00000571312022FYfalsehttp://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201602Memberhttp://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802MemberP3Yhttp://la-z-boy.com/20220430#LeaseRightOfUseAssethttp://la-z-boy.com/20220430#LeaseRightOfUseAssethttp://la-z-boy.com/20220430#LeaseLiabilityCurrenthttp://la-z-boy.com/20220430#LeaseLiabilityCurrenthttp://la-z-boy.com/20220430#LeaseLiabilityNoncurrenthttp://la-z-boy.com/20220430#LeaseLiabilityNoncurrenthttp://la-z-boy.com/20220430#LeaseRightOfUseAssethttp://la-z-boy.com/20220430#LeaseRightOfUseAssethttp://la-z-boy.com/20220430#LeaseLiabilityCurrenthttp://la-z-boy.com/20220430#LeaseLiabilityCurrenthttp://la-z-boy.com/20220430#LeaseLiabilityNoncurrenthttp://la-z-boy.com/20220430#LeaseLiabilityNoncurrentP8YP5YP1YP1YP3Y00000571312021-04-252022-04-3000000571312021-10-23iso4217:USD00000571312022-06-14xbrli:shares00000571312020-04-262021-04-2400000571312019-04-282020-04-25iso4217:USDxbrli:shares00000571312022-04-3000000571312021-04-2400000571312020-04-2500000571312019-04-270000057131us-gaap:CommonStockMember2019-04-270000057131us-gaap:AdditionalPaidInCapitalMember2019-04-270000057131us-gaap:RetainedEarningsMember2019-04-270000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-270000057131us-gaap:NoncontrollingInterestMember2019-04-270000057131us-gaap:RetainedEarningsMember2019-04-282020-04-250000057131us-gaap:NoncontrollingInterestMember2019-04-282020-04-250000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-282020-04-250000057131us-gaap:CommonStockMember2019-04-282020-04-250000057131us-gaap:AdditionalPaidInCapitalMember2019-04-282020-04-250000057131srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201602Member2019-04-270000057131srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Member2019-04-270000057131us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201802Member2019-04-282020-04-250000057131us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:AccountingStandardsUpdate201802Member2019-04-282020-04-250000057131us-gaap:CommonStockMember2020-04-250000057131us-gaap:AdditionalPaidInCapitalMember2020-04-250000057131us-gaap:RetainedEarningsMember2020-04-250000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-250000057131us-gaap:NoncontrollingInterestMember2020-04-250000057131us-gaap:RetainedEarningsMember2020-04-262021-04-240000057131us-gaap:NoncontrollingInterestMember2020-04-262021-04-240000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-262021-04-240000057131us-gaap:CommonStockMember2020-04-262021-04-240000057131us-gaap:AdditionalPaidInCapitalMember2020-04-262021-04-240000057131us-gaap:CommonStockMember2021-04-240000057131us-gaap:AdditionalPaidInCapitalMember2021-04-240000057131us-gaap:RetainedEarningsMember2021-04-240000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-240000057131us-gaap:NoncontrollingInterestMember2021-04-240000057131us-gaap:RetainedEarningsMember2021-04-252022-04-300000057131us-gaap:NoncontrollingInterestMember2021-04-252022-04-300000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-252022-04-300000057131us-gaap:CommonStockMember2021-04-252022-04-300000057131us-gaap:AdditionalPaidInCapitalMember2021-04-252022-04-300000057131us-gaap:CommonStockMember2022-04-300000057131us-gaap:AdditionalPaidInCapitalMember2022-04-300000057131us-gaap:RetainedEarningsMember2022-04-300000057131us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-300000057131us-gaap:NoncontrollingInterestMember2022-04-300000057131us-gaap:AccountingStandardsUpdate201602Member2020-04-262021-04-240000057131us-gaap:AccountingStandardsUpdate201802Member2020-04-262021-04-240000057131us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-04-30lzb:companyxbrli:pure0000057131srt:MinimumMember2021-04-252022-04-300000057131srt:MaximumMember2021-04-252022-04-300000057131lzb:RetailSegmentMember2021-04-252022-04-30lzb:geographic_regionlzb:reporting_unit0000057131srt:MaximumMemberlzb:LaZBoyWholesaleBusinessInUnitedKingdomAndIrelandMember2021-04-252022-04-300000057131lzb:JoybirdMember2021-04-252022-04-300000057131lzb:IndependentlyOwnedBusinessMemberstpr:AL2021-12-06lzb:store0000057131lzb:IndependentlyOwnedBusinessMemberlzb:ChattanoogaTennesseeMember2021-12-060000057131lzb:IndependentlyOwnedBusinessMember2021-12-062021-12-060000057131lzb:IndependentlyOwnedBusinessMember2021-10-242022-01-220000057131lzb:RetailSegmentMember2021-12-062021-12-060000057131lzb:RetailSegmentMemberlzb:IndependentlyOwnedBusinessMember2022-04-300000057131lzb:RetailSegmentMemberlzb:IndependentlyOwnedBusinessMember2021-12-062021-12-060000057131lzb:FurnicoMembercountry:GB2021-10-252021-10-250000057131lzb:FurnicoMembercountry:GB2021-10-242022-04-300000057131lzb:RetailSegmentMemberlzb:IndependentlyOwnedBusinessMember2021-10-250000057131lzb:LongIslandMemberlzb:IndependentlyOwnedBusinessMember2021-08-160000057131lzb:LongIslandMemberlzb:IndependentlyOwnedBusinessMember2021-08-162021-08-160000057131lzb:IndependentlyOwnedBusinessMemberlzb:LongIslandMember2021-08-162021-08-160000057131lzb:LongIslandMemberlzb:RetailSegmentMemberlzb:IndependentlyOwnedBusinessMember2021-08-160000057131lzb:IndependentlyOwnedBusinessMemberlzb:SeattleWashingtonMember2020-09-14lzb:warehouse0000057131lzb:IndependentlyOwnedBusinessMemberlzb:SeattleWashingtonMember2020-09-142020-09-140000057131lzb:RetailSegmentMemberlzb:IndependentlyOwnedBusinessMemberlzb:SeattleWashingtonMember2020-09-140000057131srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2021-04-252022-04-300000057131us-gaap:BuildingAndBuildingImprovementsMember2022-04-300000057131us-gaap:BuildingAndBuildingImprovementsMember2021-04-240000057131us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2021-04-252022-04-300000057131us-gaap:MachineryAndEquipmentMember2022-04-300000057131us-gaap:MachineryAndEquipmentMember2021-04-240000057131lzb:ComputerEquipmentAndSoftwareMembersrt:MinimumMember2021-04-252022-04-300000057131srt:MaximumMemberlzb:ComputerEquipmentAndSoftwareMember2021-04-252022-04-300000057131lzb:ComputerEquipmentAndSoftwareMember2022-04-300000057131lzb:ComputerEquipmentAndSoftwareMember2021-04-240000057131us-gaap:FurnitureAndFixturesMembersrt:MinimumMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2021-04-252022-04-300000057131us-gaap:FurnitureAndFixturesMember2022-04-300000057131us-gaap:FurnitureAndFixturesMember2021-04-240000057131srt:MinimumMemberus-gaap:LandImprovementsMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:LandImprovementsMember2021-04-252022-04-300000057131us-gaap:LandImprovementsMember2022-04-300000057131us-gaap:LandImprovementsMember2021-04-240000057131srt:MinimumMemberus-gaap:TransportationEquipmentMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:TransportationEquipmentMember2021-04-252022-04-300000057131us-gaap:TransportationEquipmentMember2022-04-300000057131us-gaap:TransportationEquipmentMember2021-04-240000057131us-gaap:LandMember2022-04-300000057131us-gaap:LandMember2021-04-240000057131us-gaap:ConstructionInProgressMember2022-04-300000057131us-gaap:ConstructionInProgressMember2021-04-240000057131lzb:UpholsterySegmentMember2022-04-300000057131lzb:UpholsterySegmentMember2021-04-240000057131lzb:RetailSegmentMember2022-04-300000057131lzb:RetailSegmentMember2021-04-240000057131lzb:CorporateAndOtherNonSegmentMember2022-04-300000057131lzb:CorporateAndOtherNonSegmentMember2021-04-240000057131lzb:UpholsterySegmentMember2020-04-250000057131lzb:RetailSegmentMember2020-04-250000057131lzb:CorporateAndReconcilingItemsMember2020-04-250000057131lzb:UpholsterySegmentMember2020-04-262021-04-240000057131lzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131lzb:CorporateAndReconcilingItemsMember2021-04-240000057131lzb:UpholsterySegmentMember2021-04-252022-04-300000057131lzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131lzb:CorporateAndReconcilingItemsMember2022-04-300000057131lzb:UpholsterySegmentMembersrt:MaximumMember2021-04-252022-04-300000057131us-gaap:TradeNamesMember2020-04-250000057131us-gaap:TradeNamesMember2020-04-250000057131lzb:ReacquiredRightsMember2020-04-250000057131us-gaap:OtherIntangibleAssetsMember2020-04-250000057131us-gaap:TradeNamesMember2020-04-262021-04-240000057131us-gaap:TradeNamesMember2020-04-262021-04-240000057131lzb:ReacquiredRightsMember2020-04-262021-04-240000057131us-gaap:OtherIntangibleAssetsMember2020-04-262021-04-240000057131us-gaap:TradeNamesMember2021-04-240000057131us-gaap:TradeNamesMember2021-04-240000057131lzb:ReacquiredRightsMember2021-04-240000057131us-gaap:OtherIntangibleAssetsMember2021-04-240000057131us-gaap:TradeNamesMember2021-04-252022-04-300000057131us-gaap:TradeNamesMember2021-04-252022-04-300000057131lzb:ReacquiredRightsMember2021-04-252022-04-300000057131us-gaap:OtherIntangibleAssetsMember2021-04-252022-04-300000057131us-gaap:TradeNamesMember2022-04-300000057131us-gaap:TradeNamesMember2022-04-300000057131lzb:ReacquiredRightsMember2022-04-300000057131us-gaap:OtherIntangibleAssetsMember2022-04-300000057131us-gaap:OtherCurrentAssetsMember2022-04-300000057131us-gaap:OtherCurrentAssetsMember2021-04-240000057131us-gaap:OtherNoncurrentAssetsMember2022-04-300000057131us-gaap:OtherNoncurrentAssetsMember2021-04-240000057131lzb:InvestmentsUsedToEnhanceReturnsOnCashMember2022-04-300000057131lzb:InvestmentsUsedToEnhanceReturnsOnCashMember2021-04-240000057131lzb:InvestmentsUsedToFundCompensationAndRetirementPlansMember2022-04-300000057131lzb:InvestmentsUsedToFundCompensationAndRetirementPlansMember2021-04-240000057131lzb:InvestmentsForOtherPurposesMember2022-04-300000057131lzb:InvestmentsForOtherPurposesMember2021-04-240000057131us-gaap:EquitySecuritiesMember2022-04-300000057131us-gaap:EquitySecuritiesMember2021-04-240000057131us-gaap:FixedIncomeSecuritiesMember2022-04-300000057131us-gaap:FixedIncomeSecuritiesMember2021-04-240000057131us-gaap:OtherDebtSecuritiesMember2022-04-300000057131us-gaap:OtherDebtSecuritiesMember2021-04-240000057131us-gaap:RevolvingCreditFacilityMemberlzb:UnsecuredRevolvingCreditFacilityMember2021-10-152021-10-150000057131us-gaap:RevolvingCreditFacilityMemberlzb:UnsecuredRevolvingCreditFacilityMember2021-10-150000057131us-gaap:RevolvingCreditFacilityMemberlzb:UnsecuredRevolvingCreditFacilityMember2021-04-252022-04-300000057131us-gaap:RevolvingCreditFacilityMember2022-04-300000057131lzb:Voluntary401kMember2021-04-252022-04-300000057131lzb:Voluntary401kMember2020-04-262021-04-240000057131lzb:Voluntary401kMember2019-04-282020-04-250000057131lzb:PerformanceCompensationRetirementPlanMember2021-04-252022-04-300000057131lzb:PerformanceCompensationRetirementPlanMember2020-04-262021-04-240000057131lzb:PerformanceCompensationRetirementPlanMember2019-04-282020-04-250000057131lzb:ExecutiveDeferredCompensationPlanMember2021-04-252022-04-300000057131lzb:ExecutiveDeferredCompensationPlanMember2020-04-262021-04-240000057131lzb:ExecutiveDeferredCompensationPlanMember2019-04-282020-04-250000057131lzb:NonQualifiedDefinedBenefitRetirementPlanMember2021-04-252022-04-300000057131lzb:NonQualifiedDefinedBenefitRetirementPlanMember2020-04-262021-04-240000057131lzb:NonQualifiedDefinedBenefitRetirementPlanMember2019-04-282020-04-250000057131srt:MinimumMemberlzb:PerformanceCompensationRetirementPlanMember2021-04-252022-04-300000057131srt:MaximumMemberlzb:PerformanceCompensationRetirementPlanMember2021-04-252022-04-300000057131us-gaap:OtherCurrentLiabilitiesMemberlzb:PerformanceCompensationRetirementPlanMember2022-04-300000057131us-gaap:OtherCurrentLiabilitiesMemberlzb:PerformanceCompensationRetirementPlanMember2021-04-240000057131us-gaap:OtherNoncurrentLiabilitiesMemberlzb:PerformanceCompensationRetirementPlanMember2022-04-300000057131us-gaap:OtherNoncurrentLiabilitiesMemberlzb:PerformanceCompensationRetirementPlanMember2021-04-240000057131lzb:ExecutiveDeferredCompensationPlanMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-04-300000057131lzb:ExecutiveDeferredCompensationPlanMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-04-240000057131us-gaap:OtherNoncurrentAssetsMemberlzb:ExecutiveDeferredCompensationPlanMember2022-04-300000057131us-gaap:OtherNoncurrentAssetsMemberlzb:ExecutiveDeferredCompensationPlanMember2021-04-240000057131us-gaap:OtherCurrentLiabilitiesMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2022-04-300000057131us-gaap:OtherCurrentLiabilitiesMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2021-04-240000057131us-gaap:OtherNoncurrentLiabilitiesMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2022-04-300000057131us-gaap:OtherNoncurrentLiabilitiesMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2021-04-240000057131lzb:NonQualifiedDefinedBenefitRetirementPlanMember2022-04-300000057131lzb:NonQualifiedDefinedBenefitRetirementPlanMember2021-04-240000057131srt:MinimumMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2022-04-300000057131srt:MaximumMemberlzb:NonQualifiedDefinedBenefitRetirementPlanMember2022-04-300000057131lzb:UpholsterySegmentMembersrt:MinimumMember2021-04-252022-04-300000057131lzb:FabricAndLeatherMember2021-04-252022-04-300000057131srt:MinimumMemberlzb:PaddingMember2021-04-252022-04-300000057131srt:MaximumMemberlzb:PaddingMember2021-04-252022-04-300000057131lzb:LaborCostsRelatingToPartsMemberlzb:WholesaleSegmentMember2021-04-252022-04-300000057131lzb:OmnibusIncentivePlan2017Member2018-04-280000057131us-gaap:EmployeeStockOptionMember2021-04-252022-04-300000057131us-gaap:EmployeeStockOptionMember2020-04-262021-04-240000057131us-gaap:EmployeeStockOptionMember2019-04-282020-04-250000057131us-gaap:RestrictedStockMember2021-04-252022-04-300000057131us-gaap:RestrictedStockMember2020-04-262021-04-240000057131us-gaap:RestrictedStockMember2019-04-282020-04-250000057131us-gaap:RestrictedStockUnitsRSUMember2021-04-252022-04-300000057131us-gaap:RestrictedStockUnitsRSUMember2020-04-262021-04-240000057131us-gaap:RestrictedStockUnitsRSUMember2019-04-282020-04-250000057131us-gaap:PerformanceSharesMember2021-04-252022-04-300000057131us-gaap:PerformanceSharesMember2020-04-262021-04-240000057131us-gaap:PerformanceSharesMember2019-04-282020-04-250000057131us-gaap:StockAppreciationRightsSARSMember2021-04-252022-04-300000057131us-gaap:StockAppreciationRightsSARSMember2020-04-262021-04-240000057131us-gaap:StockAppreciationRightsSARSMember2019-04-282020-04-250000057131lzb:DeferredStockUnitsMember2021-04-252022-04-300000057131lzb:DeferredStockUnitsMember2020-04-262021-04-240000057131lzb:DeferredStockUnitsMember2019-04-282020-04-250000057131lzb:OtherMember2021-04-252022-04-300000057131lzb:OtherMember2020-04-262021-04-240000057131lzb:OtherMember2019-04-282020-04-250000057131us-gaap:EmployeeStockOptionMembersrt:MinimumMember2021-04-252022-04-300000057131us-gaap:EmployeeStockOptionMember2021-04-252021-07-240000057131lzb:FormerLongTermEquityAwardPlanMemberus-gaap:EmployeeStockOptionMember2021-04-252022-04-300000057131us-gaap:EmployeeStockOptionMember2021-04-240000057131us-gaap:EmployeeStockOptionMember2022-04-300000057131lzb:EmployeesMemberus-gaap:RestrictedStockMember2021-04-252022-04-300000057131lzb:EmployeesMemberus-gaap:RestrictedStockMember2021-04-240000057131lzb:EmployeesMemberus-gaap:RestrictedStockMember2022-04-300000057131lzb:NonEmployeeDirectorsMembersrt:MaximumMemberus-gaap:RestrictedStockMember2019-04-282020-04-250000057131lzb:NonEmployeeDirectorsMembersrt:MaximumMemberus-gaap:RestrictedStockMember2021-04-252022-04-300000057131lzb:NonEmployeeDirectorsMembersrt:MaximumMemberus-gaap:RestrictedStockMember2020-04-262021-04-240000057131lzb:NonEmployeeDirectorsMemberus-gaap:RestrictedStockMember2021-04-252022-04-300000057131lzb:NonEmployeeDirectorsMemberus-gaap:RestrictedStockMember2020-04-262021-04-240000057131lzb:NonEmployeeDirectorsMemberus-gaap:RestrictedStockMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMember2021-04-252021-07-240000057131us-gaap:PerformanceSharesMembersrt:MinimumMember2021-04-252022-04-300000057131srt:MaximumMemberus-gaap:PerformanceSharesMember2021-04-252022-04-300000057131lzb:AwardsGrantedDuringFiscal2019Memberus-gaap:PerformanceSharesMember2021-04-252022-04-300000057131lzb:AwardsGrantedDuringFiscal2020Memberus-gaap:PerformanceSharesMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMember2021-04-240000057131lzb:PerformanceBasedSharesMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMember2022-04-300000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesPerformanceConditionsVestingMember2021-04-252022-04-300000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesPerformanceConditionsVestingMember2020-04-262021-04-240000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesPerformanceConditionsVestingMember2019-04-282020-04-250000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesMarketConditionsVestingMember2021-04-252022-04-300000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesMarketConditionsVestingMember2020-04-262021-04-240000057131lzb:AwardsGrantedPeriodFiveMemberlzb:PerformanceBasedSharesMarketConditionsVestingMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodOneMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodOneMember2020-04-262021-04-240000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodOneMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodTwoMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodTwoMember2020-04-262021-04-240000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodTwoMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodThreeMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodThreeMember2020-04-262021-04-240000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodThreeMember2019-04-282020-04-250000057131lzb:AwardsGrantedPeriodFourMemberlzb:PerformanceBasedSharesMember2021-04-252022-04-300000057131lzb:AwardsGrantedPeriodFourMemberlzb:PerformanceBasedSharesMember2020-04-262021-04-240000057131lzb:AwardsGrantedPeriodFourMemberlzb:PerformanceBasedSharesMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodFiveMember2021-04-252022-04-300000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodFiveMember2020-04-262021-04-240000057131lzb:PerformanceBasedSharesMemberlzb:AwardsGrantedPeriodFiveMember2019-04-282020-04-250000057131lzb:PerformanceBasedSharesMember2020-04-262021-04-240000057131lzb:PerformanceBasedSharesMember2019-04-282020-04-250000057131us-gaap:StockAppreciationRightsSARSMember2022-04-300000057131us-gaap:StockAppreciationRightsSARSMemberlzb:AwardsGrantedDuring2014Member2022-04-300000057131lzb:NonEmployeeDirectorsMemberus-gaap:DeferredCompensationShareBasedPaymentsMember2022-04-300000057131lzb:NonEmployeeDirectorsMemberus-gaap:DeferredCompensationShareBasedPaymentsMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-04-300000057131lzb:NonEmployeeDirectorsMemberus-gaap:DeferredCompensationShareBasedPaymentsMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-04-240000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-04-270000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-04-270000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-04-270000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-04-270000057131us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-04-270000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-04-282020-04-250000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-04-282020-04-250000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-04-282020-04-250000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-04-282020-04-250000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-250000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-04-250000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-04-250000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-250000057131us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-04-250000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-262021-04-240000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-04-262021-04-240000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