La-Z-Boy Files 10-Q for Q2 2024

TL;DR

La-Z-Boy filed its Q2 10-Q. Financials to come.

AI Summary

La-Z-Boy Inc. reported its second quarter results for the period ending October 26, 2024. The company's fiscal year ends on April 26th. Specific financial figures for this quarter were not detailed in the provided text, but the filing indicates a standard 10-Q submission for the period.

Why It Matters

This filing provides investors with an update on La-Z-Boy's financial performance and operational status during the second quarter of their fiscal year.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate, significant negative news.

Key Players & Entities

• LA-Z-BOY INC (company) — Filer
• 20241026 (date) — End of reporting period
• 20241119 (date) — Filing date
• MONROE (location) — Company headquarters city
• MI (location) — Company headquarters state

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 Par Value LZB New York Stock Exchange

Filing Documents

• lzb-20241026.htm (10-Q) — 1292KB
• lzb-20241026x10qxexx311.htm (EX-31.1) — 8KB
• lzb-20241026x10qxexx312.htm (EX-31.2) — 8KB
• lzb-20241026x10qxexx32.htm (EX-32) — 5KB
• lzb-20241026_g1.jpg (GRAPHIC) — 22KB
• 0000057131-24-000111.txt ( ) — 7252KB
• lzb-20241026.xsd (EX-101.SCH) — 39KB
• lzb-20241026_cal.xml (EX-101.CAL) — 67KB
• lzb-20241026_def.xml (EX-101.DEF) — 181KB
• lzb-20241026_lab.xml (EX-101.LAB) — 529KB
• lzb-20241026_pre.xml (EX-101.PRE) — 386KB
• lzb-20241026_htm.xml (XML) — 1332KB

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 10 Note 5. Goodwill and Other Intangible Assets 10 Note 6. Investments 11 Note 7. Product Warranties 11 Note 8. Stock-Based Compensation 12 Note 9. Accumulated Other Comprehensive Loss 13 Note 10. Revenue Recognition 15 Note 11. Segment Information 16 Note 12. Income Taxes 18 Note 13. Earnings per Share 19 Note 14. Fair Value Measurements 19 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 21 Cautionary Note Regarding Forward-Looking Statements 21 Introduction 21 Results of Operations 24 Liquidity and Capital Resources 27 Critical Accounting Policies 29 Recent Accounting Pronouncements 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

Other Information

PART II Other Information 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 31 Signature Page 32 2 Table 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 Six Months Ended (Unaudited, amounts in thousands, except per share data) 10/26/2024 10/28/2023 10/26/2024 10/28/2023 Sales $ 521,027 $ 511,435 $ 1,016,559 $ 993,086 Cost of sales 290,379 288,830 572,568 564,753 Gross profit 230,648 222,605 443,991 428,333 Selling, general and administrative expense 191,876 188,993 372,849 360,195 Operating income 38,772 33,612 71,142 68,138 Interest expense ( 99 ) ( 101 ) ( 309 ) ( 223 ) Interest income 3,730 4,042 8,154 7,098 Other income (expense), net ( 1,879 ) 104 ( 2,497 ) 660 Income before income taxes 40,524 37,657 76,490 75,673 Income tax expense 10,671 9,963 19,833 20,053 Net income 29,853 27,694 56,657 55,620 Net (income) attributable to noncontrolling interests 184 ( 495 ) ( 461 ) ( 942 ) Net income attributable to La-Z-Boy Incorporated $ 30,037 $ 27,199 $ 56,196 $ 54,678 Basic weighted average common shares 41,708 43,008 41,880 43,123 Basic net income attributable to La-Z-Boy Incorporated per share $ 0.72 $ 0.63 $ 1.34 $ 1.27 Diluted weighted average common shares 42,154 43,401 42,316 43,479 Diluted net income attributable to La-Z-Boy Incorporated per share $ 0.71 $ 0.63 $ 1.33 $ 1.26 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. 3 Table of Contents LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/26/2024 10/28/2023 10/26/2024 10/28/2023 Net income $ 29,853 $ 27,694 $ 56,657 $ 55,620 Other comprehensive income (loss) Currency translation adjustment 1,612 ( 3,615 ) 3,145 ( 2,568 ) Net unrealized gain (loss) on marketable securities, net of tax ( 17 ) ( 87 ) 96 133 Net pension amortization, net of tax 16 24 31 47 Total other comprehensive income (loss) 1,611 ( 3,678 ) 3,272 ( 2,388 ) Total comprehensive income before noncontrolling interest

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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View this 10-Q filing on SEC EDGAR