La-Z-Boy (LZB) 10-Q 15 Feb 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Jan. 22, 2022	Feb. 08, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 22, 2022
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		43,222,357
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Income Statement [Abstract]
Sales	$ 571,573	$ 470,196	$ 1,672,245	$ 1,214,774
Cost of sales	352,208	268,944	1,027,503	696,604
Gross profit	219,365	201,252	644,742	518,170
Selling, general and administrative expense	179,878	166,838	516,771	431,492
Operating income	39,487	34,414	127,971	86,678
Interest expense	(160)	(298)	(713)	(1,103)
Interest income	806	285	1,029	902
Other income (expense), net	(1,460)	6,532	(522)	7,995
Income before income taxes	38,673	40,933	127,765	94,472
Income tax expense	9,591	11,344	33,059	24,900
Net income	29,082	29,589	94,706	69,572
Net income attributable to noncontrolling interests	(615)	(357)	(2,157)	(607)
Net income attributable to La-Z-Boy Incorporated	$ 28,467	$ 29,232	$ 92,549	$ 68,965
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	43,701	46,261	44,342	46,064
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.65	$ 0.63	$ 2.09	$ 1.50
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	43,968	46,818	44,640	46,407
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.65	$ 0.62	$ 2.07	$ 1.49

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 29,082	$ 29,589	$ 94,706	$ 69,572
Other comprehensive income (loss)
Currency translation adjustment	(651)	2,286	(1,902)	5,751
Net unrealized loss on marketable securities, net of tax	(140)	(14)	(190)	(37)
Net pension amortization, net of tax	56	65	175	195
Total other comprehensive income (loss)	(735)	2,337	(1,917)	5,909
Total comprehensive income before allocation to noncontrolling interests	28,347	31,926	92,789	75,481
Comprehensive income attributable to noncontrolling interests	(716)	(719)	(1,708)	(1,546)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 27,631	$ 31,207	$ 91,081	$ 73,935

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Current assets
Cash and equivalents	$ 236,712	$ 391,213
Restricted cash	3,266	3,490
Receivables, net of allowance of $2,996 at 1/22/2022 and $4,011 at 4/24/2021	163,018	139,341
Inventories, net	315,595	226,137
Other current assets	243,713	165,979
Total current assets	962,304	926,160
Property, plant and equipment, net	250,945	219,194
Goodwill	195,010	175,814
Other intangible assets, net	34,469	30,431
Deferred income taxes – long-term	11,685	11,915
Right of use lease assets	388,713	343,800
Other long-term assets, net	86,438	79,008
Total assets	1,929,564	1,786,322
Current liabilities
Accounts payable	117,239	94,152
Lease liabilities, current	73,222	67,614
Accrued expenses and other current liabilities	523,009	449,904
Total current liabilities	713,470	611,670
Lease liabilities, long-term	338,478	295,023
Other long-term liabilities	93,133	97,483
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 43,505 outstanding at 1/22/22 and 45,361 outstanding at 4/24/21	43,505	45,361
Capital in excess of par value	339,294	330,648
Retained earnings	395,577	399,010
Accumulated other comprehensive loss	(2,989)	(1,521)
Total La-Z-Boy Incorporated shareholders' equity	775,387	773,498
Noncontrolling interests	9,096	8,648
Total equity	784,483	782,146
Total liabilities and equity	$ 1,929,564	$ 1,786,322

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Current assets
Receivables, allowance	$ 2,996	$ 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)	43,505,000	45,361,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Jan. 22, 2022	Jan. 23, 2021
Cash flows from operating activities
Net income		$ 94,706	$ 69,572
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal of assets		(3,149)	133
Gain on sale of investments		(340)	(438)
Provision for doubtful accounts		(1,070)	(2,483)
Depreciation and amortization		27,146	24,620
Amortization of right-of-use lease assets		53,949	48,864
Equity-based compensation expense		8,887	9,115
Change in deferred taxes		214	5,189
Change in receivables		(20,317)	(28,720)
Change in inventories		(83,109)	(26,419)
Change in other assets		(22,486)	(1,193)
Change in payables		23,690	42,354
Change in lease liabilities		(54,400)	(48,963)
Change in other liabilities		21,471	158,200
Net cash provided by operating activities		45,192	249,831
Cash flows from investing activities
Proceeds from disposals of assets		3,999	252
Capital expenditures		(58,585)	(26,722)
Purchases of investments		(28,058)	(27,744)
Proceeds from sales of investments		30,457	26,317
Acquisitions		(24,849)	(2,000)
Net cash used for investing activities		(77,036)	(29,897)
Cash flows from financing activities
Payments on debt and finance lease liabilities		(91)	(75,020)
Holdback payments for acquisition purchases		(23,000)	(5,783)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes		(1,670)	6,259
Repurchases of common stock		(75,646)	(875)
Dividends paid to shareholders		(20,621)	(9,700)
Dividends paid to minority interest joint venture partners	[1]	(1,260)	(8,507)
Net cash used for financing activities		(122,288)	(93,626)
Effect of exchange rate changes on cash and equivalents		(593)	3,191
Change in cash, cash equivalents and restricted cash		(154,725)	129,499
Cash, cash equivalents and restricted cash at beginning of period		394,703	263,528
Cash, cash equivalents and restricted cash at end of period		239,978	393,027
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables		$ 4,564	$ 1,569
[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)		69,572					607
Other comprehensive income (loss)		5,909					939
Ending balance at Jan. 23, 2021		788,018	46,316	333,975	401,117	(1,982)	8,592
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)		29,589			29,232		357
Other comprehensive income (loss)		2,337				1,975	362
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		5,895	$ 225	5,698	(28)
Shares purchased (in shares)			(22)
Repurchases of shares of common stock		(875)	$ (22)	(853)	0
Stock option and restricted stock expense		2,948		2,948
Dividends declared and paid		(6,484)			(6,484)
Dividends declared not paid		(41)			(41)
Ending balance at Jan. 23, 2021		788,018	46,316	333,975	401,117	(1,982)	8,592
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)		94,706					2,157
Other comprehensive income (loss)		(1,917)					(449)
Ending balance at Jan. 22, 2022		784,483	43,505	339,294	395,577	(2,989)	9,096
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)		29,082			28,467		615
Other comprehensive income (loss)		(735)				(836)	101
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		200	$ 8	204	(12)
Shares purchased (in shares)			(703)
Repurchases of shares of common stock		(25,006)	$ (703)	(363)	(23,940)
Stock option and restricted stock expense		2,533		2,533
Dividends declared and paid		(7,223)			(7,223)
Dividends declared not paid		(50)			(50)
Ending balance at Jan. 22, 2022		$ 784,483	$ 43,505	$ 339,294	$ 395,577	$ (2,989)	$ 9,096
[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					9 Months Ended
	Jan. 22, 2022	Oct. 23, 2021	Jul. 24, 2021	Jan. 23, 2021	Oct. 24, 2020	Jan. 23, 2021
Dividends paid (in dollars per share)		$ 0.15	$ 0.15		$ 0.07	$ 0
Dividends declared (in dollars per share)	$ 0.165	$ 0.15	$ 0.15	$ 0.14	$ 0.07	$ 0
Common Shares
Shares purchased (in shares)	703	434	919	22

