believes that presenting certain adjusted financial measures will help investors understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. Management excludes purchase accounting charges because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions consummated and the success with which we operate the businesses acquired. While the company has a history of acquisition activity, it does not acquire businesses on a predictable cycle, and the impact of purchase accounting charges is unique to each acquisition and can vary significantly from acquisition to acquisition. Similarly, supply chain optimization charges are dependent on the timing, size, number and nature of the operations being closed, consolidated or centralized, and the charges may not be incurred on a predictable cycle. Management believes that exclusion of these items facilitates more consistent comparisons of the company's operating results over time. Where applicable, the accompanying "Reconciliation of GAAP to Adjusted Financial Measures" tables present the excluded items net of tax calculated using the effective tax rate from operations for the period in which the adjustment is presented.

\# \# \#

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**LA-Z-BOY INCORPORATED**

**CONSOLIDATED STATEMENT OF INCOME**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
|<br>***(Unaudited, amounts in thousands, except per share data)*** | **4/26/2025** | **4/27/2024** | **4/26/2025** | **4/27/2024** |
| Sales | $570871 | $553535 | $2109207 | $2047027 |
| Cost of sales | 319809 | 313452 | 1182789 | 1165357 |
| &nbsp;&nbsp;&nbsp;Gross profit | 251062 | 240083 | 926418 | 881670 |
| Selling, general and administrative expense | 200954 | 189986 | 770000 | 730874 |
| Goodwill impairment | 20581 |  | 20581 |  |
| &nbsp;&nbsp;&nbsp;Operating income | 29527 | 50097 | 135837 | 150796 |
| Interest expense | (134) | (126) | (545) | (455) |
| Interest income | 3258 | 4260 | 14877 | 15482 |
| Other income (expense), net | (635) | (92) | (3035) | (71) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 32016 | 54139 | 147134 | 165752 |
| Income tax expense | 16666 | 13807 | 46182 | 41116 |
| &nbsp;&nbsp;&nbsp;Net income | 15350 | 40332 | 100952 | 124636 |
| Net (income) loss attributable to noncontrolling interests | (419) | (1024) | (1396) | (2010) |
| &nbsp;&nbsp;&nbsp;Net income attributable to La-Z-Boy Incorporated | $14931 | $39308 | $99556 | $122626 |
| Basic weighted average common shares | 41208 | 42499 | 41601 | 42878 |
| Basic net income attributable to La-Z-Boy Incorporated per share | $0.36 | $0.92 | $2.39 | $2.86 |
| Diluted weighted average common shares | 41942 | 42974 | 42345 | 43280 |
| Diluted net income attributable to La-Z-Boy Incorporated per share | $0.36 | $0.91 | $2.35 | $2.83 |

---

------

**LA-Z-BOY INCORPORATED**

**CONSOLIDATED BALANCE SHEET**

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| | | |
|:---|:---|:---|
| ***(Unaudited, amounts in thousands, except par value)*** | **4/26/2025** | **4/27/2024** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and equivalents | $328449 | $341098 |
| &nbsp;&nbsp;Receivables, net of allowance of $5,042 at 4/26/2025 and $5,076 at 4/27/2024 | 139533 | 139213 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 255285 | 263237 |
| &nbsp;&nbsp;&nbsp;Other current assets | 82421 | 93260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 805688 | 836808 |
| Property, plant and equipment, net | 339212 | 298224 |
| Goodwill | 205590 | 214453 |
| Other intangible assets, net | 51161 | 47251 |
| Deferred income taxes – long-term | 7349 | 10283 |
| Right of use lease asset | 452848 | 446466 |
| Other long-term assets, net | 60314 | 59957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1922162 | $1913442 |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $95984 | $96486 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, short-term | 80592 | 77027 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 244215 | 263768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 420791 | 437281 |
| Lease liability, long-term | 410265 | 404724 |
| Other long-term liabilities | 59130 | 58077 |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;Preferred shares – 5,000 authorized; none issued |  |  |
| &nbsp;&nbsp;Common shares, $1.00 par value – 150,000 authorized; 41,164 outstanding at 4/26/2025 and 42,440 outstanding at 4/27/2024 | 41164 | 42440 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 385601 | 368485 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 597432 | 598009 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (3574) | (5870) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total La-Z-Boy Incorporated shareholders' equity | 1020623 | 1003064 |
| Noncontrolling interests | 11353 | 10296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1031976 | 1013360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1922162 | $1913442 |