-04-262021-04-240000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-262021-04-240000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-240000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-04-240000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-04-240000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-240000057131us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-04-240000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-252022-04-300000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-04-252022-04-300000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-04-252022-04-300000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-252022-04-300000057131us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-04-300000057131us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-04-300000057131us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-04-300000057131us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-04-300000057131us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:MotionUpholsteryFurnitureMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:StationaryUpholsteryFurnitureMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberlzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131lzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:BedroomFurnitureMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131lzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:DiningRoomFurnitureMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberlzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131lzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:OccasionalFurnitureMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131lzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:DeliveryMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:DeliveryMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:DeliveryMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:DeliveryMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMemberus-gaap:ProductAndServiceOtherMember2021-04-252022-04-300000057131us-gaap:ProductAndServiceOtherMemberlzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2021-04-252022-04-300000057131lzb:CorporateAndReconcilingItemsMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMember2021-04-252022-04-300000057131srt:ConsolidationEliminationsMember2021-04-252022-04-300000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:MotionUpholsteryFurnitureMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:MotionUpholsteryFurnitureMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:StationaryUpholsteryFurnitureMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:StationaryUpholsteryFurnitureMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberlzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131lzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:BedroomFurnitureMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131lzb:BedroomFurnitureMemberus-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:DiningRoomFurnitureMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:DiningRoomFurnitureMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberlzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131lzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:OccasionalFurnitureMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131lzb:OccasionalFurnitureMemberus-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberlzb:DeliveryMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:DeliveryMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:DeliveryMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:DeliveryMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMemberus-gaap:ProductAndServiceOtherMember2020-04-262021-04-240000057131us-gaap:ProductAndServiceOtherMemberlzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2020-04-262021-04-240000057131lzb:UpholsterySegmentMemberus-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2020-04-262021-04-240000057131lzb:CorporateAndReconcilingItemsMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMember2020-04-262021-04-240000057131srt:ConsolidationEliminationsMember2020-04-262021-04-240000057131lzb:WholesaleSegmentMember2021-04-252022-04-30lzb:segment0000057131lzb:CasegoodsSegmentMemberlzb:WholesaleSegmentMember2022-04-30lzb:brand0000057131lzb:WholesaleSegmentMember2020-04-262021-04-240000057131lzb:WholesaleSegmentMember2019-04-282020-04-250000057131us-gaap:IntersegmentEliminationMemberlzb:WholesaleSegmentMember2021-04-252022-04-300000057131us-gaap:IntersegmentEliminationMemberlzb:WholesaleSegmentMember2020-04-262021-04-240000057131us-gaap:IntersegmentEliminationMemberlzb:WholesaleSegmentMember2019-04-282020-04-250000057131us-gaap:OperatingSegmentsMemberlzb:WholesaleSegmentMember2021-04-252022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:WholesaleSegmentMember2020-04-262021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:WholesaleSegmentMember2019-04-282020-04-250000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2019-04-282020-04-250000057131us-gaap:CorporateNonSegmentMember2021-04-252022-04-300000057131us-gaap:CorporateNonSegmentMember2020-04-262021-04-240000057131us-gaap:CorporateNonSegmentMember2019-04-282020-04-250000057131us-gaap:IntersegmentEliminationMember2021-04-252022-04-300000057131us-gaap:IntersegmentEliminationMember2020-04-262021-04-240000057131us-gaap:IntersegmentEliminationMember2019-04-282020-04-250000057131lzb:CorporateAndReconcilingItemsMember2019-04-282020-04-250000057131srt:ConsolidationEliminationsMember2019-04-282020-04-250000057131us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:SalesRevenueNetMember2021-04-252022-04-300000057131us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:SalesRevenueNetMember2020-04-262021-04-240000057131us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:SalesRevenueNetMember2019-04-282020-04-250000057131us-gaap:GeographicConcentrationRiskMembercountry:CAus-gaap:SalesRevenueNetMember2021-04-252022-04-300000057131us-gaap:GeographicConcentrationRiskMembercountry:CAus-gaap:SalesRevenueNetMember2020-04-262021-04-240000057131us-gaap:GeographicConcentrationRiskMembercountry:CAus-gaap:SalesRevenueNetMember2019-04-282020-04-250000057131us-gaap:GeographicConcentrationRiskMemberlzb:OtherCountriesMemberus-gaap:SalesRevenueNetMember2021-04-252022-04-300000057131us-gaap:GeographicConcentrationRiskMemberlzb:OtherCountriesMemberus-gaap:SalesRevenueNetMember2020-04-262021-04-240000057131us-gaap:GeographicConcentrationRiskMemberlzb:OtherCountriesMemberus-gaap:SalesRevenueNetMember2019-04-282020-04-250000057131us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-04-252022-04-300000057131us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2020-04-262021-04-240000057131us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2019-04-282020-04-250000057131us-gaap:OperatingSegmentsMemberlzb:WholesaleSegmentMember2022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:WholesaleSegmentMember2021-04-240000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2022-04-300000057131us-gaap:OperatingSegmentsMemberlzb:RetailSegmentMember2021-04-240000057131us-gaap:MaterialReconcilingItemsMember2022-04-300000057131us-gaap:MaterialReconcilingItemsMember2021-04-240000057131country:US2022-04-300000057131country:US2021-04-240000057131us-gaap:NonUsMember2022-04-300000057131us-gaap:NonUsMember2021-04-240000057131us-gaap:DomesticCountryMember2022-04-300000057131us-gaap:DomesticCountryMember2021-04-240000057131us-gaap:DomesticCountryMember2021-04-252022-04-300000057131us-gaap:StateAndLocalJurisdictionMember2022-04-300000057131us-gaap:StateAndLocalJurisdictionMember2021-04-240000057131us-gaap:StateAndLocalJurisdictionMember2021-04-252022-04-300000057131us-gaap:ForeignCountryMember2022-04-300000057131us-gaap:ForeignCountryMember2021-04-240000057131us-gaap:ForeignCountryMember2021-04-252022-04-300000057131us-gaap:StockOptionMember2021-04-252022-04-300000057131us-gaap:StockOptionMember2019-04-282020-04-250000057131us-gaap:StockOptionMember2020-04-262021-04-240000057131us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-300000057131us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-300000057131us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-300000057131us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-300000057131us-gaap:FairValueMeasurementsRecurringMember2022-04-300000057131us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-04-240000057131us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-04-240000057131us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-04-240000057131us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2021-04-240000057131us-gaap:FairValueMeasurementsRecurringMember2021-04-240000057131us-gaap:FairValueInputsLevel3Member2021-04-252022-04-300000057131lzb:JoybirdMember2021-07-252021-10-2300000571312021-07-252021-10-230000057131us-gaap:FairValueMeasurementsRecurringMember2021-04-252022-04-300000057131us-gaap:AllowanceForCreditLossMember2021-04-240000057131us-gaap:AllowanceForCreditLossMember2021-04-252022-04-300000057131us-gaap:AllowanceForCreditLossMember2022-04-300000057131us-gaap:AllowanceForCreditLossMember2020-04-250000057131us-gaap:AllowanceForCreditLossMember2020-04-262021-04-240000057131us-gaap:AllowanceForCreditLossMember2019-04-270000057131us-gaap:AllowanceForCreditLossMember2019-04-282020-04-250000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-04-240000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-04-252022-04-300000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-04-300000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-04-250000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-04-262021-04-240000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-04-270000057131us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-04-282020-04-25

