La-Z-Boy (LZB) 10-Q16 Nov 212022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 23, 2021	Nov. 09, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 23, 2021
Document Transition Report	false
Entity File Number	1-9656
Entity Registrant Name	LA-Z-BOY INCORPORATED
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0751137
Entity Address, Address Line One	One La-Z-Boy Drive,
Entity Address, City or Town	Monroe,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48162-5138
City Area Code	734
Local Phone Number	242-144
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	LZB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,905,858
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Income Statement [Abstract]
Sales	$ 575,889	$ 459,120	$ 1,100,672	$ 744,578
Cost of sales	352,594	258,565	675,295	427,660
Gross profit	223,295	200,555	425,377	316,918
Selling, general and administrative expense	169,182	152,616	336,893	264,654
Operating income	54,113	47,939	88,484	52,264
Interest expense	(242)	(346)	(553)	(805)
Interest income	106	123	223	617
Other income (expense), net	1,031	(11)	938	1,463
Income before income taxes	55,008	47,705	89,092	53,539
Income tax expense	14,650	12,401	23,468	13,556
Net income	40,358	35,304	65,624	39,983
Net income attributable to noncontrolling interests	(842)	(369)	(1,542)	(250)
Net income attributable to La-Z-Boy Incorporated	$ 39,516	$ 34,935	$ 64,082	$ 39,733
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	44,251	46,023	44,662	45,966
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.89	$ 0.76	$ 1.43	$ 0.86
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	44,423	46,323	44,915	46,167
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.89	$ 0.75	$ 1.43	$ 0.86

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 40,358	$ 35,304	$ 65,624	$ 39,983
Other comprehensive income (loss)
Currency translation adjustment	(9)	1,354	(1,251)	3,465
Net unrealized gain (loss) on marketable securities, net of tax	(498)	(65)	(50)	(23)
Net pension amortization, net of tax	57	65	119	130
Total other comprehensive income (loss)	(450)	1,354	(1,182)	3,572
Total comprehensive income before allocation to noncontrolling interests	39,908	36,658	64,442	43,555
Comprehensive income attributable to noncontrolling interests	(722)	(448)	(992)	(827)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 39,186	$ 36,210	$ 63,450	$ 42,728

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Current assets
Cash and equivalents	$ 293,341	$ 391,213
Restricted cash	3,266	3,490
Receivables, net of allowance of $3,016 at 10/23/2021 and $4,011 at 4/24/2021	173,998	139,341
Inventories, net	285,770	226,137
Other current assets	208,793	165,979
Total current assets	965,168	926,160
Property, plant and equipment, net	237,518	219,194
Goodwill	180,108	175,814
Other intangible assets, net	30,738	30,431
Deferred income taxes – long-term	11,727	11,915
Right of use lease assets	341,363	343,800
Other long-term assets, net	85,472	79,008
Total assets	1,852,094	1,786,322
Current liabilities
Accounts payable	119,971	94,152
Lease liabilities, current	67,859	67,614
Accrued expenses and other current liabilities	492,710	449,904
Total current liabilities	680,540	611,670
Lease liabilities, long-term	294,252	295,023
Other long-term liabilities	91,620	97,483
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 44,200 outstanding at 10/23/21 and 45,361 outstanding at 4/24/21	44,200	45,361
Capital in excess of par value	336,920	330,648
Retained earnings	398,335	399,010
Accumulated other comprehensive loss	(2,153)	(1,521)
Total La-Z-Boy Incorporated shareholders' equity	777,302	773,498
Noncontrolling interests	8,380	8,648
Total equity	785,682	782,146
Total liabilities and equity	$ 1,852,094	$ 1,786,322

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Current assets
Receivables, allowance	$ 3,016	$ 4,011
Shareholders' equity
Preferred shares, authorized (in shares)	5,000,000	5,000,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	150,000,000	150,000,000
Common shares, outstanding (in shares)	44,200,000	45,361,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Oct. 23, 2021	Oct. 24, 2020
Cash flows from operating activities
Net income		$ 65,624	$ 39,983
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal of assets		(3,151)	140
Gain on sale of investments		(218)	(284)
Provision for doubtful accounts		(944)	(1,568)
Depreciation and amortization		17,785	16,351
Amortization of right-of-use lease assets		34,368	35,137
Equity-based compensation expense		6,354	6,167
Change in deferred taxes		170	1,849
Change in receivables		(33,937)	(28,949)
Change in inventories		(59,336)	(3,511)
Change in other assets		(20,666)	(1,926)
Change in payables		22,683	33,236
Change in lease liabilities		(34,598)	(32,422)
Change in other liabilities		21,300	131,507
Net cash provided by operating activities		15,434	195,710
Cash flows from investing activities
Proceeds from disposals of assets		3,998	21
Capital expenditures		(33,314)	(15,442)
Purchases of investments		(21,426)	(17,649)
Proceeds from sales of investments		22,666	19,470
Acquisitions		(4,396)	(2,000)
Net cash used for investing activities		(32,472)	(15,600)
Cash flows from financing activities
Payments on debt and finance lease liabilities		(60)	(75,013)
Holdback payments for acquisition purchases		(13,500)	(5,783)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes		(1,870)	364
Repurchases of common stock		(50,640)	0
Dividends paid to shareholders		(13,398)	(3,216)
Dividends paid to minority interest joint venture partners	[1]	(1,260)	(8,507)
Net cash used for financing activities		(80,728)	(92,155)
Effect of exchange rate changes on cash and equivalents		(330)	1,944
Change in cash, cash equivalents and restricted cash		(98,096)	89,899
Cash, cash equivalents and restricted cash at beginning of period		394,703	263,528
Cash, cash equivalents and restricted cash at end of period		296,607	353,427
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables		$ 7,900	$ 3,769

[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.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Common Shares	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance at Apr. 25, 2020		$ 716,306	$ 45,857	$ 318,215	$ 343,633	$ (6,952)	$ 15,553
Increase (Decrease) in Stockholders' Equity
Net income (loss)		4,679			4,798		(119)
Other comprehensive income (loss)		2,218				1,720	498
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(1,749)	132	(195)	(1,686)
Stock option and restricted stock expense		2,047		2,047
Dividends declared and paid	[1]	(8,502)			5		(8,507)
Ending balance at Jul. 25, 2020		714,999	45,989	320,067	346,750	(5,232)	7,425
Beginning balance at Apr. 25, 2020		716,306	45,857	318,215	343,633	(6,952)	15,553
Increase (Decrease) in Stockholders' Equity
Net income (loss)		39,983					250
Other comprehensive income (loss)		3,572					577
Ending balance at Oct. 24, 2020		754,649	46,113	326,182	378,438	(3,957)	7,873
Beginning balance at Jul. 25, 2020		714,999	45,989	320,067	346,750	(5,232)	7,425
Increase (Decrease) in Stockholders' Equity
Net income (loss)		35,304			34,935		369
Other comprehensive income (loss)		1,354				1,275	79
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		2,113	124	1,995	(6)
Stock option and restricted stock expense		4,120		4,120
Dividends declared and paid		(3,221)			(3,221)
Dividends declared not paid		(20)			(20)
Ending balance at Oct. 24, 2020		754,649	46,113	326,182	378,438	(3,957)	7,873
Beginning balance at Apr. 24, 2021		782,146	45,361	330,648	399,010	(1,521)	8,648
Increase (Decrease) in Stockholders' Equity
Net income (loss)		25,266			24,566		700
Other comprehensive income (loss)		(732)				(302)	(430)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(2,228)	$ 181	291	(2,700)
Shares purchased (in shares)			(919)
Repurchases of shares of common stock		(35,640)	$ (919)	(530)	(34,191)
Stock option and restricted stock expense		2,460		2,460
Dividends declared and paid		(6,777)			(6,777)
Dividends declared not paid		(46)			(46)
Ending balance at Jul. 24, 2021		764,449	44,623	332,869	379,862	(1,823)	8,918
Beginning balance at Apr. 24, 2021		782,146	45,361	330,648	399,010	(1,521)	8,648
Increase (Decrease) in Stockholders' Equity
Net income (loss)		65,624					1,542
Other comprehensive income (loss)		(1,182)					(550)
Ending balance at Oct. 23, 2021		785,682	44,200	336,920	398,335	(2,153)	8,380
Beginning balance at Jul. 24, 2021		764,449	44,623	332,869	379,862	(1,823)	8,918
Increase (Decrease) in Stockholders' Equity
Net income (loss)		40,358			39,516		842
Other comprehensive income (loss)		(450)				(330)	(120)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		358	$ 11	353	(6)
Shares purchased (in shares)			(434)
Repurchases of shares of common stock		(15,000)	$ (434)	(196)	(14,370)
Stock option and restricted stock expense		3,894		3,894
Dividends declared and paid	[1]	(7,881)			(6,621)		(1,260)
Dividends declared not paid		(46)			(46)
Ending balance at Oct. 23, 2021		$ 785,682	$ 44,200	$ 336,920	$ 398,335	$ (2,153)	$ 8,380

