# EDGAR Filing Document

**Accession Number:** 0000057131
**File Stem:** 0000057131-25-000080
**Filing Date:** 2025-8
**Character Count:** 35737
**Document Hash:** 014698390e3a1e62fbaf7d74dc495262
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000057131-25-000080.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0000057131-25-000080

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250819

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**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:** 0425

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09656
- **FILM NUMBER:** 251232029

**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-20250819

**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**

---

| | | |
|:---|:---|:---|
| | Date of Report (Date of Earliest Event Reported): | **August 19, 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)  |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |

---

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:

---

| | | |
|:---|:---|:---|
| **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 |

---

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;

------

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

On August 19, 2025, La-Z-Boy Incorporated (the "Company") issued a news release to report the Company's financial results for the fiscal quarter ended July 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:

---

| | |
|:---|:---|
| **Description** | **Description** |
| 99.1 | <u>[News Release Dated](fy26q1pressrelease.htm)[August](fy26q1pressrelease.htm)[1](fy26q1pressrelease.htm)[9](fy26q1pressrelease.htm)[, 2025](fy26q1pressrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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: August 19, 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 First Quarter Results; Led By Retail And Wholesale Delivered Sales Growth And Wholesale Margin Expansion; Retail Written Sales Up 5%**

**<u>Fiscal 2026 First Quarter Highlights:</u>**

• Retail segment written sales increased 5%

• Retail segment delivered sales increased 2%

–Added two stores

–Announced 15-store acquisition, which is expected to close in late October

• Wholesale segment delivered sales increased 1%

–Successful transition of our Arizona distribution center to new West Coast centralized hub

• GAAP operating margin of 4.5% and adjusted<sup>(1)</sup> operating margin of 4.8%

• GAAP diluted EPS of $0.44 and adjusted<sup>(1)</sup> diluted EPS of $0.47

• Generated $36 million in operating cash flow for the quarter

MONROE, Mich., August 19, 2025 -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today reported first quarter results for the period ended July 26, 2025. For the quarter, sales totaled $492 million, down 1% against the prior year comparable period, reflecting growth in Retail and Wholesale segments, offset by a decline in Joybird sales. Operating margin was 4.5% for the quarter on a GAAP basis and 4.8% on an adjusted<sup>(1)</sup> basis. Diluted earnings per share totaled $0.44 on a GAAP basis and $0.47 on an adjusted<sup>(1)</sup> basis. The company returned $22 million to shareholders for the quarter.

First quarter total written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries<sup>®</sup>) grew 5% versus a year ago and written same-store sales (which exclude the impact of both newly opened stores and newly acquired stores) were down 4%, reflecting an increasingly challenged consumer.

Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "We were pleased to deliver sales and margin growth in our Wholesale segment for the quarter, primarily driven by our core North America La-Z-Boy wholesale business. In addition, our Retail segment grew delivered sales and written sales for the quarter. On top of this, during the quarter we announced the acquisition of a 15-store network in the Southeast region, further highlighting the multiple levers we have to grow our business. Investments in our Century Vision strategy to grow our Retail store footprint and expand brand reach, combined with soft industry demand, had a downward impact on our margin performance this quarter, and we are actively taking steps to adjust our near-term operations and prudently navigate the current environment. Our iconic brand, vertically integrated business model, and robust balance sheet are foundational to our continued strategic growth and position us to disproportionately benefit when industry tailwinds reemerge.

Demonstrating our continued progress on strengthening our core, we are pleased to have recently been named by *Newsweek* as one of America's Best Retailers in 2025, ranking #1 in the furniture category for the first time in our history. This recognition is a testament to our talented and dedicated team and our continued focus on further strengthening our product offerings, customer service, and in-store experience.

------

In addition, we formally launched our new brand identity last week rooted in our heritage of comfort and craftsmanship. The new identity serves as a symbol of change, a signal of vitality, and a platform for growth for the brand, and we are excited about the opportunities ahead."