(Mark One)
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Michigan						38-0751137
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One La-Z-Boy Drive,

Monroe,

Michigan

48162-5138

(Address of principal executive offices)

(Zip Code)

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

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

Securities registered pursuant to Section 12(g) of the Act: None

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

(1)Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for its 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

						Page Number(s)
Cautionary Note Regarding Forward-Looking Statements						3
PART I
Item 1.			Business			4
Item 1A			Risk Factors			12
Item 1B			Unresolved Staff Comments			19
Item 2.			Properties			19
Item 3.			Legal Proceedings			20
Item 4.			Mine Safety Disclosures			20
Information About Our Executive Officers						20
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			22
Item 7A			Quantitative and Qualitative Disclosures About Market Risk			32
Item 8.			Financial Statements and Supplementary Data			33
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			71
Item 9A			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			72
Item 12.			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 Accounting Fees and Services			72
PART IV
Item 15.			Exhibits, Financial Statement Schedules			72
Item 16.			Form 10-K Summary			74

We are the leading global producer of reclining chairs and the second largest manufacturer/distributor 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.

•The centerpiece of our retail distribution strategy is our network of 348 La-Z-Boy Furniture Galleries® stores and 531 La-Z-Boy Comfort Studio® locations, each dedicated to marketing our La-Z-Boy branded products. We consider this dedicated space to be "proprietary."

◦La-Z-Boy Furniture Galleries® stores help consumers furnish their homes by combining the style, comfort, and quality of La-Z-Boy furniture with our available design services. We own 161 of the La-Z-Boy Furniture Galleries® stores, while the remainder are independently owned and operated.

◦La-Z-Boy Comfort Studio® locations are defined spaces within larger independent retailers that are dedicated to displaying and selling La-Z-Boy branded products. All 531 La-Z-Boy Comfort Studio® locations are independently owned and operated.

•Our other brands, England, American Drew, Hammary, and Kincaid enjoy distribution through many of the same outlets, with slightly over half of Hammary’s sales originating through the La-Z-Boy Furniture Galleries® store network.

Our reportable operating segments include the Wholesale segment and the Retail segment. Our Wholesale segment manufactures and imports upholstered and casegoods (wood) furniture and sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers. Our Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to end consumers through our company-owned La-Z-Boy Furniture Galleries® stores.