[1]	No dividends to shareholders were declared or paid during the first quarter of fiscal 2021; amount includes dividends forfeited from restricted stock awards previously granted. Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended			6 Months Ended
	Oct. 23, 2021	Jul. 24, 2021	Oct. 24, 2020	Oct. 24, 2020
Dividends paid (in dollars per share)	$ 0.15	$ 0.15	$ 0.07	$ 0
Dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.07	$ 0
Common Shares
Shares purchased (in shares)	434	919

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Oct. 23, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 24, 2021 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2021 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 generally accepted accounting principles. 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 30, 2022. At October 23, 2021, we owned preferred shares and warrants to purchase common shares of two privately-held companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary. Accounting pronouncements adopted in fiscal 2022 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. 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 Accounting pronouncements not yet adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers Fiscal 2024

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Oct. 23, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On August 16, 2021, we completed our asset 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 is a core part of one 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) where the model makes sense geographically, alongside of the 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. The acquisition of the Long Island, New York business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months of acquisition as we gain additional data. Prior Year Acquisitions On September 14, 2020, we completed our asset acquisition of the Seattle, Washington business that operates six independently owned La-Z-Boy Furniture Galleries ® stores and one warehouse for $13.5 million, subject to customary 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 is a core part of one 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) where the model makes sense geographically, alongside of the 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. The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. Post-Quarter End Acquisition On October 25, 2021 we completed the acquisition of Furnico Furniture Ltd ("Furnico"), an upholstery manufacturing business in the U.K for approximately $11.5 million. Furnico also operates a wholesale business, selling white label products to key U.K. retailers. With this acquisition, we expect to realize production synergies, cost savings through materials procurement, and increases in production capacity for the La-Z-Boy product. Comparability During fiscal 2021, we determined that holdback payments for acquisition purchases of $5.8 million included in net cash used by investing activities should have been included in net cash used by financing activities for the first six months of fiscal 2021. Although the amount impacting payments for acquisitions was not material to the fiscal 2021 consolidated financial statements, the classification of these amounts has been corrected by revising the consolidated statements of cash flows for the six months ended October 24, 2020.

Cash and Restricted Cash

Cash and Restricted Cash	6 Months Ended
Cash and Restricted Cash	Oct. 23, 2021
Cash and Cash Equivalents [Abstract]
Cash and Restricted Cash	Cash and Restricted Cash We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 Cash and cash equivalents $ 293,341 $ 350,949 Restricted cash 3,266 2,478 Total cash, cash equivalents and restricted cash $ 296,607 $ 353,427

Inventories

Inventories	6 Months Ended
Inventories	Oct. 23, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Raw materials $ 159,079 $ 112,371 Work in process 34,665 24,791 Finished goods 133,471 121,182 FIFO inventories 327,215 258,344 Excess of FIFO over LIFO (41,445) (32,207) Total inventories $ 285,770 $ 226,137

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Oct. 23, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets We have goodwill on our consolidated balance sheet as follows: Reportable Segment/Unit Reporting Unit Related Acquisition Wholesale Segment La-Z-Boy United Kingdom Wholesale business in the United Kingdom and Ireland Retail Segment Retail La-Z-Boy Furniture Galleries ® stores Corporate & Other Joybird Joybird The following table summarizes changes in the carrying amount of our goodwill by reportable segment: (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Balance at April 24, 2021 $ 13,052 $ 107,316 $ 55,446 $ 175,814 Acquisitions — 4,374 — 4,374 Translation adjustment (114) 34 — (80) Balance at October 23, 2021 $ 12,938 $ 111,724 $ 55,446 $ 180,108 We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Wholesale Segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Wholesale Segment American Drew ® trade name Indefinite-lived Retail Segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite- Indefinite- Other Total Balance at April 24, 2021 $ 1,155 $ 4,205 $ 22,507 $ 2,564 $ 30,431 Acquisitions — — 822 — 822 Amortization — (399) — (120) (519) Translation adjustment — — 25 (21) 4 Balance at October 23, 2021 $ 1,155 $ 3,806 $ 23,354 $ 2,423 $ 30,738

Investments

Investments	6 Months Ended
Investments	Oct. 23, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. We also hold other investments consisting of cost-basis preferred shares of two privately-held start-up companies (refer to Note 16, Fair Value Measurements). Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet. The following summarizes our investments: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Short-term investments: Marketable securities $ 16,512 $ 18,037 Held-to-maturity investments 1,371 2,532 Total short-term investments 17,883 20,569 Long-term investments: Marketable securities 29,079 27,256 Cost basis investments 7,579 7,579 Total long-term investments 36,658 34,835 Total investments $ 54,541 $ 55,404 Investments to enhance returns on cash $ 31,029 $ 32,475 Investments to fund compensation/retirement plans 15,933 15,350 Other investments 7,579 7,579 Total investments $ 54,541 $ 55,404 The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 10/23/2021 4/24/2021 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 3,096 $ (1) $ 15,094 $ 2,798 $ (5) $ 14,954 Fixed income 124 (83) 35,057 136 (29) 35,631 Other 1,180 — 4,390 559 — 4,819 Total securities $ 4,400 $ (84) $ 54,541 $ 3,493 $ (34) $ 55,404 The following table summarizes sales of marketable securities: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Proceeds from sales $ 11,938 $ 3,292 $ 21,653 $ 17,017 Gross realized gains 287 184 554 310 Gross realized losses (325) (8) (336) (26) The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity: (Unaudited, amounts in thousands) 10/23/2021 Within one year $ 16,777 Within two to five years 15,668 Within six to ten years 975 Thereafter 1,637 Total $ 35,057

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
Accrued Expenses and Other Current Liabilities	Oct. 23, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Payroll and other compensation $ 53,696 $ 62,546 Accrued product warranty, current portion 15,139 14,447 Customer deposits 194,015 180,766 Deferred revenue 135,542 108,460 Other current liabilities 94,318 83,685 Accrued expenses and other current liabilities $ 492,710 $ 449,904

Product Warranties

Product Warranties	6 Months Ended
Product Warranties	Oct. 23, 2021
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties We accrue an estimated liability for product warranties when we recognize revenue on the sale of warrantied products. We estimate future warranty claims on product sales based on our historical claims experience and periodically adjust the provision to reflect changes in actual experience. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs, and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Wholesale reportable segment as we generally warrant our products against defects for one year on fabric and leather, from one A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 (1) 10/24/2020 Balance as of the beginning of the period $ 24,433 $ 23,123 $ 23,636 $ 23,255 Accruals during the period 6,673 5,306 13,887 9,134 Settlements during the period (6,038) (5,491) (12,455) (9,451) Balance as of the end of the period $ 25,068 $ 22,938 $ 25,068 $ 22,938 (1) $15.1 million and $14.4 million is recorded in accrued expenses and other current liabilities as of October 23, 2021 and April 24, 2021, respectively, while the remainder is included in other long-term liabilities. We recorded accruals during the periods presented in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.