Whittington added, "While continuing to advance our Century Vision strategy and drive long-term shareholder value, we are balancing our optimism in the long-term industry fundamentals and our competitive positioning with a pragmatic approach to current uneven consumer demand. In addition to strengthening our core business, we are also evaluating all alternatives to address financial pressure from non-core parts of our enterprise."

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

Taylor Luebke, SVP and Chief Financial Officer of La-Z-Boy Incorporated, said, "We expect fiscal second quarter sales to be in the range of $510-530 million and adjusted operating margin<sup>(2)</sup> to be in the range of 4.5-6.0%, reflecting our continued prudent investment on strategic growth pillars while also pragmatically navigating a continued challenging consumer and macroeconomic environment."

**Key Results:**

---

| | | | |
|:---|:---|:---|:---|
| ***(Unaudited, amounts in thousands, except per share data and percentages)*** | **Quarter Ended** | **Quarter Ended** | |
| ***(Unaudited, amounts in thousands, except per share data and percentages)*** | **7/26/2025** | **7/27/2024** |<br> **Change** |
| Sales | $492229 | $495532 | (1)% |
| GAAP operating income | 21987 | 32370 | (32)% |
| Adjusted operating income | 23495 | 32764 | (28)% |
| GAAP operating margin | 4.5% | 6.5% | (200) bps |
| Adjusted operating margin | 4.8% | 6.6% | (180) bps |
| GAAP net income attributable to La-Z-Boy Incorporated | 18204 | 26159 | (30)% |
| Adjusted net income attributable to La-Z-Boy Incorporated | 19335 | 26453 | (27)% |
| Diluted weighted average common shares | 41425 | 42564 |  |
| GAAP diluted earnings per share | $0.44 | $0.61 | (28)% |
| Adjusted diluted earnings per share | $0.47 | $0.62 | (24)% |

---

**Liquidity Measures:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | | **Quarter Ended** | **Quarter Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **7/26/2025** | **7/27/2024** |<br>***(Unaudited, amounts in thousands)*** | **7/26/2025** | **7/27/2024** |
| **Free Cash Flow** | | | **Cash Returns to Shareholders** | | |
| &nbsp;&nbsp;Operating cash flow | $36292 | $52318 | &nbsp;&nbsp;Share repurchases | $12505 | $33673 |
| &nbsp;&nbsp;Capital expenditures | (18461) | (15620) | &nbsp;&nbsp;Dividends | 9012 | 8371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $17831 | $36698 | &nbsp;&nbsp;&nbsp;&nbsp;Cash returns to shareholders | $21517 | $42044 |

---

---

| | | |
|:---|:---|:---|
| ***(Unaudited, amounts in thousands)*** | **7/26/2025** | **7/27/2024** |
| Cash and cash equivalents | $318544 | $342270 |

---

------

**<u>Fiscal 2026 First Quarter Results versus Fiscal 2025 First Quarter</u>:**

• Consolidated sales in the first quarter of fiscal 2026 decreased 1% to $492 million versus last year, as growth in our Retail and Wholesale business were more than offset by lower delivered sales in our Joybird business and in our international wholesale business due to a significant customer transition that began in the second quarter of fiscal 2025

• Consolidated GAAP operating margin was 4.5% versus 6.5%

–Consolidated adjusted<sup>(1)</sup> operating margin was 4.8% versus 6.6% last year, with change due to deleverage in Retail same-store sales and investment in new stores, partially offset by lower marketing investments, warranty expense, and input costs (led by favorable inbound ocean freight and improved sourcing)

• GAAP diluted EPS was $0.44 versus $0.61, and adjusted<sup>(1)</sup> diluted EPS was $0.47 versus $0.62 last year in the comparable period

**Retail Segment:**

**•** Sales:

–Written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries<sup>®</sup> stores) increased 5% compared to the year ago period driven 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 4%, as lower traffic and consumer demand was partially offset by higher average ticket and design sales