---

------

**LA-Z-BOY INCORPORATED**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

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| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **4/26/2025** | **4/27/2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $100952 | $124636 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal and impairment of assets | 1998 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on sale of investments | (235) | (1199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 851 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 46667 | 48552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use lease assets | 76964 | 76133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease impairment/(settlement) |  | (1175) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 17400 | 14426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 20581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred taxes | 5116 | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in receivables | (1906) | (16811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in inventories | 12792 | 19877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other assets | 8701 | 10303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in payables | (2066) | (8606) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in lease liabilities | (78609) | (76766) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other liabilities | (21935) | (29587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 187271 | 158127 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of assets | 412 | 4972 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (74280) | (53551) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (6990) | (18351) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 11994 | 24816 |
| &nbsp;&nbsp;&nbsp;Acquisitions | (29525) | (39440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (98389) | (81554) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Payments on finance lease liabilities | (663) | (489) |
| &nbsp;&nbsp;&nbsp;Holdback payments for acquisitions |  | (5000) |
| &nbsp;&nbsp;&nbsp;Stock issued for stock and employee benefit plans, net of shares withheld for taxes | 12350 | 10872 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (77930) | (52773) |
| &nbsp;&nbsp;&nbsp;Dividends paid to shareholders | (34955) | (32665) |
| &nbsp;&nbsp;&nbsp;Dividends paid to minority interest joint venture partners (1) | (1414) | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (102612) | (81227) |
| Effect of exchange rate changes on cash and equivalents | 1081 | (926) |
| Change in cash, cash equivalents and restricted cash | (12649) | (5580) |
| Cash, cash equivalents and restricted cash at beginning of period | 341098 | 346678 |
| Cash, cash equivalents and restricted cash at end of period | $328449 | $341098 |
| Supplemental disclosure of non-cash investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures included in payables | $7234 | $5952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

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**LA-Z-BOY INCORPORATED**

**SEGMENT INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **4/26/2025** | **4/27/2024** | **4/26/2025** | **4/27/2024** |
| **Sales** | | | | |
| Wholesale segment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales to external customers | $286883 | $287900 | $1056914 | $1048431 |
| &nbsp;&nbsp;&nbsp;Intersegment sales | 115141 | 104561 | 422905 | 398847 |
| Wholesale segment sales | 402024 | 392461 | 1479819 | 1447278 |
| Retail segment sales | 246769 | 227878 | 898370 | 855126 |
| Corporate and Other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales to external customers | 37219 | 37757 | 153923 | 143470 |
| &nbsp;&nbsp;&nbsp;Intersegment sales | 1799 | 1587 | 6552 | 10299 |
| Corporate and Other sales | 39018 | 39344 | 160475 | 153769 |
| Eliminations | (116940) | (106148) | (429457) | (409146) |
| &nbsp;&nbsp;&nbsp;Consolidated sales | $570871 | $553535 | $2109207 | $2047027 |
| **Operating Income (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $10120 | $31709 | $82213 | $99373 |
| &nbsp;&nbsp;&nbsp;Retail segment | 32414 | 32170 | 105417 | 111682 |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (13007) | (13782) | (51793) | (60259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operating income | $29527 | $50097 | $135837 | $150796 |