Debt

Debt	6 Months Ended
Debt	Oct. 23, 2021
Debt Disclosure [Abstract]
Debt	DebtOn October 15, 2021, we entered into a new five-year $200.0 million unsecured revolving credit facility (the “Credit Facility”). Borrowings under the Credit Facility may be used by the Company for general corporate purposes and working capital. We may increase the size of the facility, either in the form of additional revolving commitments or new term loans, subject to the discretion of each lender to participate in such increase, up to an additional amount of $100.0 million. The Credit Facility will mature on October 15, 2026 and provides us the ability to extend the maturity date for two additional one-year periods, subject to customary conditions. As of October 23, 2021, we have no borrowings outstanding under the Credit Facility. The Credit Facility contains certain restrictive loan covenants, including, among others, financial covenants requiring a maximum consolidated net lease adjusted leverage ratio and a minimum consolidated fixed charge coverage ratio, as well as customary covenants limiting our ability to incur indebtedness, grant liens, make acquisitions, merge or consolidate, and dispose of assets. As of October 23, 2021, we were in compliance with our financial covenants under the Credit Facility. The Credit Facility replaces our previous $150.0 million revolving credit facility, which had been secured primarily by all of our accounts receivable, inventory, cash deposits, and securities accounts. The previous revolving credit facility was terminated on October 15, 2021, and is no longer in effect.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Oct. 23, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Equity-based awards expense $ 3,894 $ 4,120 $ 6,354 $ 6,167 Liability-based awards expense (1) 61 754 (623) 1,338 Total stock-based compensation expense $ 3,955 $ 4,874 $ 5,731 $ 7,505 (1) Liability-based awards are comprised primarily of deferred stock units granted to non-employee directors. Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period. Stock Options. We granted 252,996 stock options to employees during the first quarter of fiscal 2022 and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. The vesting period for our stock options ranges from one We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. The fair value of stock options granted during the first quarter of fiscal 2022 was calculated using the following assumptions: (Unaudited) Fiscal 2022 grant Assumption Risk-free interest rate 0.82 % U.S. Treasury issues with term equal to expected life at grant date Dividend rate 1.58 % Estimated future dividend rate and common share price at grant date Expected life 5.0 years Contractual term of stock option and expected employee exercise trends Stock price volatility 42.16 % Historical volatility of our common shares Fair value per option $ 12.29 Restricted Stock . We granted 114,963 shares of restricted stock to employees during the first six months of fiscal 2022. We issue restricted stock at no cost to the employees, and the shares are held in an escrow account until the vesting period ends. If a recipient's employment ends during the escrow period (other than through death or disability), the shares are returned at no cost to the Company. We account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. The weighted-average fair value of the restricted stock that was awarded in the first six months of fiscal 2022 was $38.43 per share, the market value of our common shares on the date of grant. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date over a term of four years. Restricted Stock Units . During the second quarter of fiscal 2022, we granted 29,910 restricted stock units to our non-employee directors. These restricted stock units vest when the director leaves the board. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of the grant, which was $35.11. Performance Shares. During the first quarter of fiscal 2022, we granted 125,021 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of the fiscal 2022 grant depends on our financial performance (50%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (50%). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2022 that vest based on attaining performance goals was $36.13, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share’s fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. For shares that vest based on market conditions, we expense compensation cost over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2022 grant of shares that vest based on market conditions was $51.85.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Oct. 23, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the quarters ended October 23, 2021, and October 24, 2020, is as follows: (Unaudited, amounts in thousands) Translation adjustment Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive income (loss) Balance at July 24, 2021 $ 2,229 $ 818 $ (4,870) $ (1,823) Changes before reclassifications 111 (660) — (549) Amounts reclassified to net income — (2) 75 73 Tax effect — 164 (18) 146 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 111 (498) 57 (330) Balance at October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Balance at July 25, 2020 $ (278) $ 491 $ (5,445) $ (5,232) Changes before reclassifications 1,275 (61) — 1,214 Amounts reclassified to net income — (25) 86 61 Tax effect — 21 (21) — Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,275 (65) 65 1,275 Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957) The activity in accumulated other comprehensive income (loss) for the six months ended October 23, 2021 and October 24, 2020, is as follows: (Unaudited, amounts in thousands) Translation adjustment Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive income (loss) Balance at April 24, 2021 $ 3,041 $ 370 $ (4,932) $ (1,521) Changes before reclassifications (701) (69) — (770) Amounts reclassified to net income — 2 150 152 Tax effect — 17 (31) (14) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (701) (50) 119 (632) Balance at October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Balance at April 25, 2020 $ (1,891) $ 449 $ (5,510) $ (6,952) Changes before reclassifications 2,888 16 — 2,904 Amounts reclassified to net income — (47) 173 126 Tax effect — 8 (43) (35) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 2,888 (23) 130 2,995 Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957) We reclassified both the unrealized gain (loss) on marketable securities and the net pension amortization from accumulated other comprehensive loss to net income through other income (expense), net. The components of non-controlling interest were as follows: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Balance as of the beginning of the period $ 8,918 $ 7,425 $ 8,648 $ 15,553 Net income 842 369 1,542 250 Other comprehensive income (loss) (120) 79 (550) 577 Dividends distributed to joint venture minority partners (1,260) — (1,260) (8,507) Balance as of the end of the period $ 8,380 $ 7,873 $ 8,380 $ 7,873

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Oct. 23, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship the product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery. For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time we recognize revenue in accordance with this election. For sales tax, we have elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes. We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration. The following table presents our revenue disaggregated by product category and by segment or unit: Quarter Ended October 23, 2021 Quarter Ended October 24, 2020 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 234,702 $ 109,980 $ 96 $ 344,778 $ 200,448 $ 99,462 $ 162 $ 300,072 Stationary Upholstery Furniture 98,693 44,146 50,272 193,111 92,679 30,980 36,424 160,083 Bedroom Furniture 11,382 1,803 3,602 16,787 8,437 1,323 2,296 12,056 Dining Room Furniture 8,393 3,411 1,107 12,911 6,874 2,799 844 10,517 Occasional Furniture 11,751 6,965 818 19,534 12,541 5,351 806 18,698 Delivery 44,321 6,825 1,765 52,911 31,039 6,135 1,396 38,570 Other (1) 29,850 19,290 (12,647) 36,493 (9,002) 16,225 (8,211) (988) Total $ 439,092 $ 192,420 $ 45,013 $ 676,525 $ 343,016 $ 162,275 $ 33,717 $ 539,008 Eliminations (100,636) (79,888) Consolidated Net Sales $ 575,889 $ 459,120 Six Months Ended October 23, 2021 Six Months Ended October 24, 2020 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 461,314 $ 212,484 $ 250 $ 674,048 $ 332,712 $ 152,909 $ 223 $ 485,844 Stationary Upholstery Furniture 190,102 86,511 97,619 374,232 150,993 48,635 52,497 252,125 Bedroom Furniture 23,307 3,788 6,850 33,945 15,549 2,418 3,527 21,494 Dining Room Furniture 15,379 6,660 2,207 24,246 11,421 4,617 1,501 17,539 Occasional Furniture 24,350 12,987 1,813 39,150 20,651 8,761 1,535 30,947 Delivery 83,150 13,665 3,532 100,347 50,575 9,035 2,104 61,714 Other (1) 34,989 38,172 (23,624) 49,537 (15,312) 27,037 (10,929) 796 Total $ 832,591 $ 374,267 $ 88,647 $ 1,295,505 $ 566,589 $ 253,412 $ 50,458 $ 870,459 Eliminations (194,833) (125,881) Consolidated Net Sales $ 1,100,672 $ 744,578 (1) Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, discounts and allowances, rebates and other sales incentives. Motion Upholstery Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, and modulars that have a mechanism that allows the back of the product to recline or the product's footrest to extend. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio ® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. Stationary Upholstery Furniture - Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio ® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. Bedroom Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. Dining Room Furniture - Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. Occasional Furniture - Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. Contract Assets and Liabilities. We receive customer deposits from end consumers before we recognize revenue and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet, customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other current liabilities while contract assets are reported as other current assets. The following table presents our contract assets and liabilities: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Contract assets $ 135,542 $ 108,460 Customer deposits $ 194,015 $ 180,766 Deferred revenue 135,542 108,460 Total contract liabilities (1) $ 329,557 $ 289,226 (1) During the six months ended October 23, 2021, we recognized revenue of $244.0 million related to our contract liability balance at April 24, 2021.