Inventory: For our upholstery business within our Wholesale segment, we maintain raw materials and work-in-process inventory at our manufacturing locations. Finished goods inventory is maintained at our nine regional distribution centers as well as our manufacturing locations. Our regional distribution centers allow us to streamline the warehousing and distribution processes for our La-Z-Boy Furniture Galleries® store network, including both company-owned stores and independently-owned stores. Our regional distribution centers also allow us to reduce the number of individual warehouses needed to supply our retail outlets and help us reduce inventory levels at our manufacturing and retail locations.

Our company-owned La-Z-Boy Furniture Galleries® stores have finished goods inventory at the stores for display purposes.

Accounts Receivable: Our accounts receivable increased $44.4 million as of year end fiscal 2022 compared with year end fiscal 2021. The increase in accounts receivable was primarily due to higher fourth quarter sales in fiscal 2022 compared with the same period a year ago driven by pricing and surcharge actions taken in response to rising manufacturing costs and higher overall volume. Additionally, our allowance for receivable credit losses was lower at the end of fiscal 2022 compared with the end of fiscal 2021 reflecting strong collection trends. We monitor our customers' accounts, limit our credit exposure to certain independent dealers and strive to decrease our days' sales outstanding where possible. Our days' sales outstanding is a measure of the time needed to collect outstanding accounts receivable once we have completed a sale and was approximately 30 days or less in both fiscal 2022 and fiscal 2021 on a consolidated basis.

Accounts Payable: Our accounts payable increased $9.9 million as of year end fiscal 2022 compared with year end fiscal 2021, primarily due to higher inventory purchases as we continue to scale production to meet increased demand.

Customer Deposits: We collect a deposit from our customers at the time a customer order is placed in one of our company-owned retail stores or through our websites, www.la-z-boy.com and www.joybird.com. Customer deposits increased $2.5 million as of fiscal year end 2022 compared with fiscal year end 2021, primarily due to higher written Retail and Joybird sales volume throughout the year.

Our wholesale customers are furniture retailers. While primarily located throughout the United States and Canada, we also have customers located in various other countries, including the United Kingdom, China, Australia, South Korea and New Zealand. Sales in our Wholesale segment are primarily to third-party furniture retailers, but we also sell directly to end consumers through our company-owned La-Z-Boy Furniture Galleries® stores that make up our Retail segment and through our websites, www.la-z-boy.com and www.joybird.com.

The success of our product distribution model relies heavily on having retail floor space that is dedicated to displaying and marketing our products. The 348-store La-Z-Boy Furniture Galleries® network is central to this approach. In addition, we sell product through proprietary space within other retail furniture stores, primarily La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, Kincaid Shoppes, and other international locations. Additionally, our Joybird business, which sells product primarily online to end consumers through its website, www.joybird.com, also has a limited amount of proprietary retail showroom floor space in small format stores in key urban markets.

Maintaining, updating, and, when appropriate, expanding our proprietary distribution network is a key part of our overall sales and marketing strategy. We intend, over the long-term, to not only increase the number of stores in the network but also to continue to improve their quality, including upgrading old-format stores to our new concept design through remodels and relocations. We continue to maintain and update our current stores to improve the quality of the network. The La-Z-Boy Furniture Galleries® store network plans to open, relocate or remodel 40 to 45 stores during fiscal 2023, all of which will feature our latest store designs.

We select independent dealers for our proprietary La-Z-Boy Furniture Galleries® store network based on factors such as their management and financial qualifications and the potential for distribution in specific geographical areas. This proprietary distribution benefits La-Z-Boy, our dealers and our consumers. It enables La-Z-Boy to concentrate our marketing with sales personnel dedicated to our entire product line, and only that line and approved accessories. It also allows dealers that join this proprietary group to take advantage of best practices, with which other proprietary dealers have succeeded, and we facilitate forums for these dealers to share them. These La-Z-Boy Furniture Galleries® stores provide our consumers a full-service shopping experience with a large variety of products, knowledgeable sales associates, and design service consultants.

We typically build upholstery units based on specific orders, either for dealer stock or to fill consumers' custom orders. We import casegoods product primarily to fill our internal orders, rather than customer or consumer orders, resulting in higher finished goods inventory on hand as a percentage of sales. We define backlog as any written order that has not yet been delivered, whether to an independent furniture retailer, an independently-owned La-Z-Boy Furniture Galleries® store, or the end consumer through our company-owned La-Z-Boy Furniture Galleries® stores.

The La-Z-Boy Furniture Galleries® stores operate in the retail furniture industry in the United States and Canada, and different stores have different competitors based on their geographic locations. Some competitors include: Arhaus, Ashley, Bassett Furniture Direct, Bob's Discount Furniture, Crate and Barrel, Ethan Allen, Restoration Hardware, Havertys, Williams-Sonoma, as well as several other regional competitors (for example Raymour & Flanigan Furniture, Mathis Brothers, and Slumberland Furniture), and family-owned independent furniture stores.

We cannot anticipate the impact of any future resurgence of COVID-19 cases on consumer willingness to visit our company-owned La-Z-Boy Furniture Galleries® stores or the stores of our retail partners, levels of consumer spending, or employee willingness to work in our retail stores, distribution centers or manufacturing facilities in the future. We also actively manage our global supply chain and manufacturing operations, which have been adversely impacted with respect to availability and pricing of materials based on uncontrollable factors as well as COVID-19 related constraints on our manufacturing capacity as we continue to prioritize the health and safety of our employees. We have instituted measures to ensure our supply chain remains open to us; however, there could be global shortages that could in turn materially adversely impact our manufacturing operations that we currently cannot anticipate.

The furniture industry and our business are particularly sensitive to cyclical variations in the general economy and to uncertainty regarding future economic conditions. Our principal products are consumer goods that may be considered postponable discretionary purchases. Economic downturns and prolonged negative economic conditions could affect general consumer spending and decrease the overall demand for discretionary items, including home furnishings. Factors influencing consumer spending include, among others, general economic conditions, consumer disposable income, recession and fears of recession, inflation, unemployment, war and fears of war, availability of consumer credit, consumer debt levels, consumer confidence, conditions in the housing market, fuel prices, interest rates, sales tax rates, civil disturbances and terrorist activities, natural disasters, adverse weather, and health epidemics or pandemics such as the COVID-19 pandemic. While we have seen the negative effects from certain of these factors on consumer spending, starting in the second quarter of fiscal 2021, we experienced heightened demand as more discretionary consumer spending was allocated to home furnishings. However, we are unable to identify and predict whether and to what extent the prior demand level will continue or to what extent the cited factors may impact consumer spending on our products in the short and long term.

The COVID-19 pandemic has impacted overall economic conditions and customer demand. Subsequent to the announcement of our business realignment plan in the first quarter of fiscal 2021, consumers began allocating more discretionary spending to home furnishings and as a result, the demand for our products has outpaced our production capacity. Given this, we have a higher backlog and have experienced delays in fulfilling customer orders. Failure to deliver products to retailers and end consumers in a timely and effective manner could damage our reputation and brands and result in the loss of customers or reduced orders, which could adversely affect our business, results of operations and financial condition. In addition, it is difficult for us to predict the future impact of the COVID-19 pandemic, general economic conditions, and other factors which may impact customer demand trends for our products and services, customer spending levels, and customer shopping patterns and behaviors, including consumer willingness to visit physical retail locations, such as our company-owned La-Z-Boy Furniture Galleries® stores.

Our manufacturing and distribution facilities, company-owned La-Z-Boy Furniture Galleries® stores and corporate headquarters, as well as the operations of our vendors from which we receive goods and services, are vulnerable to damage from power outages, telecommunications failures, hardware and software failures, computer hacking, cybersecurity breaches, computer viruses, phishing attempts, cyberattacks, malware and ransomware attacks, errors by employees, tornadoes, earthquakes and other natural disasters, adverse weather, climate change, and similar events. If any of these events result in damage to our facilities or systems, or those of our vendors, we may experience interruptions in our business until the damage is repaired, which could result in the potential loss of sales and customers. In addition, we may incur costs in repairing any damage beyond our applicable insurance coverage.