–Delivered sales increased 2% to $207 million versus last year, driven by growth from new and acquired stores

• Operating Margin:

–GAAP operating margin was 6.3% versus 10.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted<sup>(1)</sup> operating margin was 6.3% versus 10.3%, with change due to deleverage in same-store sales and investment in new stores

**Wholesale Segment:**

• Sales:

–Sales increased 1% to $353 million versus last year, driven by growth in our core North America La-Z-Boy wholesale business and casegoods business, partially offset by the continued impact of a significant customer transition in our international wholesale business that began in the second quarter of fiscal 2025

• Operating Margin:

–GAAP operating margin was 7.1% versus 6.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted<sup>(1)</sup> operating margin was 7.5% versus 6.9%, with change driven by lower warranty and marketing expenses along with continued gross margin expansion in our core North America La-Z-Boy wholesale business partially offset by the impact of a significant customer transition in our international wholesale business

**Corporate & Other:**

• Joybird written sales decreased 14%, with continued store performance stronger than online business

• Joybird delivered sales decreased 20% to $28 million, with store performance stronger than the online business

• Operating loss increased versus the prior year comparable period, primarily due to lower Joybird delivered volume

------

**<u>Balance Sheet and Cash Flow, Fiscal 2026</u>:**

• Ended the quarter with $319 million in cash<sup>(3)</sup> and no external debt

• Generated $36 million in cash from operating activities

• Invested $18 million in capital expenditures, primarily related to La-Z-Boy Furniture Galleries<sup>®</sup> new stores and remodels, and manufacturing related investments

• Returned approximately $22 million to shareholders, including $13 million in share repurchases and $9 million in dividends

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

La-Z-Boy will hold a conference call with the investment community on Wednesday, August 20, 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: 990399.

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: 52802. 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

**<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 nearly 210 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 omni-channel retailer and manufacturer of modern upholstered furniture, has 14 stores in the U.S. (one new store opened in fiscal 2026 Q2). 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> ***Adjusted amounts for the first quarter of fiscal 2026 exclude:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *$1.3 million pre-tax, or $0.03 per diluted share, charges related to the distribution and home delivery transformation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $0.2 million pre-tax, or less than $0.01 per diluted share, all included in operating income*

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• purchase accounting charges related to acquisitions completed in prior periods totaling $0.4 million pre-tax, or $0.01 per diluted share, all included in operating income*

*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>(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.*

<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, acquisitions, 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.

------

**<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, distribution and home delivery transformation charges and purchase accounting charges. The distribution and home delivery transformation charges in fiscal 2026 include accelerated lease expense, severance costs, and costs associated with establishing a new centralized hub in the western United States. The purchase accounting charges include the amortization of intangible assets and incremental expense upon the sale of inventory acquired at fair value. 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, distribution and home delivery transformation charges are dependent on the timing, size, number and nature of the operations being opened or 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**

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
|<br>***(Unaudited, amounts in thousands, except per share data)*** | **7/26/2025** | **7/27/2024** |
| Sales | $492229 | $495532 |
| Cost of sales | 283032 | 282189 |
| &nbsp;&nbsp;&nbsp;Gross profit | 209197 | 213343 |
| Selling, general and administrative expense | 187210 | 180973 |
| &nbsp;&nbsp;&nbsp;Operating income | 21987 | 32370 |
| Interest expense | (120) | (210) |
| Interest income | 3108 | 4424 |
| Other income (expense), net | (585) | (618) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 24390 | 35966 |
| Income tax expense | 6093 | 9162 |
| &nbsp;&nbsp;&nbsp;Net income | 18297 | 26804 |
| Net (income) loss attributable to noncontrolling interests | (93) | (645) |
| &nbsp;&nbsp;&nbsp;Net income attributable to La-Z-Boy Incorporated | $18204 | $26159 |
| Basic weighted average common shares | 41027 | 42052 |
| Basic net income attributable to La-Z-Boy Incorporated per share | $0.44 | $0.62 |
| Diluted weighted average common shares | 41425 | 42564 |
| Diluted net income attributable to La-Z-Boy Incorporated per share | $0.44 | $0.61 |