Segment Information

Segment Information	6 Months Ended
Segment Information	Oct. 23, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable operating segments include the Wholesale segment and the Retail segment. 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 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 159 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. The following table presents sales and operating income (loss) by segment: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Sales Wholesale segment: Sales to external customers $ 341,823 $ 266,189 $ 645,440 $ 445,944 Intersegment sales 97,269 76,827 187,151 120,645 Wholesale segment sales 439,092 343,016 832,591 566,589 Retail segment sales 192,420 162,275 374,267 253,412 Corporate and Other: Sales to external customers 41,646 30,656 80,965 45,222 Intersegment sales 3,367 3,061 7,682 5,236 Corporate and Other sales 45,013 33,717 88,647 50,458 Eliminations (100,636) (79,888) (194,833) (125,881) Consolidated sales $ 575,889 $ 459,120 $ 1,100,672 $ 744,578 Operating Income (Loss) Wholesale segment $ 43,128 $ 41,683 $ 61,459 $ 59,623 Retail segment 23,962 15,093 44,400 8,466 Corporate and Other (12,977) (8,837) (17,375) (15,825) Consolidated operating income 54,113 47,939 88,484 52,264 Interest expense (242) (346) (553) (805) Interest income 106 123 223 617 Other income (expense), net 1,031 (11) 938 1,463 Income before income taxes $ 55,008 $ 47,705 $ 89,092 $ 53,539

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Oct. 23, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was 26.6% and 26.3% for the second quarter and six months ended October 23, 2021, respectively, compared with 26.0% and 25.3% for the second quarter and six months ended October 24, 2020, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Oct. 23, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareCertain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2019, we granted restricted stock awards that contained non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. Beginning in fiscal 2019 and going forward, the restricted stock awards we granted do not have non-forfeitable rights to dividends and therefore are not considered participating securities. The dividends on these restricted stock awards are, and will continue to be, held in escrow until the stock awards vest at which time we will pay any accumulated dividends. The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share: Quarter Ended Six Months Ended (Unaudited, amounts in thousands, except per share data) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 39,516 $ 34,935 $ 64,082 $ 39,733 Income allocated to participating securities — (11) (6) (22) Net income available to common Shareholders $ 39,516 $ 34,924 $ 64,076 $ 39,711 Denominator: Basic weighted average common shares outstanding 44,251 46,023 44,662 45,966 Contingent common shares — 148 — 127 Stock option dilution 172 152 253 74 Diluted weighted average common shares outstanding 44,423 46,323 44,915 46,167 Earnings per Share: Basic $ 0.89 $ 0.76 $ 1.43 $ 0.86 Diluted $ 0.89 $ 0.75 $ 1.43 $ 0.86 The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period. We exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. For the second quarter and six months ended October 23, 2021, we excluded options to purchase 0.3 million shares from the diluted share calculation. For the second quarter and six months ended October 24, 2020, we excluded 0.3 million and 0.6 million shares, respectively, from the diluted share calculation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Oct. 23, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them: • Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. • Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability. • Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur. In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss. The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at October 23, 2021 and April 24, 2021. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At October 23, 2021 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 37,580 $ — $ 8,011 $ 45,591 Held-to-maturity investments 1,371 — — — 1,371 Cost basis investments — — 7,579 — 7,579 Total assets $ 1,371 $ 37,580 $ 7,579 $ 8,011 $ 54,541 Liabilities Contingent consideration liability $ — $ — $ 4,600 $ — $ 4,600 At April 24, 2021 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 119 $ 37,572 $ — $ 7,602 $ 45,293 Held-to-maturity investments 2,532 — — — 2,532 Cost basis investment — — 7,579 — 7,579 Total assets $ 2,651 $ 37,572 $ 7,579 $ 7,602 $ 55,404 Liabilities Contingent consideration liability $ — $ — $ 14,100 $ — $ 14,100 (1) Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. At October 23, 2021 and April 24, 2021, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as marketable securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments. The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs. At October 23, 2021, our Level 3 assets included non-marketable preferred shares and warrants to purchase common shares of two privately held start-up companies. The fair value for our Level 3 investments is not readily determinable so we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. There were no changes to the fair value of our Level 3 assets during the six months ended October 23, 2021. Our Level 3 liability includes our contingent consideration liability resulting from the Joybird acquisition. Based on the achievement of fiscal 2021 performance metrics, we paid $10.0 million of contingent consideration during the second quarter of fiscal 2022. The fair value of our contingent consideration liability as of October 23, 2021, reflects our expectation that consideration will be owed under the terms of the earn out agreement based on fiscal 2023 projections of Joybird revenue and earnings. The fair value is determined using a variation of the income approach, known as the real options method, whereby revenue and earnings are simulated over the earnout periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earnout payments were calculated based on management’s probability estimates for achievement of the revenue and earnings milestones and then were discounted to the valuation date using a discount rate of 1.8%. During the second quarter of fiscal 2022, we recognized an increase in the fair value of our contingent consideration liability of $0.5 million based on an updated valuation reflecting our most recent financial projections. There were no other changes to the fair value of our Level 3 liabilities during the six months ended October 23, 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Oct. 23, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	Accounting pronouncements adopted in fiscal 2022 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. 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 Accounting pronouncements not yet adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers Fiscal 2024

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
Basis of Presentation (Tables)	Oct. 23, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted	The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. 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 The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers Fiscal 2024

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	6 Months Ended
Cash and Restricted Cash (Tables)	Oct. 23, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 Cash and cash equivalents $ 293,341 $ 350,949 Restricted cash 3,266 2,478 Total cash, cash equivalents and restricted cash $ 296,607 $ 353,427
Restrictions on Cash and Cash Equivalents	We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 Cash and cash equivalents $ 293,341 $ 350,949 Restricted cash 3,266 2,478 Total cash, cash equivalents and restricted cash $ 296,607 $ 353,427

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Oct. 23, 2021
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories is as follows: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Raw materials $ 159,079 $ 112,371 Work in process 34,665 24,791 Finished goods 133,471 121,182 FIFO inventories 327,215 258,344 Excess of FIFO over LIFO (41,445) (32,207) Total inventories $ 285,770 $ 226,137

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Oct. 23, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	We have goodwill on our consolidated balance sheet as follows: Reportable Segment/Unit Reporting Unit Related Acquisition Wholesale Segment La-Z-Boy United Kingdom Wholesale business in the United Kingdom and Ireland Retail Segment Retail La-Z-Boy Furniture Galleries ® stores Corporate & Other Joybird Joybird The following table summarizes changes in the carrying amount of our goodwill by reportable segment: (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Balance at April 24, 2021 $ 13,052 $ 107,316 $ 55,446 $ 175,814 Acquisitions — 4,374 — 4,374 Translation adjustment (114) 34 — (80) Balance at October 23, 2021 $ 12,938 $ 111,724 $ 55,446 $ 180,108
Schedule of other intangible assets - indefinite-lived	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Wholesale Segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Wholesale Segment American Drew ® trade name Indefinite-lived Retail Segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite- Indefinite- Other Total Balance at April 24, 2021 $ 1,155 $ 4,205 $ 22,507 $ 2,564 $ 30,431 Acquisitions — — 822 — 822 Amortization — (399) — (120) (519) Translation adjustment — — 25 (21) 4 Balance at October 23, 2021 $ 1,155 $ 3,806 $ 23,354 $ 2,423 $ 30,738
Schedule of other intangible assets - finite-lived	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Wholesale Segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Wholesale Segment American Drew ® trade name Indefinite-lived Retail Segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite- Indefinite- Other Total Balance at April 24, 2021 $ 1,155 $ 4,205 $ 22,507 $ 2,564 $ 30,431 Acquisitions — — 822 — 822 Amortization — (399) — (120) (519) Translation adjustment — — 25 (21) 4 Balance at October 23, 2021 $ 1,155 $ 3,806 $ 23,354 $ 2,423 $ 30,738