---

------

**LA-Z-BOY INCORPORATED**

**UNAUDITED QUARTERLY FINANCIAL DATA**

**Fiscal 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Quarter Ended**<br>***(Amounts in thousands, except per share data)*** | **(13 weeks)**<br>**7/27/2024** | **(13 weeks)**<br>**10/26/2024** | **(13 weeks)**<br>**1/25/2025** | **(13 weeks)**<br>**4/26/2025** |
| Sales | $495532 | $521027 | $521777 | $570871 |
| Cost of sales | 282189 | 290379 | 290412 | 319809 |
| &nbsp;&nbsp;&nbsp;Gross profit | 213343 | 230648 | 231365 | 251062 |
| Selling, general and administrative expense | 180973 | 191876 | 196197 | 200954 |
| Goodwill impairment |  |  |  | 20581 |
| &nbsp;&nbsp;&nbsp;Operating income | 32370 | 38772 | 35168 | 29527 |
| Interest expense | (210) | (99) | (102) | (134) |
| Interest income | 4424 | 3730 | 3465 | 3258 |
| Other income (expense), net | (618) | (1879) | 97 | (635) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 35966 | 40524 | 38628 | 32016 |
| Income tax expense | 9162 | 10671 | 9683 | 16666 |
| &nbsp;&nbsp;&nbsp;Net income | 26804 | 29853 | 28945 | 15350 |
| Net (income) loss attributable to noncontrolling interests | (645) | 184 | (516) | (419) |
| &nbsp;&nbsp;&nbsp;Net income attributable to La-Z-Boy Incorporated | $26159 | $30037 | $28429 | $14931 |
| Diluted weighted average common shares | 42564 | 42154 | 42103 | 41942 |
| Diluted net income attributable to La-Z-Boy Incorporated per share | $0.61 | $0.71 | $0.68 | $0.36 |

---

**Fiscal 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Quarter Ended**<br>***(Amounts in thousands, except per share data)*** | **(13 weeks)**<br>**7/29/2023** | **(13 weeks)**<br>**10/28/2023** | **(13 weeks)**<br>**1/27/2024** | **(13 weeks)**<br>**4/27/2024** |
| Sales | $481651 | $511435 | $500406 | $553535 |
| Cost of sales | 275923 | 288830 | 287152 | 313452 |
| &nbsp;&nbsp;&nbsp;Gross profit | 205728 | 222605 | 213254 | 240083 |
| Selling, general and administrative expense | 171202 | 188993 | 180693 | 189986 |
| &nbsp;&nbsp;&nbsp;Operating income | 34526 | 33612 | 32561 | 50097 |
| Interest expense | (122) | (101) | (106) | (126) |
| Interest income | 3056 | 4042 | 4124 | 4260 |
| Other income (expense), net | 556 | 104 | (639) | (92) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 38016 | 37657 | 35940 | 54139 |
| Income tax expense | 10090 | 9963 | 7256 | 13807 |
| &nbsp;&nbsp;&nbsp;Net income | 27926 | 27694 | 28684 | 40332 |
| Net income attributable to noncontrolling interests | (447) | (495) | (44) | (1024) |
| &nbsp;&nbsp;&nbsp;Net income attributable to La-Z-Boy Incorporated | $27479 | $27199 | $28640 | $39308 |
| Diluted weighted average common shares | 43333 | 43401 | 43195 | 42974 |
| Diluted net income attributable to La-Z-Boy Incorporated per share | $0.63 | $0.63 | $0.66 | $0.91 |

