La-Z-Boy Files 2024 Annual Report

TL;DR

La-Z-Boy's 2024 10-K is in, check financials for furniture giant.

AI Summary

La-Z-Boy Inc. filed its 10-K for the fiscal year ending April 27, 2024, reporting on its financial performance and business operations. The company, headquartered in Monroe, Michigan, operates within the household furniture industry. This filing provides a comprehensive overview of its fiscal health, strategic initiatives, and risk factors for investors.

Why It Matters

This filing gives investors and analysts a detailed look into La-Z-Boy's financial standing, including revenues, expenses, and assets, which can influence stock valuation and investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the cyclical furniture industry, which is subject to economic downturns and changing consumer preferences.

Key Numbers

• 2024-04-27 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2023-04-30 — Previous Fiscal Year End (The end date of the prior reporting period.)
• 2022-05-01 — Prior Year Fiscal Year End (The end date of the reporting period before the previous one.)

Key Players & Entities

• La-Z-Boy Inc. (company) — Filer of the 10-K report
• Monroe, Michigan (location) — Company headquarters
• April 27, 2024 (date) — Fiscal year end
• 20240427 (date) — Conformed period of report
• 0000057131 (company_id) — Central Index Key

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value LZB New York Stock Exchange
• $13.0 million — end consumer. Our inventory decreased $13.0 million as of year end fiscal 2024 compared wit
• $13.7 million — able: Our accounts receivable increased $13.7 million as of year end fiscal 2024 compared wit
• $0.3 million — owance for receivable credit losses was $0.3 million higher at the end of fiscal 2024 compar
• $11.0 million — Payable: Our accounts payable decreased $11.0 million as of year end fiscal 2024 compared wit
• $17.0 million — oybird.com. Customer deposits decreased $17.0 million as of fiscal year end 2024 compared wit
• $136.6 million — future sales. Our wholesale backlog was $136.6 million as of April 27, 2024. This represents a
• $151.3 m — from a fiscal 2023 year end backlog of $151.3 million, which was revised to reflect an

Filing Documents

• lzb-20240427.htm (10-K) — 2052KB
• exhibit19insidertradingpol.htm (EX-19) — 54KB
• lzb-20240427xxexx2110xkonly.htm (EX-21) — 14KB
• lzb-20240427x10xqxexx2310x.htm (EX-23) — 4KB
• lzb-20240427x10qxexx311.htm (EX-31.1) — 8KB
• lzb-20240427x10qxexx312.htm (EX-31.2) — 8KB
• lzb-20240427x10qxexx32.htm (EX-32) — 5KB
• exhibit97policyonrecoupmen.htm (EX-97) — 17KB
• image.jpg (GRAPHIC) — 20KB
• lzb-20240427_g1.jpg (GRAPHIC) — 111KB
• 0000057131-24-000028.txt ( ) — 13150KB
• lzb-20240427.xsd (EX-101.SCH) — 72KB
• lzb-20240427_cal.xml (EX-101.CAL) — 108KB
• lzb-20240427_def.xml (EX-101.DEF) — 355KB
• lzb-20240427_lab.xml (EX-101.LAB) — 978KB
• lzb-20240427_pre.xml (EX-101.PRE) — 697KB
• lzb-20240427_htm.xml (XML) — 2441KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 11 Item 1B Unresolved Staff Comments 17 Item 1C Cybersecurity 17 Item 2

Properties

Properties 19 Item 3

Legal Proceedings

Legal Proceedings 19 Item 4 Mine Safety Disclosures 19 Information About Our Executive Officers 19 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6 Reserved 22 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A

Controls and Procedures

Controls and Procedures 71 Item 9B Other Information 71 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10 Directors, Executive Officers, and Corporate Governance 72 Item 11

Executive Compensation

Executive Compensation 72 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13 Certain Relationships and Related Transactions, and Director Independence 72 Item 14 Principal Accountant Fees and Services 72 PART IV Item 15 Exhibits and Financial Statement Schedules 73 Item 16 Form 10-K Summary 74 Note: The responses to Items 10 through 14 of Part III will be included in the La-Z-Boy Incorporated definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for the 2024 Annual Meeting of Shareholders and are incorporated by reference herein. 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements In this Annual Report on Form 10-K ("Annual Report"), La-Z-Boy Incorporated and its subsidiaries (individually and collectively, "we," "our," "us," "La-Z-Boy" or the "Company") make "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements may include words such as "aim," "anticipates," "believes," "continues," "estimates," "expects," "feels," "forecasts," "hopes," "intends," "plans," "projects," "likely," "seeks," "short-term," "non-recurring," "one-time," "outlook," "target," "unusual," or words of similar meaning, or future or conditional verbs, such as "will," "should," "could," or "may." A forward-looking statement is neither a prediction nor a guarantee of future events

BUSINESS

ITEM 1. BUSINESS. Edward M. Knabusch and Edwin J. Shoemaker started Floral City Furniture in 1927, and in 1928 the newly formed company introduced its first recliner. In 1941, we were incorporated in the state of Michigan as La-Z-Boy Chair Company, and in 1996 we changed our name to La-Z-Boy Incorporated. Today, our La-Z-Boy brand is one of the most recognized brands in the furniture industry. We are the leading global producer of reclining chairs and one of the largest manufacturer/distributors of residential furniture in the United States . The La-Z-Boy Furniture Galleries stores retail network is the third largest retailer of single-branded furniture in the United States . We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy , England, Kincaid , and Joybird tradenames. In addition, we import, distribute and retail accessories and casegoods (wood) furniture products under the Kincaid , American Drew , Hammary , and Joybird tradenames. As of April 27, 2024, our supply chain operations included the following: Five major manufacturing locations and 14 distribution centers in the United States and four facilities in Mexico to support our speed-to-market and customization strategy A logistics company that distributes a portion of our products in the United States A wholesale sales office that is responsible for distribution of our product in the United Kingdom and Ireland An upholstery manufacturing business in the United Kingdom A global trading company in Hong Kong which helps us manage our Asian supply chain by establishing and maintaining relationships with our Asian suppliers, as well as identifying efficiencies and savings opportunities We also participate in two consolidated joint ventures in Thailand that support our international businesses: one that operates a manufacturing facility and another that operates a wholesale sales office. Additionally, we have contracts with several suppliers

View Full Filing

View this 10-K filing on SEC EDGAR