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Oct. 23, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of investments	The following summarizes our investments: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Short-term investments: Marketable securities $ 16,512 $ 18,037 Held-to-maturity investments 1,371 2,532 Total short-term investments 17,883 20,569 Long-term investments: Marketable securities 29,079 27,256 Cost basis investments 7,579 7,579 Total long-term investments 36,658 34,835 Total investments $ 54,541 $ 55,404 Investments to enhance returns on cash $ 31,029 $ 32,475 Investments to fund compensation/retirement plans 15,933 15,350 Other investments 7,579 7,579 Total investments $ 54,541 $ 55,404
Summary of unrealized gains, unrealized losses, and fair value by investment type	The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 10/23/2021 4/24/2021 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 3,096 $ (1) $ 15,094 $ 2,798 $ (5) $ 14,954 Fixed income 124 (83) 35,057 136 (29) 35,631 Other 1,180 — 4,390 559 — 4,819 Total securities $ 4,400 $ (84) $ 54,541 $ 3,493 $ (34) $ 55,404
Summary of sales of marketable securities	The following table summarizes sales of marketable securities: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Proceeds from sales $ 11,938 $ 3,292 $ 21,653 $ 17,017 Gross realized gains 287 184 554 310 Gross realized losses (325) (8) (336) (26)
Summary of fair value of fixed income marketable securities	The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity: (Unaudited, amounts in thousands) 10/23/2021 Within one year $ 16,777 Within two to five years 15,668 Within six to ten years 975 Thereafter 1,637 Total $ 35,057

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Oct. 23, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	(Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Payroll and other compensation $ 53,696 $ 62,546 Accrued product warranty, current portion 15,139 14,447 Customer deposits 194,015 180,766 Deferred revenue 135,542 108,460 Other current liabilities 94,318 83,685 Accrued expenses and other current liabilities $ 492,710 $ 449,904

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
Product Warranties (Tables)	Oct. 23, 2021
Product Warranties Disclosures [Abstract]
Reconciliation of changes in product warranty liability	A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 (1) 10/24/2020 Balance as of the beginning of the period $ 24,433 $ 23,123 $ 23,636 $ 23,255 Accruals during the period 6,673 5,306 13,887 9,134 Settlements during the period (6,038) (5,491) (12,455) (9,451) Balance as of the end of the period $ 25,068 $ 22,938 $ 25,068 $ 22,938 (1) $15.1 million and $14.4 million is recorded in accrued expenses and other current liabilities as of October 23, 2021 and April 24, 2021, respectively, while the remainder is included in other long-term liabilities.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Oct. 23, 2021
Share-based Payment Arrangement [Abstract]
Summary of total stock-based compensation expense	The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Equity-based awards expense $ 3,894 $ 4,120 $ 6,354 $ 6,167 Liability-based awards expense (1) 61 754 (623) 1,338 Total stock-based compensation expense $ 3,955 $ 4,874 $ 5,731 $ 7,505
Fair value assumptions for stock options	The fair value of stock options granted during the first quarter of fiscal 2022 was calculated using the following assumptions: (Unaudited) Fiscal 2022 grant Assumption Risk-free interest rate 0.82 % U.S. Treasury issues with term equal to expected life at grant date Dividend rate 1.58 % Estimated future dividend rate and common share price at grant date Expected life 5.0 years Contractual term of stock option and expected employee exercise trends Stock price volatility 42.16 % Historical volatility of our common shares Fair value per option $ 12.29

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Oct. 23, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of activity in accumulated other comprehensive income (loss)	The activity in accumulated other comprehensive income (loss) for the quarters ended October 23, 2021, and October 24, 2020, is as follows: (Unaudited, amounts in thousands) Translation adjustment Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive income (loss) Balance at July 24, 2021 $ 2,229 $ 818 $ (4,870) $ (1,823) Changes before reclassifications 111 (660) — (549) Amounts reclassified to net income — (2) 75 73 Tax effect — 164 (18) 146 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 111 (498) 57 (330) Balance at October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Balance at July 25, 2020 $ (278) $ 491 $ (5,445) $ (5,232) Changes before reclassifications 1,275 (61) — 1,214 Amounts reclassified to net income — (25) 86 61 Tax effect — 21 (21) — Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,275 (65) 65 1,275 Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957) (Unaudited, amounts in thousands) Translation adjustment Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive income (loss) Balance at April 24, 2021 $ 3,041 $ 370 $ (4,932) $ (1,521) Changes before reclassifications (701) (69) — (770) Amounts reclassified to net income — 2 150 152 Tax effect — 17 (31) (14) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (701) (50) 119 (632) Balance at October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Balance at April 25, 2020 $ (1,891) $ 449 $ (5,510) $ (6,952) Changes before reclassifications 2,888 16 — 2,904 Amounts reclassified to net income — (47) 173 126 Tax effect — 8 (43) (35) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 2,888 (23) 130 2,995 Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957)
Schedule of components of non-controlling interest	The components of non-controlling interest were as follows: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Balance as of the beginning of the period $ 8,918 $ 7,425 $ 8,648 $ 15,553 Net income 842 369 1,542 250 Other comprehensive income (loss) (120) 79 (550) 577 Dividends distributed to joint venture minority partners (1,260) — (1,260) (8,507) Balance as of the end of the period $ 8,380 $ 7,873 $ 8,380 $ 7,873

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Oct. 23, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue by product category by segment or unit	The following table presents our revenue disaggregated by product category and by segment or unit: Quarter Ended October 23, 2021 Quarter Ended October 24, 2020 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 234,702 $ 109,980 $ 96 $ 344,778 $ 200,448 $ 99,462 $ 162 $ 300,072 Stationary Upholstery Furniture 98,693 44,146 50,272 193,111 92,679 30,980 36,424 160,083 Bedroom Furniture 11,382 1,803 3,602 16,787 8,437 1,323 2,296 12,056 Dining Room Furniture 8,393 3,411 1,107 12,911 6,874 2,799 844 10,517 Occasional Furniture 11,751 6,965 818 19,534 12,541 5,351 806 18,698 Delivery 44,321 6,825 1,765 52,911 31,039 6,135 1,396 38,570 Other (1) 29,850 19,290 (12,647) 36,493 (9,002) 16,225 (8,211) (988) Total $ 439,092 $ 192,420 $ 45,013 $ 676,525 $ 343,016 $ 162,275 $ 33,717 $ 539,008 Eliminations (100,636) (79,888) Consolidated Net Sales $ 575,889 $ 459,120 Six Months Ended October 23, 2021 Six Months Ended October 24, 2020 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 461,314 $ 212,484 $ 250 $ 674,048 $ 332,712 $ 152,909 $ 223 $ 485,844 Stationary Upholstery Furniture 190,102 86,511 97,619 374,232 150,993 48,635 52,497 252,125 Bedroom Furniture 23,307 3,788 6,850 33,945 15,549 2,418 3,527 21,494 Dining Room Furniture 15,379 6,660 2,207 24,246 11,421 4,617 1,501 17,539 Occasional Furniture 24,350 12,987 1,813 39,150 20,651 8,761 1,535 30,947 Delivery 83,150 13,665 3,532 100,347 50,575 9,035 2,104 61,714 Other (1) 34,989 38,172 (23,624) 49,537 (15,312) 27,037 (10,929) 796 Total $ 832,591 $ 374,267 $ 88,647 $ 1,295,505 $ 566,589 $ 253,412 $ 50,458 $ 870,459 Eliminations (194,833) (125,881) Consolidated Net Sales $ 1,100,672 $ 744,578 (1) Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, discounts and allowances, rebates and other sales incentives.
Contract with customer, contract assets and contract liabilities	The following table presents our contract assets and liabilities: (Unaudited, amounts in thousands) 10/23/2021 4/24/2021 Contract assets $ 135,542 $ 108,460 Customer deposits $ 194,015 $ 180,766 Deferred revenue 135,542 108,460 Total contract liabilities (1) $ 329,557 $ 289,226 (1) During the six months ended October 23, 2021, we recognized revenue of $244.0 million related to our contract liability balance at April 24, 2021.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Oct. 23, 2021
Segment Reporting [Abstract]
Sales and operating income (loss) by segment	The following table presents sales and operating income (loss) by segment: Quarter Ended Six Months Ended (Unaudited, amounts in thousands) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Sales Wholesale segment: Sales to external customers $ 341,823 $ 266,189 $ 645,440 $ 445,944 Intersegment sales 97,269 76,827 187,151 120,645 Wholesale segment sales 439,092 343,016 832,591 566,589 Retail segment sales 192,420 162,275 374,267 253,412 Corporate and Other: Sales to external customers 41,646 30,656 80,965 45,222 Intersegment sales 3,367 3,061 7,682 5,236 Corporate and Other sales 45,013 33,717 88,647 50,458 Eliminations (100,636) (79,888) (194,833) (125,881) Consolidated sales $ 575,889 $ 459,120 $ 1,100,672 $ 744,578 Operating Income (Loss) Wholesale segment $ 43,128 $ 41,683 $ 61,459 $ 59,623 Retail segment 23,962 15,093 44,400 8,466 Corporate and Other (12,977) (8,837) (17,375) (15,825) Consolidated operating income 54,113 47,939 88,484 52,264 Interest expense (242) (346) (553) (805) Interest income 106 123 223 617 Other income (expense), net 1,031 (11) 938 1,463 Income before income taxes $ 55,008 $ 47,705 $ 89,092 $ 53,539