(Amounts in millions)						Square Feet
Wholesale						9.5
Retail						3.3
Corporate & Other						0.4
Active manufacturing, warehousing and distribution centers, office, showroom and retail facilities						13.2
Idle facilities						0.1
Total property						13.3

Company/Index/Market						4/29/2017						4/28/2018						4/27/2019						4/25/2020						4/24/2021						4/30/2022
La-Z-Boy Incorporated						$	100.00					$	106.73					$	120.14					$	79.40					$	164.44					$	101.85
S&P 500 Composite Index						$	100.00					$	114.20					$	128.28					$	126.28					$	189.21					$	189.68
Dow Jones U.S. Furnishings Index						$	100.00					$	88.67					$	74.46					$	48.98					$	122.71					$	85.58

(Amounts in thousands, except per share data)						Total number of shares purchased (1)						Average price paid per share						Total number of shares purchased as part of publicly announced plan (2)						Maximum number of shares that may yet be purchased under the plan
Fiscal February (January 23 - February 26, 2022)						425						$	35.37					424						7,465
Fiscal March (February 27 - March 26, 2022)						—						$	—					—						7,465
Fiscal April (March 27 - April 30, 2022)						4						$	26.45					—						7,465
Fiscal Fourth Quarter of 2022						429						$	35.29					424						7,465

We are the leading global producer of reclining chairs and the second largest manufacturer/distributor 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.

•The centerpiece of our retail distribution strategy is our network of 348 La-Z-Boy Furniture Galleries® stores and 531 La-Z-Boy Comfort Studio® locations, each dedicated to marketing our La-Z-Boy branded products. We consider this dedicated space to be "proprietary."

◦La-Z-Boy Furniture Galleries® stores help consumers furnish their homes by combining the style, comfort, and quality of La-Z-Boy furniture with our available design services. We own 161 of the La-Z-Boy Furniture Galleries® stores, while the remainder are independently owned and operated.

◦La-Z-Boy Comfort Studio® locations are defined spaces within larger independent retailers that are dedicated to displaying and selling La-Z-Boy branded products. All 531 La-Z-Boy Comfort Studio® locations are independently owned and operated.

•Our other brands, England, American Drew, Hammary, and Kincaid enjoy distribution through many of the same outlets, with slightly over half of Hammary’s sales originating through the La-Z-Boy Furniture Galleries® store network.

•Leveraging and reinvigorating our brand with a consumer focus and expanded omni-channel presence. Our strategic initiatives to leverage and reinvigorate our iconic La-Z-Boy brand center on a renewed focus on leveraging the compelling La-Z-Boy comfort message, accelerating our omni-channel offering, and identifying additional consumer-based growth opportunities. Our marketing platform featuring celebrity brand ambassador Kristen Bell drives brand recognition and injects youthful style and sensibility into our marketing campaign, which enhances the appeal of our brand with a younger consumer base. Further, our goal is to connect with consumers along their purchase journey through multiple means, whether online or in person. We are driving change throughout our digital platforms to improve the user experience, with a specific focus on the ease with which customers browse through our broad product assortment, customize products to their liking, find stores to make a purchase, or purchase at www.la-z-boy.com.

•Expanding the reach of our branded distribution channels, which include the La-Z-Boy Furniture Galleries® store network and the La-Z-Boy Comfort Studio® locations, our store-within-a-store format. While the consumer’s purchase journey may start digitally, our consumers also demonstrate an affinity for visiting our stores to shop, allowing us to frequently deliver the flagship La-Z-Boy Furniture Galleries® store, or La-Z-Boy Comfort Studio®, experience and provide design services. We expect our strategic initiatives in this area to generate growth in our Retail segment through an increased company-owned store count and in our Wholesale segment as our proprietary distribution network expands. We are not only focused on growing the number of locations, but also on upgrading existing store locations to our new concept designs.

•Growing our company-owned retail business. We are focused on growing this business by increasing same-store sales through improved execution at the store level and by opportunistically acquiring existing La-Z-Boy Furniture Galleries® stores and opening new La-Z-Boy Furniture Galleries® stores, primarily in markets that can be serviced through our regional distribution centers, where we see opportunity for growth, or where we believe we have opportunities for further market penetration.

•Accelerating the growth of the Joybird brand. During fiscal 2019, we purchased Joybird, a leading e-commerce retailer and manufacturer of upholstered furniture with a direct-to-consumer model. We believe that Joybird is a brand with significant potential and our strategic initiatives in this area focus on fueling profitable growth through an increase in digital marketing spend to drive awareness and customer acquisition, ongoing investments in technology, an expansion of product assortment, and providing additional small format stores in key urban markets to enhance our consumers' omni-channel experience.

•Enhancing our enterprise capabilities to support the growth of our consumer brands and enable potential acquisitions for growth. In addition to our branded distribution channels, approximately 2,200 other dealers sell La-Z-Boy products, providing us the benefit of multi-channel distribution. These outlets include some of the best-known names in the industry, including Slumberland, Nebraska Furniture Mart, Mathis Brothers and Raymour & Flanagan. We believe there is significant growth potential for our consumer brands through these retail channels. Our strategic initiatives focus on enhancing our enterprise capabilities to support the growth of our consumer brands and improving the agility of our supply chain so that it can more broadly support all our consumer brands.

•Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale segment also includes our international wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

•Retail Segment. Our Retail segment consists of one operating segment comprised of our 161 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

•Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments, including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.

						(53 weeks)						(52 weeks)						(FY22 vs FY21)
(Amounts in thousands, except percentages)						4/30/2022						4/24/2021						% Change
Sales						$	2,356,811					$	1,734,244					35.9		%
Operating income						206,756						136,736						51.2		%
Operating margin						8.8%						7.9%

						(53 weeks)						(52 weeks)						(FY22 vs FY21)
(Amounts in thousands, except percentages)						4/30/2022						4/24/2021						% Change
Sales						$	1,768,838					$	1,301,298					35.9		%
Operating income						134,013						134,312						(0.2)		%
Operating margin						7.6%						10.3%

						(53 weeks)						(52 weeks)						(FY22 vs FY21)
(Amounts in thousands, except percentages)						4/30/2022						4/24/2021						% Change
Sales						$	804,394					$	612,906					31.2		%
Operating income						109,546						46,724						134.5		%
Operating margin						13.6%						7.6%

						(53 weeks)						(52 weeks)						(FY22 vs FY21)
(Amounts in thousands, except percentages)						4/30/2022						4/24/2021						% Change
Sales						$	195,959					$	127,370					53.9		%
Eliminations						(412,380)						(307,330)						34.2		%
Operating loss						(36,803)						(44,300)						(16.9)		%

						Fiscal Year Ended
						(53 weeks)						(52 weeks)
(Amounts in thousands)						4/30/2022						4/24/2021
Cash Flows Provided By (Used For)
Net cash provided by operating activities (1)						$	79,004					$	309,917
Net cash used for investing activities						(78,371)						(40,703)
Net cash used for financing activities						(144,561)						(141,054)
Exchange rate changes						(1,919)						3,015
Change in cash, cash equivalents and restricted cash						$	(145,847)					$	131,175

(1)The decrease in net cash provided by operating activities year over year is primarily due to the significant increase in customer deposits during fiscal 2021 resulting from a surge in written sales once retail stores reopened, along with a significant increase in inventory balances in fiscal 2022 to support increased sales demand and manufacturing capacity.

