La-Z-Boy Files 10-Q for Q1 FY2025

Ticker: LZB · Form: 10-Q · Filed: Aug 20, 2024 · CIK: 57131

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

La-Z-Boy's Q1 FY25 10-Q is in. Check financials for furniture giant.

AI Summary

La-Z-Boy Inc. reported its fiscal year 2025 first quarter results for the period ending July 27, 2024. The company's financial statements indicate a fiscal year end of April 26, 2025. Specific financial figures for the quarter are not detailed in this header information, but the filing pertains to their ongoing business operations.

Why It Matters

This filing provides investors with an update on La-Z-Boy's financial performance and position as of the end of their first fiscal quarter of 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240727, indicating the period ending July 27, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on 20240820.

What is La-Z-Boy Inc.'s fiscal year end?

La-Z-Boy Inc.'s fiscal year ends on 0426.

What is the company's primary SIC code?

The Standard Industrial Classification (SIC) code is 2510, for Household Furniture.

Where is La-Z-Boy Inc. headquartered?

The company's business address is One La-Z-Boy Drive, Monroe, MI 48162.

Filing Stats: 4,611 words · 18 min read · ~15 pages · Grade level 18.6 · Accepted 2024-08-20 16:24:33

Key Financial Figures

Filing Documents

Financial Information (Unaudited)

PART I Financial Information (Unaudited) 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Statement of Income 3 Consolidated Statement of Comprehensive Income 4 Consolidated Balance Sheet 5 Consolidated Statement of Cash Flows 6 Consolidated Statement of Changes in Equity 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Note 1. Basis of Presentation 8 Note 2. Acquisitions 8 Note 3. Cash and Restricted Cash 9 Note 4. Inventories 9 Note 5. Goodwill and Other Intangible Assets 10 Note 6. Investments 10 Note 7. Product Warranties 11 Note 8. Stock-Based Compensation 12 Note 9. Accumulated Other Comprehensive Loss 13 Note 10. Revenue Recognition 14 Note 11. Segment Information 15 Note 12. Income Taxes 16 Note 13. Earnings per Share 17 Note 14. Fair Value Measurements 17 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Cautionary Note Regarding Forward-Looking Statements 19 Introduction 19 Results of Operations 22 Liquidity and Capital Resources 24 Critical Accounting Policies 26 Recent Accounting Pronouncements 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

Other Information

PART II Other Information 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 5. Other Information 28 Item 6. Exhibits 29 Signature Page 30 2 T able of Contents

- FINANCIAL INFORMATION (UNAUDITED)

PART I - FINANCIAL INFORMATION (UNAUDITED)

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF INCOME Quarter Ended (Unaudited, amounts in thousands, except per share data) 7/27/2024 7/29/2023 Sales $ 495,532 $ 481,651 Cost of sales 282,189 275,923 Gross profit 213,343 205,728 Selling, general and administrative expense 180,973 171,202 Operating income 32,370 34,526 Interest expense ( 210 ) ( 122 ) Interest income 4,424 3,056 Other income (expense), net ( 618 ) 556 Income before income taxes 35,966 38,016 Income tax expense 9,162 10,090 Net income 26,804 27,926 Net (income) attributable to noncontrolling interests ( 645 ) ( 447 ) Net income attributable to La-Z-Boy Incorporated $ 26,159 $ 27,479 Basic weighted average common shares 42,052 43,239 Basic net income attributable to La-Z-Boy Incorporated per share $ 0.62 $ 0.64 Diluted weighted average common shares 42,564 43,333 Diluted net income attributable to La-Z-Boy Incorporated per share $ 0.61 $ 0.63 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3 T able of Contents LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter Ended (Unaudited, amounts in thousands) 7/27/2024 7/29/2023 Net income $ 26,804 $ 27,926 Other comprehensive income Currency translation adjustment 1,533 1,047 Net unrealized gain on marketable securities, net of tax 113 220 Net pension amortization, net of tax 15 23 Total other comprehensive income 1,661 1,290 Total comprehensive income before noncontrolling interests 28,465 29,216 Comprehensive (income) attributable to noncontrolling interests ( 971 ) ( 407 ) Comprehensive income attributable to La-Z-Boy Incorporated $ 27,494 $ 28,809 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 4 T able of Contents LA-Z-BOY INCORPORATED CONSOLIDATED BALANCE SHEET (Unaudited, amounts in thousands, except par value) 7/27/2024 4/27/2024 Curr

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1: Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 27, 2024 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles ("US GAAP"), which we applied on a basis consistent with those reflected in our fiscal 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), but the information does not include all of the disclosures required by US GAAP. In management's opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 26, 2025. Accounting Pronouncements Adopted in Fiscal 2025 The following table summarizes Accounting Standards Updates ("ASUs"), which were adopted in fiscal 2025, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Fiscal 2025 ASU 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Fiscal 2025 ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025 Accounting Pronouncements not yet Adopted The following table summarizes additional account

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