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Oct. 23, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of numerators and denominators used in the computation of basic and diluted earnings per share	The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share: Quarter Ended Six Months Ended (Unaudited, amounts in thousands, except per share data) 10/23/2021 10/24/2020 10/23/2021 10/24/2020 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 39,516 $ 34,935 $ 64,082 $ 39,733 Income allocated to participating securities — (11) (6) (22) Net income available to common Shareholders $ 39,516 $ 34,924 $ 64,076 $ 39,711 Denominator: Basic weighted average common shares outstanding 44,251 46,023 44,662 45,966 Contingent common shares — 148 — 127 Stock option dilution 172 152 253 74 Diluted weighted average common shares outstanding 44,423 46,323 44,915 46,167 Earnings per Share: Basic $ 0.89 $ 0.76 $ 1.43 $ 0.86 Diluted $ 0.89 $ 0.75 $ 1.43 $ 0.86

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Oct. 23, 2021
Fair Value Disclosures [Abstract]
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis	The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at October 23, 2021 and April 24, 2021. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At October 23, 2021 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 37,580 $ — $ 8,011 $ 45,591 Held-to-maturity investments 1,371 — — — 1,371 Cost basis investments — — 7,579 — 7,579 Total assets $ 1,371 $ 37,580 $ 7,579 $ 8,011 $ 54,541 Liabilities Contingent consideration liability $ — $ — $ 4,600 $ — $ 4,600 At April 24, 2021 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 119 $ 37,572 $ — $ 7,602 $ 45,293 Held-to-maturity investments 2,532 — — — 2,532 Cost basis investment — — 7,579 — 7,579 Total assets $ 2,651 $ 37,572 $ 7,579 $ 7,602 $ 55,404 Liabilities Contingent consideration liability $ — $ — $ 14,100 $ — $ 14,100

Basis of Presentation (Details)

Basis of Presentation (Details)	Oct. 23, 2021company
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Preferred share investments with common share warrant, number of privately-held companies	2

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Oct. 25, 2021USD ($)	Aug. 16, 2021USD ($)store	Sep. 14, 2020USD ($)storewarehouse	Oct. 23, 2021USD ($)	Oct. 24, 2020USD ($)	Apr. 24, 2021USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired				$ 822
Goodwill				180,108		$ 175,814
Holdback payments for acquisition purchases				$ 13,500	$ 5,783
UK \| Furnico \| Subsequent Event
Business Acquisition [Line Items]
Consideration transferred	$ 11,500
Independently-owned Business \| Long Island
Business Acquisition [Line Items]
Number of stores acquired \| store		3
Consideration transferred		$ 4,500
Payments for asset acquisitions		4,400
Indefinite-lived intangible assets acquired		$ 800
Amortization period for tax purposes		15 years
Independently-owned Business \| Seattle, Washington
Business Acquisition [Line Items]
Number of stores acquired \| store			6
Number of warehouses acquired \| warehouse			1
Consideration transferred			$ 13,500
Payments for asset acquisitions			2,000
Guaranteed future payments for asset acquisitions			9,400
Indefinite-lived intangible assets acquired			$ 2,200
Amortization period for tax purposes			15 years
Retail \| Independently-owned Business \| Long Island
Business Acquisition [Line Items]
Goodwill		$ 4,400
Retail \| Independently-owned Business \| Seattle, Washington
Business Acquisition [Line Items]
Goodwill			$ 12,900

Cash and Restricted Cash (Detai

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021	Oct. 24, 2020	Apr. 25, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 293,341	$ 391,213	$ 350,949
Restricted cash	3,266	3,490	2,478
Total cash, cash equivalents and restricted cash	$ 296,607	$ 394,703	$ 353,427	$ 263,528

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 159,079	$ 112,371
Work in process	34,665	24,791
Finished goods	133,471	121,182
FIFO inventories	327,215	258,344
Excess of FIFO over LIFO	(41,445)	(32,207)
Total inventories	$ 285,770	$ 226,137

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Oct. 23, 2021USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 175,814
Acquisitions	4,374
Translation adjustment	(80)
Balance at end of period	180,108
Corporate and Other
Roll-forward of goodwill
Balance at beginning of period	55,446
Acquisitions	0
Translation adjustment	0
Balance at end of period	55,446
Wholesale segment \| Operating Segments
Roll-forward of goodwill
Balance at beginning of period	13,052
Acquisitions	0
Translation adjustment	(114)
Balance at end of period	12,938
Retail Segment \| Operating Segments
Roll-forward of goodwill
Balance at beginning of period	107,316
Acquisitions	4,374
Translation adjustment	34
Balance at end of period	$ 111,724

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Oct. 23, 2021USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 30,431
Acquisitions	822
Amortization	(519)
Translation adjustment	4
Balance at end of period	$ 30,738
Corporate and Other
Other intangible assets
Useful life	8 years
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	$ 4,205
Acquisitions	0
Amortization	(399)
Translation adjustment	0
Balance at end of period	3,806
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	2,564
Acquisitions	0
Amortization	(120)
Translation adjustment	(21)
Balance at end of period	2,423
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Acquisitions	0
Amortization	0
Translation adjustment	0
Balance at end of period	1,155
Indefinite- Lived Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	22,507
Acquisitions	822
Amortization	0
Translation adjustment	25
Balance at end of period	$ 23,354
Maximum \| Wholesale segment \| Operating Segments
Other intangible assets
Useful life	15 years

Investments - Additional Inform

Investments - Additional Information (Details)	Oct. 23, 2021company
Investments, Debt and Equity Securities [Abstract]
Preferred share investments, number of privately-held companies	2

Investments - Components (Detai

Investments - Components (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Investments
Total investments	$ 54,541	$ 55,404
Investments to enhance returns on cash
Investments
Total investments	31,029	32,475
Investments to fund compensation/retirement plans
Investments
Total investments	15,933	15,350
Other investments
Investments
Total investments	7,579	7,579
Short-term investments
Investments
Marketable securities	16,512	18,037
Held-to-maturity investments	1,371	2,532
Total investments	17,883	20,569
Long-term investments
Investments
Marketable securities	29,079	27,256
Cost basis investments	7,579	7,579
Total investments	$ 36,658	$ 34,835

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Summary of investments
Gross Unrealized Gains	$ 4,400	$ 3,493
Gross Unrealized Losses	(84)	(34)
Fair Value	54,541	55,404
Equity securities
Summary of investments
Gross Unrealized Gains	3,096	2,798
Gross Unrealized Losses	(1)	(5)
Fair Value	15,094	14,954
Fixed income
Summary of investments
Gross Unrealized Gains	124	136
Gross Unrealized Losses	(83)	(29)
Fair Value	35,057	35,631
Other
Summary of investments
Gross Unrealized Gains	1,180	559
Gross Unrealized Losses	0	0
Fair Value	$ 4,390	$ 4,819

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Sales of marketable securities
Proceeds from sales	$ 11,938	$ 3,292	$ 21,653	$ 17,017
Gross realized gains	287	184	554	310
Gross realized losses	(325)	$ (8)	(336)	$ (26)
Fair value of available-for-sale securities by contractual maturity
Within one year	16,777		16,777
Within two to five years	15,668		15,668
Within six to ten years	975		975
Thereafter	1,637		1,637
Total	$ 35,057		$ 35,057