Lease Obligations. We lease real estate for retail stores, distribution centers, warehouses, plants, showrooms and office space and also have equipment leases for tractors/trailers, IT and office equipment, and vehicles. As of April 30, 2022, we had operating and finance lease payment obligations of $477.1 million and $0.5 million, respectively, with $86.6 million and $0.1 million, payable within 12 months, respectively. Refer to Note 6, Leases, to our consolidated financial statements for additional information.

Purchase Obligations. We had purchase obligations of $267.9 million, all payable within 12 months, related to open purchase orders, primarily with foreign and domestic casegoods, leather, and fabric suppliers, which are generally cancellable if production has not begun.

Acquisition Payment Obligations. Consideration for prior acquisitions may include future guaranteed payments and payments contingent on future performance. As of April 30, 2022, we had future guaranteed payments and contingent payments related to our Joybird acquisition of $10.8 million with $5.0 million payable within 12 months.

Indefinite-lived intangible assets include our American Drew trade name and the reacquired right to own and operate La-Z-Boy Furniture Galleries® stores we have acquired. Prior to our retail acquisitions, we licensed the exclusive right to own and operate

La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in those markets to the dealers whose assets we acquired, and we reacquired these rights when we purchased the dealers' other assets. The reacquired right to own and operate La-Z-Boy Furniture Galleries® stores are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. A Retailer Agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement.

Our goodwill relates to the acquisitions of La-Z-Boy Furniture Galleries® stores, the La-Z-Boy wholesale business in the United Kingdom and Ireland, the La-Z-Boy manufacturing business in the United Kingdom, and Joybird®, an e-commerce retailer and manufacturer of upholstered furniture. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. The reporting unit for goodwill arising from the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, the acquisition of the La-Z-Boy manufacturing business in the United Kingdom, and the acquisition of Joybird is each respective business.

						Fiscal Year Ended
						(53 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands, except per share data)						4/30/2022						4/24/2021						4/25/2020
Sales						$	2,356,811					$	1,734,244					$	1,703,982
Cost of sales						1,440,842						993,984						982,537
Gross profit						915,969						740,260						721,445
Selling, general and administrative expense						709,213						603,524						575,821
Goodwill impairment						—						—						26,862
Operating income						206,756						136,736						118,762
Interest expense						(895)						(1,390)						(1,291)
Interest income						1,338						1,101						2,785
Other income (expense), net						(1,708)						9,466						(5,083)
Income before income taxes						205,491						145,913						115,173
Income tax expense						53,163						38,384						36,189
Net income						152,328						107,529						78,984
Net income attributable to noncontrolling interests						(2,311)						(1,068)						(1,515)
Net income attributable to La-Z-Boy Incorporated						$	150,017					$	106,461					$	77,469
Basic weighted average common shares						44,023						45,983						46,399
Basic net income attributable to La-Z-Boy Incorporated per share						$	3.41					$	2.31					$	1.67
Diluted weighted average common shares						44,294						46,367						46,736
Diluted net income attributable to La-Z-Boy Incorporated per share						$	3.39					$	2.30					$	1.66

						Fiscal Year Ended
						(53 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands)						4/30/2022						4/24/2021						4/25/2020
Net income						$	152,328					$	107,529					$	78,984
Other comprehensive income (loss)
Currency translation adjustment						(5,804)						5,466						(2,207)
Change in fair value of cash flow hedges, net of tax						—						—						10
Net unrealized gains (losses) on marketable securities, net of tax						(668)						(79)						185
Net pension amortization and actuarial gain (loss), net of tax						1,394						578						(1,197)
Total other comprehensive income (loss)						(5,078)						5,965						(3,209)
Total comprehensive income before noncontrolling interests						147,250						113,494						75,775
Comprehensive income attributable to noncontrolling interests						(1,509)						(1,602)						(1,249)
Comprehensive income attributable to La-Z-Boy Incorporated						$	145,741					$	111,892					$	74,526

(Amounts in thousands, except par value)						4/30/2022						4/24/2021
Current assets
Cash and equivalents						$	245,589					$	391,213
Restricted cash						3,267						3,490
Receivables, net of allowance of $3,406 at 4/30/2022 and $4,011 at 4/24/2021						183,747						139,341
Inventories, net						303,191						226,137
Other current assets						215,982						165,979
Total current assets						951,776						926,160
Property, plant and equipment, net						253,144						219,194
Goodwill						194,604						175,814
Other intangible assets, net						33,971						30,431
Deferred income taxes – long-term						10,632						11,915
Right of use lease assets						405,755						343,800
Other long-term assets, net						82,207						79,008
Total assets						$	1,932,089					$	1,786,322
Current liabilities
Accounts payable						104,025						94,152
Lease liabilities, short-term						75,271						67,614
Accrued expenses and other current liabilities						496,393						449,904
Total current liabilities						675,689						611,670
Lease liabilities, long-term						354,843						295,023
Other long-term liabilities						81,935						97,483
Shareholders' equity
Preferred shares – 5,000 authorized; none issued						—						—
Common shares, $1 par value – 150,000 authorized; 43,089 outstanding at 4/30/2022 and 45,361 outstanding at 4/24/2021						43,089						45,361
Capital in excess of par value						342,252						330,648
Retained earnings						431,181						399,010
Accumulated other comprehensive loss						(5,797)						(1,521)
Total La-Z-Boy Incorporated shareholders' equity						810,725						773,498
Noncontrolling interests						8,897						8,648
Total equity						819,622						782,146
Total liabilities and equity						$	1,932,089					$	1,786,322

						Fiscal Year Ended
						(53 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands)						4/30/2022						4/24/2021						4/25/2020
Cash flows from operating activities
Net income						$	152,328					$	107,529					$	78,984
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal of assets						(13,657)						(37)						(10,068)
Gain on sale of investments						(478)						(954)						(693)
Provision for doubtful accounts						(617)						(3,169)						13,383
Depreciation and amortization						39,771						33,021						31,192
Amortization of right-of-use lease assets						72,942						65,571						67,673
Equity-based compensation expense						11,858						12,671						8,371
Goodwill impairment						—						—						26,862
Pension termination refund						—						—						(1,900)
Change in deferred taxes						1,022						8,790						719
Change in receivables						(41,829)						(38,288)						29,686
Change in inventories						(72,022)						(40,727)						14,900
Change in other assets						(16,232)						2,926						7,039
Change in payables						6,326						37,068						(9,913)
Change in lease liabilities						(73,805)						(65,881)						(66,238)
Change in other liabilities						13,397						191,397						(25,755)
Net cash provided by operating activities						79,004						309,917						164,242
Cash flows from investing activities
Proceeds from disposals of assets						22,588						2,770						11,273
Proceeds from insurance						—						—						1,080
Capital expenditures						(76,580)						(37,960)						(46,035)
Purchases of investments						(34,152)						(39,584)						(37,477)
Proceeds from sales of investments						36,096						36,071						37,244
Acquisitions						(26,323)						(2,000)						—
Net cash used for investing activities						(78,371)						(40,703)						(33,915)
Cash flows from financing activities
Net proceeds from credit facility						—						—						75,000
Payments on debt and finance lease liabilities						(121)						(75,050)						(161)
Holdback payments for acquisition purchases						(23,000)						(5,783)						(6,850)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes						(1,818)						9,030						3,029
Repurchases of common stock						(90,645)						(44,202)						(43,369)
Dividends paid to shareholders						(27,717)						(16,542)						(25,091)
Dividends paid to minority interest joint venture partners (1)						(1,260)						(8,507)						—
Net cash used for financing activities						(144,561)						(141,054)						2,558
Effect of exchange rate changes on cash and equivalents						(1,919)						3,015						(1,144)
Change in cash, cash equivalents and restricted cash						(145,847)						131,175						131,741
Cash, cash equivalents and restricted cash at beginning of period						394,703						263,528						131,787
Cash, cash equivalents and restricted cash at end of period						$	248,856					$	394,703					$	263,528
Supplemental disclosure of non-cash investing activities
Capital expenditures included in accounts payable						$	9,234					$	4,638					$	3,528