---

------

**LA-Z-BOY INCORPORATED**

**CONSOLIDATED BALANCE SHEET**

---

| | | |
|:---|:---|:---|
| ***(Unaudited, amounts in thousands, except par value)*** | **7/26/2025** | **4/26/2025** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and equivalents | $318544 | $328449 |
| &nbsp;&nbsp;Receivables, net of allowance of $5,047 at 7/26/2025 and $5,042 at 4/26/2025 | 131001 | 139533 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 252120 | 255285 |
| &nbsp;&nbsp;&nbsp;Other current assets | 91572 | 82421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 793237 | 805688 |
| Property, plant and equipment, net | 345262 | 339212 |
| Goodwill | 205629 | 205590 |
| Other intangible assets, net | 50991 | 51161 |
| Deferred income taxes – long-term | 6738 | 7349 |
| Right of use lease asset | 461394 | 452848 |
| Other long-term assets, net | 62702 | 60314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1925953 | $1922162 |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $99725 | $95984 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, short-term | 81470 | 80592 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 235095 | 244215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 416290 | 420791 |
| Lease liability, long-term | 420235 | 410265 |
| Other long-term liabilities | 61406 | 59130 |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;Preferred shares – 5,000 authorized; none issued |  |  |
| &nbsp;&nbsp;Common shares, $1.00 par value – 150,000 authorized; 41,207 outstanding at 7/26/2025 and 41,164 outstanding at 4/26/2025 | 41207 | 41164 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 388546 | 385601 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 589209 | 597432 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2795) | (3574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total La-Z-Boy Incorporated shareholders' equity | 1016167 | 1020623 |
| Noncontrolling interests | 11855 | 11353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1028022 | 1031976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1925953 | $1922162 |

---

------

**LA-Z-BOY INCORPORATED**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **7/26/2025** | **7/27/2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $18297 | $26804 |
| &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 | (92) | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on sale of investments | (94) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 129 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11329 | 12147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use lease assets | 20234 | 22722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 3420 | 3175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred taxes | 1075 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in receivables | 8498 | 17783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in inventories | 3637 | (6912) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other assets | (4805) | (6668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in payables | 4653 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in lease liabilities | (20230) | (23306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other liabilities | (9759) | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 36292 | 52318 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of assets | 170 | 158 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (18461) | (15620) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (117) | (2813) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 216 | 7879 |
| &nbsp;&nbsp;&nbsp;Acquisitions | (627) | (6797) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (18819) | (17193) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Payments on finance lease liabilities | (225) | (145) |
| &nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (784) |  |
| &nbsp;&nbsp;&nbsp;Stock issued for stock and employee benefit plans, net of shares withheld for taxes | (5190) | 7874 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (12505) | (33673) |
| &nbsp;&nbsp;&nbsp;Dividends paid to shareholders | (9012) | (8371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (27716) | (34315) |
| Effect of exchange rate changes on cash and equivalents | 338 | 362 |
| Change in cash and cash equivalents | (9905) | 1172 |
| Cash and cash equivalents at beginning of period | 328449 | 341098 |
| Cash and cash equivalents at end of period | $318544 | $342270 |
| Supplemental disclosure of non-cash investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures included in payables | $6233 | $2583 |