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Payables and Accruals [Abstract]
Payroll and other compensation	$ 53,696	$ 62,546
Accrued product warranty, current portion	15,139	14,447
Customer deposits	194,015	180,766
Deferred revenue	135,542	108,460
Other current liabilities	94,318	83,685
Accrued expenses and other current liabilities	$ 492,710	$ 449,904

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020	Apr. 24, 2021
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 24,433	$ 23,123	$ 23,636	$ 23,255
Accruals during the period	6,673	5,306	13,887	9,134
Settlements during the period	(6,038)	(5,491)	(12,455)	(9,451)
Balance as of the end of the period	25,068	$ 22,938	25,068	$ 22,938
Product warranty liability accrued	$ 15,100		$ 15,100		$ 14,400
Minimum \| Wholesale segment
Product Warranties
Percentage of warranty liability relating to the segment			90.00%
Fabric and leather \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year
Cushions and padding \| Minimum \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year
Cushions and padding \| Maximum \| Wholesale segment
Product Warranties
Warranty term (in years)			10 years
Labor costs relating to parts \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year

Debt (Details)

Debt (Details) - Revolving Credit Facility	Oct. 15, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Maximum borrowing capacity	$ 200,000,000
Accordion feature, increase limit	$ 100,000,000

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 3,894	$ 4,120	$ 6,354	$ 6,167
Liability-based awards expense	61	754	(623)	1,338
Total stock-based compensation expense	$ 3,955	$ 4,874	$ 5,731	$ 7,505

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Additional Information (Details) - Stock Options	6 Months Ended
	Oct. 23, 2021shares
Stock-Based Compensation
Shares granted (in shares)	252,996
Minimum
Stock-Based Compensation
Vesting period	1 year
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options, Fair Value Assumptions (Details) - Stock Options	6 Months Ended
	Oct. 23, 2021$ / shares
Stock-Based Compensation
Risk-free interest rate	0.82%
Dividend rate	1.58%
Expected life	5 years
Stock price volatility	42.16%
Fair value per share (in dollars per share)	$ 12.29

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock, Additional Information (Details) - Restricted Stock	6 Months Ended
	Oct. 23, 2021$ / sharesshares
Stock-Based Compensation
Number of shares or units granted (in shares) \| shares	114,963
Fair value per share (in dollars per share) \| $ / shares	$ 38.43
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units, Additional Information (Details)	3 Months Ended
	Oct. 23, 2021shares
Non Employee Directors \| Restricted Stock Units (RSUs)
Stock-Based Compensation
Number of shares or units granted (in shares)	29,910

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares, Additional Information (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jul. 24, 2021	Oct. 23, 2021
Stock-Based Compensation
Common stock, market price (in dollars per share)		$ 35.11
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares)	125,021
Performance Awards
Stock-Based Compensation
Performance awards, performance period		3 years
Performance Awards \| Fiscal 2022 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance		50.00%
Percentage of payout dependent on total shareholder return		50.00%
Granted (in dollars per share)		$ 36.13
Performance Awards \| Fiscal 2020 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance		80.00%
Percentage of payout dependent on total shareholder return		20.00%
Performance Awards \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		50.00%
Performance Awards \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		200.00%
Performance Based Shares, vesting based on market conditions \| Fiscal 2022 Grant
Stock-Based Compensation
Granted (in dollars per share)		$ 51.85

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 23, 2021	Jul. 24, 2021	Oct. 24, 2020	Jul. 25, 2020	Oct. 23, 2021	Oct. 24, 2020
Activity in accumulated other comprehensive loss
Beginning balance	$ 764,449	$ 782,146	$ 714,999	$ 716,306	$ 782,146	$ 716,306
Total other comprehensive income (loss)	(450)	(732)	1,354	2,218	(1,182)	3,572
Ending balance	785,682	764,449	754,649	714,999	785,682	754,649
Components of non-controlling interest
Beginning balance	764,449	782,146	714,999	716,306	782,146	716,306
Net income	40,358	25,266	35,304	4,679	65,624	39,983
Other comprehensive income (loss)	(450)	(732)	1,354	2,218	(1,182)	3,572
Ending balance	785,682	764,449	754,649	714,999	785,682	754,649
Accumulated other comprehensive income (loss)
Activity in accumulated other comprehensive loss
Beginning balance	(1,823)	(1,521)	(5,232)	(6,952)	(1,521)	(6,952)
Changes before reclassifications	(549)		1,214		(770)	2,904
Amounts reclassified to net income	73		61		152	126
Tax effect	146		0		(14)	(35)
Total other comprehensive income (loss)	(330)		1,275		(632)	2,995
Ending balance	(2,153)	(1,823)	(3,957)	(5,232)	(2,153)	(3,957)
Components of non-controlling interest
Beginning balance	(1,823)	(1,521)	(5,232)	(6,952)	(1,521)	(6,952)
Other comprehensive income (loss)	(330)		1,275		(632)	2,995
Ending balance	(2,153)	(1,823)	(3,957)	(5,232)	(2,153)	(3,957)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	2,229	3,041	(278)	(1,891)	3,041	(1,891)
Changes before reclassifications	111		1,275		(701)	2,888
Amounts reclassified to net income	0		0		0	0
Tax effect	0		0		0	0
Total other comprehensive income (loss)	111		1,275		(701)	2,888
Ending balance	2,340	2,229	997	(278)	2,340	997
Components of non-controlling interest
Beginning balance	2,229	3,041	(278)	(1,891)	3,041	(1,891)
Other comprehensive income (loss)	111		1,275		(701)	2,888
Ending balance	2,340	2,229	997	(278)	2,340	997
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	818	370	491	449	370	449
Changes before reclassifications	(660)		(61)		(69)	16
Amounts reclassified to net income	(2)		(25)		2	(47)
Tax effect	164		21		17	8
Total other comprehensive income (loss)	(498)		(65)		(50)	(23)
Ending balance	320	818	426	491	320	426
Components of non-controlling interest
Beginning balance	818	370	491	449	370	449
Other comprehensive income (loss)	(498)		(65)		(50)	(23)
Ending balance	320	818	426	491	320	426
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(4,870)	(4,932)	(5,445)	(5,510)	(4,932)	(5,510)
Changes before reclassifications	0		0		0	0
Amounts reclassified to net income	75		86		150	173
Tax effect	(18)		(21)		(31)	(43)
Total other comprehensive income (loss)	57		65		119	130
Ending balance	(4,813)	(4,870)	(5,380)	(5,445)	(4,813)	(5,380)
Components of non-controlling interest
Beginning balance	(4,870)	(4,932)	(5,445)	(5,510)	(4,932)	(5,510)
Other comprehensive income (loss)	57		65		119	130
Ending balance	(4,813)	(4,870)	(5,380)	(5,445)	(4,813)	(5,380)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	8,918	8,648	7,425	15,553	8,648	15,553
Total other comprehensive income (loss)	(120)	(430)	79	498	(550)	577
Ending balance	8,380	8,918	7,873	7,425	8,380	7,873
Components of non-controlling interest
Beginning balance	8,918	8,648	7,425	15,553	8,648	15,553
Net income	842	700	369	(119)	1,542	250
Other comprehensive income (loss)	(120)	(430)	79	498	(550)	577
Dividends distributed to joint venture minority partners	(1,260)		0		(1,260)	(8,507)
Ending balance	$ 8,380	$ 8,918	$ 7,873	$ 7,425	$ 8,380	$ 7,873