---

------

**LA-Z-BOY INCORPORATED**

**RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
|<br>***(Amounts in thousands, except per share data)*** | **4/26/2025** | **4/27/2024** | **4/26/2025** | **4/27/2024** |
| GAAP gross profit | $251062 | $240083 | $926418 | $881670 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges (1) |  | 89 | 140 | 89 |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges (2) | 1123 | 502 | 1123 | 4468 |
| Adjusted gross profit | $252185 | $240674 | $927681 | $886227 |
| GAAP SG&A | $200954 | $189986 | $770000 | $730874 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges (3) | (256) | (254) | (1021) | (1016) |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges (4) | (2124) | (1172) | (2124) | (3029) |
| Adjusted SG&A | $198574 | $188560 | $766855 | $726829 |
| GAAP operating income | $29527 | $50097 | $135837 | $150796 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges | 256 | 343 | 1161 | 1105 |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges | 3247 | 1674 | 3247 | 7497 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment | 20581 |  | 20581 |  |
| Adjusted operating income | $53611 | $52114 | $160826 | $159398 |
| GAAP income before income taxes | $32016 | $54139 | $147134 | $165752 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 256 | 343 | 1161 | 1153 |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges | 3247 | 1674 | 3247 | 7497 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment | 20581 |  | 20581 |  |
| Adjusted income before income taxes | $56100 | $56156 | $172123 | $174402 |
| GAAP net income attributable to La-Z-Boy Incorporated | $14931 | $39308 | $99556 | $122626 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 256 | 343 | 1161 | 1153 |
| &nbsp;&nbsp;&nbsp;Tax effect of purchase accounting | (79) | (87) | (317) | (286) |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges | 3247 | 1674 | 3247 | 7497 |
| &nbsp;&nbsp;&nbsp;Tax effect of supply chain optimization | (545) | (427) | (483) | (1859) |
| &nbsp;&nbsp;&nbsp;Goodwill impairment | 20581 |  | 20581 |  |
| Adjusted net income attributable to La-Z-Boy Incorporated | $38392 | $40811 | $123745 | $129131 |
| GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") | $0.36 | $0.91 | $2.35 | $2.83 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges, net of tax, per share |  | 0.01 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Supply chain optimization charges, net of tax, per share | 0.07 | 0.03 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment, net of tax, per share | 0.49 |  | 0.48 |  |
| Adjusted net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") | $0.92 | $0.95 | $2.92 | $2.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes incremental expense upon the sale of inventory acquired at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Fiscal 2025 includes severance charges relating to manufacturing optimization actions in the United Kingdom. Fiscal 2024 includes severance charges related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Includes amortization of intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Fiscal 2025 includes the impairment of fixed assets and our customer relationship intangible asset in the United Kingdom. The first nine months of fiscal 2024 includes $3.0 million of accelerated depreciation of fixed assets related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The first nine months of fiscal 2024 also includes a $1.2 million gain related to the settlement of the Torreón, Mexico lease obligation on previously impaired assets.

------

**LA-Z-BOY INCORPORATED**

**RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES**

**SEGMENT INFORMATION**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|<br>***(Amounts in thousands)*** | **4/26/2025** | **% of sales** | **4/27/2024** | **% of sales** | **4/26/2025** | **% of sales** | **4/27/2024** | **% of sales** |
| GAAP operating income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $10120 | 2.5% | $31709 | 8.1% | $82213 | 5.6% | $99373 | 6.9% |
| &nbsp;&nbsp;&nbsp;Retail segment | 32414 | 13.1% | 32170 | 14.1% | 105417 | 11.7% | 111682 | 13.1% |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (13007) | N/M | (13782) | N/M | (51793) | N/M | (60259) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated GAAP operating income | $29527 | 5.2% | $50097 | 9.1% | $135837 | 6.4% | $150796 | 7.4% |
| Adjusted items affecting operating income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $23885 |  | $1729 |  | $24052 |  | $7715 |  |
| &nbsp;&nbsp;&nbsp;Retail segment |  |  | 89 |  | 140 |  | 89 |  |
| &nbsp;&nbsp;&nbsp;Corporate and Other | 199 |  | 199 |  | 797 |  | 798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated adjusted items affecting operating income | $24084 |  | $2017 |  | $24989 |  | $8602 |  |
| Adjusted operating income (loss) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $34005 | 8.5% | $33438 | 8.5% | $106265 | 7.2% | $107088 | 7.4% |
| &nbsp;&nbsp;&nbsp;Retail segment | 32414 | 13.1% | 32259 | 14.2% | 105557 | 11.7% | 111771 | 13.1% |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (12808) | N/M | (13583) | N/M | (50996) | N/M | (59461) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated adjusted operating income | $53611 | 9.4% | $52114 | 9.4% | $160826 | 7.6% | $159398 | 7.8% |
| N/M - Not Meaningful |  |  |  |  |  |  |  |  |

---