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**LA-Z-BOY INCORPORATED**

**SEGMENT INFORMATION**

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| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
|<br>***(Unaudited, amounts in thousands)*** | **7/26/2025** | **7/27/2024** |
| **Sales** | | |
| Wholesale segment: |  |  |
| &nbsp;&nbsp;&nbsp;Sales to external customers | $255345 | $256020 |
| &nbsp;&nbsp;&nbsp;Intersegment sales | 97612 | 94880 |
| Wholesale segment sales | 352957 | 350900 |
| Retail segment sales | 207150 | 202370 |
| Corporate and Other: |  |  |
| &nbsp;&nbsp;&nbsp;Sales to external customers | 29734 | 37142 |
| &nbsp;&nbsp;&nbsp;Intersegment sales | 1501 | 1566 |
| Corporate and Other sales | 31235 | 38708 |
| Eliminations | (99113) | (96446) |
| &nbsp;&nbsp;&nbsp;Consolidated sales | $492229 | $495532 |
| **Operating Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $25175 | $23999 |
| &nbsp;&nbsp;&nbsp;Retail segment | 13120 | 20649 |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (16308) | (12278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operating income | $21987 | $32370 |

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**LA-Z-BOY INCORPORATED**

**RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES**

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| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
|<br>***(Amounts in thousands, except per share data)*** | **7/26/2025** | **7/27/2024** |
| GAAP gross profit | $209197 | $213343 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges (1) |  | 140 |
| &nbsp;&nbsp;&nbsp;Distribution transformation (2) | 1309 |  |
| Adjusted gross profit | $210506 | $213483 |
| GAAP SG&A | $187210 | $180973 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges (3) | (199) | (254) |
| Adjusted SG&A | $187011 | $180719 |
| GAAP operating income | $21987 | $32370 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges | 199 | 394 |
| &nbsp;&nbsp;&nbsp;Distribution transformation charges | 1309 |  |
| Adjusted operating income | $23495 | $32764 |
| GAAP income before income taxes | $24390 | $35966 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 199 | 394 |
| &nbsp;&nbsp;&nbsp;Distribution transformation charges | 1309 |  |
| Adjusted income before income taxes | $25898 | $36360 |
| GAAP net income attributable to La-Z-Boy Incorporated | $18204 | $26159 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 199 | 394 |
| &nbsp;&nbsp;&nbsp;Tax effect of purchase accounting | (50) | (100) |
| &nbsp;&nbsp;&nbsp;Distribution transformation charges | 1309 |  |
| &nbsp;&nbsp;&nbsp;Tax effect of distribution transformation | (327) |  |
| Adjusted net income attributable to La-Z-Boy Incorporated | $19335 | $26453 |
| GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") | $0.44 | $0.61 |
| &nbsp;&nbsp;&nbsp;Purchase accounting charges, net of tax, per share |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Distribution transformation charges, net of tax, per share | 0.03 |  |
| Adjusted net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") | $0.47 | $0.62 |

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&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)Includes accelerated lease expense, severance costs, and costs associated with establishing a new centralized hub in the western United States

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

------

**LA-Z-BOY INCORPORATED**

**RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES**

**SEGMENT INFORMATION**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|<br>***(Amounts in thousands)*** | **7/26/2025** | **% of sales** | **7/27/2024** | **% of sales** |
| GAAP operating income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $25175 | 7.1% | $23999 | 6.8% |
| &nbsp;&nbsp;&nbsp;Retail segment | 13120 | 6.3% | 20649 | 10.2% |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (16308) | N/M | (12278) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated GAAP operating income | $21987 | 4.5% | $32370 | 6.5% |
| Adjusted items affecting operating income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $1309 |  | $55 |  |
| &nbsp;&nbsp;&nbsp;Retail segment |  |  | 140 |  |
| &nbsp;&nbsp;&nbsp;Corporate and Other | 199 |  | 199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated adjusted items affecting operating income | $1508 |  | $394 |  |
| Adjusted operating income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholesale segment | $26484 | 7.5% | $24054 | 6.9% |
| &nbsp;&nbsp;&nbsp;Retail segment | 13120 | 6.3% | 20789 | 10.3% |
| &nbsp;&nbsp;&nbsp;Corporate and Other | (16109) | N/M | (12079) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated adjusted operating income | $23495 | 4.8% | $32764 | 6.6% |
| N/M - Not Meaningful |  |  |  |  |

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