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Revenue Recognition
Sales	$ 575,889	$ 459,120	$ 1,100,672	$ 744,578
Wholesale segment
Revenue Recognition
Sales	341,823	266,189	645,440	445,944
Operating Segments
Revenue Recognition
Sales	676,525	539,008	1,295,505	870,459
Operating Segments \| Motion Upholstery Furniture
Revenue Recognition
Sales	344,778	300,072	674,048	485,844
Operating Segments \| Stationary Upholstery Furniture
Revenue Recognition
Sales	193,111	160,083	374,232	252,125
Operating Segments \| Bedroom Furniture
Revenue Recognition
Sales	16,787	12,056	33,945	21,494
Operating Segments \| Dining Room Furniture
Revenue Recognition
Sales	12,911	10,517	24,246	17,539
Operating Segments \| Occasional Furniture
Revenue Recognition
Sales	19,534	18,698	39,150	30,947
Operating Segments \| Delivery
Revenue Recognition
Sales	52,911	38,570	100,347	61,714
Operating Segments \| Other
Revenue Recognition
Sales	36,493	(988)	49,537	796
Operating Segments \| Wholesale segment
Revenue Recognition
Sales	439,092	343,016	832,591	566,589
Operating Segments \| Wholesale segment \| Motion Upholstery Furniture
Revenue Recognition
Sales	234,702	200,448	461,314	332,712
Operating Segments \| Wholesale segment \| Stationary Upholstery Furniture
Revenue Recognition
Sales	98,693	92,679	190,102	150,993
Operating Segments \| Wholesale segment \| Bedroom Furniture
Revenue Recognition
Sales	11,382	8,437	23,307	15,549
Operating Segments \| Wholesale segment \| Dining Room Furniture
Revenue Recognition
Sales	8,393	6,874	15,379	11,421
Operating Segments \| Wholesale segment \| Occasional Furniture
Revenue Recognition
Sales	11,751	12,541	24,350	20,651
Operating Segments \| Wholesale segment \| Delivery
Revenue Recognition
Sales	44,321	31,039	83,150	50,575
Operating Segments \| Wholesale segment \| Other
Revenue Recognition
Sales	29,850	(9,002)	34,989	(15,312)
Operating Segments \| Retail
Revenue Recognition
Sales	192,420	162,275	374,267	253,412
Operating Segments \| Retail \| Motion Upholstery Furniture
Revenue Recognition
Sales	109,980	99,462	212,484	152,909
Operating Segments \| Retail \| Stationary Upholstery Furniture
Revenue Recognition
Sales	44,146	30,980	86,511	48,635
Operating Segments \| Retail \| Bedroom Furniture
Revenue Recognition
Sales	1,803	1,323	3,788	2,418
Operating Segments \| Retail \| Dining Room Furniture
Revenue Recognition
Sales	3,411	2,799	6,660	4,617
Operating Segments \| Retail \| Occasional Furniture
Revenue Recognition
Sales	6,965	5,351	12,987	8,761
Operating Segments \| Retail \| Delivery
Revenue Recognition
Sales	6,825	6,135	13,665	9,035
Operating Segments \| Retail \| Other
Revenue Recognition
Sales	19,290	16,225	38,172	27,037
Corporate and Other
Revenue Recognition
Sales	45,013	33,717	88,647	50,458
Corporate and Other \| Motion Upholstery Furniture
Revenue Recognition
Sales	96	162	250	223
Corporate and Other \| Stationary Upholstery Furniture
Revenue Recognition
Sales	50,272	36,424	97,619	52,497
Corporate and Other \| Bedroom Furniture
Revenue Recognition
Sales	3,602	2,296	6,850	3,527
Corporate and Other \| Dining Room Furniture
Revenue Recognition
Sales	1,107	844	2,207	1,501
Corporate and Other \| Occasional Furniture
Revenue Recognition
Sales	818	806	1,813	1,535
Corporate and Other \| Delivery
Revenue Recognition
Sales	1,765	1,396	3,532	2,104
Corporate and Other \| Other
Revenue Recognition
Sales	(12,647)	(8,211)	(23,624)	(10,929)
Eliminations
Revenue Recognition
Sales	$ (100,636)	$ (79,888)	$ (194,833)	$ (125,881)

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 23, 2021	Apr. 24, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 135,542	$ 108,460
Customer deposits	194,015	180,766
Deferred revenue	135,542	108,460
Total contract liabilities	329,557	$ 289,226
Revenue recognized related to contract liabilities	$ 244,000

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Oct. 23, 2021storesegmentbrand
Wholesale segment
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	1
Wholesale segment \| Casegoods
Segment Reporting Information [Line Items]
Number of brands \| brand	3
Retail Segment
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of stores \| store	159

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Segment Reporting Information [Line Items]
Sales	$ 575,889	$ 459,120	$ 1,100,672	$ 744,578
Operating Income (Loss)	54,113	47,939	88,484	52,264
Interest expense	(242)	(346)	(553)	(805)
Interest income	106	123	223	617
Other income (expense), net	1,031	(11)	938	1,463
Income before income taxes	55,008	47,705	89,092	53,539
Wholesale segment
Segment Reporting Information [Line Items]
Sales	341,823	266,189	645,440	445,944
Operating Segments
Segment Reporting Information [Line Items]
Sales	676,525	539,008	1,295,505	870,459
Operating Segments \| Wholesale segment
Segment Reporting Information [Line Items]
Sales	439,092	343,016	832,591	566,589
Operating Income (Loss)	43,128	41,683	61,459	59,623
Operating Segments \| Retail Segment
Segment Reporting Information [Line Items]
Sales	192,420	162,275	374,267	253,412
Operating Income (Loss)	23,962	15,093	44,400	8,466
Corporate and Other
Segment Reporting Information [Line Items]
Sales	45,013	33,717	88,647	50,458
Operating Income (Loss)	(12,977)	(8,837)	(17,375)	(15,825)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	41,646	30,656	80,965	45,222
Intersegment sales
Segment Reporting Information [Line Items]
Sales	3,367	3,061	7,682	5,236
Intersegment sales \| Wholesale segment
Segment Reporting Information [Line Items]
Sales	97,269	76,827	187,151	120,645
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (100,636)	$ (79,888)	$ (194,833)	$ (125,881)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	26.60%	26.00%	26.30%	25.30%
Statutory tax rate			21.00%

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 23, 2021	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 39,516	$ 34,935	$ 64,082	$ 39,733
Income allocated to participating securities	0	(11)	(6)	(22)
Net income available to common Shareholders	$ 39,516	$ 34,924	$ 64,076	$ 39,711
Denominator:
Basic weighted average common shares outstanding (in shares)	44,251	46,023	44,662	45,966
Contingent common shares (in shares)	0	148	0	127
Stock option dilution (in shares)	172	152	253	74
Diluted weighted average common shares outstanding (in shares)	44,423	46,323	44,915	46,167
Earnings per Share:
Basic (in dollars per share)	$ 0.89	$ 0.76	$ 1.43	$ 0.86
Diluted (in dollars per share)	$ 0.89	$ 0.75	$ 1.43	$ 0.86

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Oct. 24, 2020	Oct. 23, 2021	Oct. 24, 2020
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.3	0.3	0.6

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Oct. 23, 2021	Apr. 24, 2021
Assets
Total assets	$ 54,541	$ 55,404
Recurring basis
Assets
Marketable securities	45,591	45,293
Held-to-maturity investments	1,371	2,532
Cost basis investments	7,579	7,579
Total assets	54,541	55,404
Liabilities
Contingent consideration liability	4,600	14,100
Recurring basis \| Level 1
Assets
Marketable securities	0	119
Held-to-maturity investments	1,371	2,532
Cost basis investments	0	0
Total assets	1,371	2,651
Liabilities
Contingent consideration liability	0	0
Recurring basis \| Level 2
Assets
Marketable securities	37,580	37,572
Held-to-maturity investments	0	0
Cost basis investments	0	0
Total assets	37,580	37,572
Liabilities
Contingent consideration liability	0	0
Recurring basis \| Level 3
Assets
Marketable securities	0	0
Held-to-maturity investments	0	0
Cost basis investments	7,579	7,579
Total assets	7,579	7,579
Liabilities
Contingent consideration liability	4,600	14,100
Recurring basis \| NAV
Assets
Marketable securities	8,011	7,602
Held-to-maturity investments	0	0
Cost basis investments	0	0
Total assets	8,011	7,602
Liabilities
Contingent consideration liability	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended
	Oct. 23, 2021USD ($)company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount rate for fiscal 2023 milestone contingent consideration	1.80%
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Contingent consideration liability, Increase in fair value	$ 0.5
Joybird
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Payment for contingent consideration liability	$ 10
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred share investments with common share warrant, number of privately-held companies \| company	2