(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.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

(Amounts in thousands, except per share amounts)						Common Shares						Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Non-Controlling Interests						Total
At April 27, 2019						$	46,955					$	313,168					$	325,847					$	(3,462)					$	14,468					$	696,976
Net income						—						—						77,469						—						1,515						78,984
Other comprehensive income (loss)						—						—						—						(2,943)						(266)						(3,209)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax						311						4,453						(1,735)						—						—						3,029
Purchases of 1,409 shares of common stock						(1,409)						(8,097)						(33,863)						—						—						(43,369)
Stock option and restricted stock expense						—						8,371						—						—						—						8,371
Cumulative effect adjustment for leases, net of tax (1)						—						—						574						—						—						574
Reclassification of certain income tax effects (2)						—						—						547						(547)						—						—
Dividends declared and paid ($0.54/share)						—						—						(25,091)						—						—						(25,091)
Dividends declared not paid ($0.54/share)						—						—						(115)						—						—						(115)
Change in noncontrolling interests						—						320						—						—						(164)						156
At April 25, 2020						$	45,857					$	318,215					$	343,633					$	(6,952)					$	15,553					$	716,306
Net income						—						—						106,461						—						1,068						107,529
Other comprehensive income (loss)						—						—						—						5,431						534						5,965
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax						583						10,188						(1,741)						—						—						9,030
Purchases of 1,079 shares of common stock						(1,079)						(10,426)						(32,697)						—						—						(44,202)
Stock option and restricted stock expense						—						12,671						—						—						—						12,671
Dividends declared and paid ($0.36/share) (3)						—						—						(16,542)						—						(8,507)						(25,049)
Dividends declared not paid ($0.36/share)						—						—						(104)						—						—						(104)
At April 24, 2021						$	45,361					$	330,648					$	399,010					$	(1,521)					$	8,648					$	782,146
Net income						—						—						150,017						—						2,311						152,328
Other comprehensive income (loss)						—						—						—						(4,276)						(802)						(5,078)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax						208						834						(2,860)						—						—						(1,818)
Purchases of 2,480 shares of common stock						(2,480)						(1,088)						(87,077)						—						—						(90,645)
Stock option and restricted stock expense						—						11,858						—						—						—						11,858
Dividends declared and paid ($0.63/share) (3)						—						—						(27,717)						—						(1,260)						(28,977)
Dividends declared not paid ($0.63/share)						—						—						(192)						—						—						(192)
At April 30, 2022						$	43,089					$	342,252					$	431,181					$	(5,797)					$	8,897					$	819,622

(1)Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02, Leases (Topic 842).

Indefinite-lived intangible assets include our American Drew trade name and the reacquired right to own and operate La-Z-Boy Furniture Galleries® stores we have acquired. Prior to our retail acquisitions, we licensed the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in those markets to the dealers whose assets we acquired, and we reacquired these rights when we purchased the dealers' other assets. The reacquired right to own and operate La-Z-Boy Furniture Galleries® stores are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. A Retailer Agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement.

Our goodwill relates to the acquisitions of La-Z-Boy Furniture Galleries® stores, the La-Z-Boy wholesale business in the United Kingdom and Ireland, the La-Z-Boy manufacturing business in the United Kingdom, and Joybird®, an e-commerce retailer and manufacturer of upholstered furniture. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. We have three geographic regions which are considered components of our Retail operating segment. These three geographic regions are aggregated into one reporting unit for goodwill because they are economically similar, they operate in a consistent manner across the regions, and each store supports and benefits from common research and development projects. Additionally, the goodwill is recoverable from each of the geographic regions working in concert because we can change the composition of the regions to strategically rebalance management and distribution capacity as needed. The reporting unit for goodwill arising from the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, the acquisition of the La-Z-Boy manufacturing business in the United Kingdom, and the acquisition of Joybird is each respective business.

We have amortizable intangible assets related to the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which primarily include acquired customer relationships. These intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed 15 years. We also have an amortizable intangible asset for the Joybird® trade name, which is amortized on a straight-line basis over its estimated useful life of eight years. All intangible amortization expense is recorded as a component of SG&A expense. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired. If we determine an assessment for impairment is necessary, we establish the fair value of these amortizable intangible assets based on the multi-period excess earnings method, a variant of the income approach, and the relief from royalty method, as applicable.

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. We generate revenues primarily by manufacturing/importing and delivering upholstery and casegoods (wood) furniture products to independent furniture retailers, independently-owned La-Z-Boy Furniture Galleries® stores or the end consumer. Each unit of furniture is a separate performance obligation, and we satisfy our performance obligation when control of our product is passed to our customer, which is the point in time that our customers are able to direct the use of and obtain substantially all of the remaining economic benefit of the goods or services.

A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our dealers' La-Z-Boy Furniture Galleries® stores, which reimburse us for about 25% of the cost of the program (excluding company-owned stores). Because of this shared cost arrangement, the advertising expense is reported as a component of SG&A, while the dealers' reimbursement portion is reported as a component of sales.

ASU						Description
ASU 2018-14						Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
ASU 2019-12						Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
ASU 2020-01						Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
ASU 2021-10						Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

ASU

Description

Adoption Date

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers

Fiscal 2024

On December 6, 2021, we completed our acquisition of the Alabama and Chattanooga, Tennessee businesses that operate four independently owned La-Z-Boy Furniture Galleries® stores in Alabama and one in Chattanooga, Tennessee, for $8.3 million, subject to customary purchase price adjustments. In the third quarter of fiscal 2022, we paid $8.0 million of cash for the purchase of the Alabama and Chattanooga, Tennessee stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Alabama and Chattanooga, Tennessee markets, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $4.1 million related to these reacquired rights. We also recognized $7.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

On August 16, 2021, we completed our acquisition of the Long Island, New York business that operates three independently owned La-Z-Boy Furniture Galleries® stores for $4.5 million, subject to customary adjustments. In the second quarter of fiscal 2022, we paid $4.4 million of cash for the purchase of the Long Island, New York stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Long Island, New York market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $0.8 million related to these reacquired rights. We also recognized $4.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

On September 14, 2020, we completed our asset acquisition of the Seattle, Washington business that operated six independently owned La-Z-Boy Furniture Galleries® stores and one warehouse for $13.5 million, subject to customary purchase price adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over 36 months or fewer, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

(Amounts in thousands)						4/30/2022						4/24/2021
Cash and cash equivalents						$	245,589					$	391,213
Restricted cash						3,267						3,490
Total cash, cash equivalents and restricted cash						$	248,856					$	394,703

(Amounts in thousands)						4/30/2022						4/24/2021
Raw materials						$	146,896					$	112,371
Work in process						36,834						24,791
Finished goods						185,870						121,182
FIFO inventories						369,600						258,344
Excess of FIFO over LIFO						(66,409)						(32,207)
Total inventories (1)						$	303,191					$	226,137

(1)Increased balance due to rising costs and higher volume to support increased sales demand and manufacturing capacity.

(Amounts in thousands)						Estimated Useful Lives						4/30/2022						4/24/2021
Buildings and building fixtures						3 - 30 years						$	250,758					$	234,375
Machinery and equipment						3 - 20 years						184,223						167,577
Information systems, hardware and software						3 - 15 years						102,861						93,174
Furniture and fixtures						3 - 10 years						23,665						23,441
Land improvements						3 - 30 years						23,541						23,855
Transportation equipment						3 - 6 years						16,499						15,372
Land						N/A						8,587						12,405
Construction in progress						N/A						38,712						24,848
												648,846						595,047
Accumulated depreciation												(395,702)						(375,853)
Net property, plant and equipment												$	253,144					$	219,194