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022, 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 ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance 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	9 Months Ended
	Jan. 22, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Alabama and Chattanooga, Tennessee acquisition On December 6, 2021, we completed our acquisition of the Alabama and Chattanooga, Tennessee businesses that operate four independently owned La-Z-Boy Furniture Galleries ® stores in Alabama and one in Chattanooga, Tennessee, for $8.3 million, subject to customary purchase price adjustments. In the third quarter of fiscal 2022, we paid $8.0 million of cash for the purchase of the Alabama and Chattanooga, Tennessee stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries ® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries ® stores (and to use the associated trademarks and trade name) in the Alabama and Chattanooga, Tennessee markets, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $4.1 million related to these reacquired rights. We also recognized $7.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. The acquisition of the Alabama and Chattanooga, Tennessee businesses 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 following the acquisition as we gain additional data. Furnico (La-Z-Boy United Kingdom Manufacturing) acquisition On October 25, 2021, we completed the acquisition of Furnico Furniture Ltd ("Furnico"), an upholstery manufacturing business in the U.K for approximately $11.8 million, subject to customary purchase price adjustments and in the third quarter of fiscal 2022, we paid $12.4 million of cash for the purchase of the Furnico business. Furnico produces La-Z-Boy branded product for the La-Z-Boy U.K. business and 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 to support growth in the La-Z-Boy U.K business. We recognized $7.9 million of goodwill in our Wholesale segment related primarily to synergies we expect from the integration of the acquired business and future benefits of these synergies. The goodwill asset for Furnico is not deductible for federal income tax purposes. The acquisition of the Furnico 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 following the acquisition as we gain additional data. Long Island, New York acquisition On August 16, 2021, we completed our acquisition of the Long Island, New York business that operates three independently owned La-Z-Boy Furniture Galleries ® stores for $4.5 million, subject to customary adjustments. In the second quarter of fiscal 2022, we paid $4.4 million of cash for the purchase of the Long Island, New York stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries ® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries ® stores (and to use the associated trademarks and trade name) in the Long Island, New York market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $0.8 million related to these reacquired rights. We also recognized $4.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. 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 following the acquisition as we gain additional data. Prior Year Acquisitions On September 14, 2020, we completed our 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 purchase price adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over 36 months or fewer, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries ® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries ® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. 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 nine 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 nine months ended January 23, 2021.

Cash and Restricted Cash

Cash and Restricted Cash	9 Months Ended
	Jan. 22, 2022
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) 1/22/2022 1/23/2021 Cash and cash equivalents $ 236,712 $ 390,324 Restricted cash 3,266 2,703 Total cash, cash equivalents and restricted cash $ 239,978 $ 393,027

Inventories

Inventories	9 Months Ended
	Jan. 22, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/22/2022 4/24/2021 Raw materials $ 175,372 $ 112,371 Work in process 40,243 24,791 Finished goods 150,186 121,182 FIFO inventories 365,801 258,344 Excess of FIFO over LIFO (50,206) (32,207) Total inventories (1) $ 315,595 $ 226,137 (1) Increased balance to ensure input material availability to support increased sales demand and manufacturing capacity

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Jan. 22, 2022
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 Wholesale Segment La-Z-Boy United Kingdom Manufacturing La-Z-Boy United Kingdom Manufacturing (Furnico) 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 7,926 11,748 — 19,674 Translation adjustment (445) (33) — (478) Balance at January 22, 2022 $ 20,533 $ 119,031 $ 55,446 $ 195,010 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 — — 4,896 — 4,896 Amortization — (599) — (178) (777) Translation adjustment — — (25) (56) (81) Balance at January 22, 2022 $ 1,155 $ 3,606 $ 27,378 $ 2,330 $ 34,469 We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that an asset might be impaired. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired.

Investments

Investments	9 Months Ended
	Jan. 22, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	InvestmentsWe 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) 1/22/2022 4/24/2021 Short-term investments: Marketable securities $ 14,835 $ 18,037 Held-to-maturity investments 1,391 2,532 Total short-term investments 16,226 20,569 Long-term investments: Marketable securities 28,864 27,256 Cost basis investments 7,579 7,579 Total long-term investments 36,443 34,835 Total investments $ 52,669 $ 55,404 Investments to enhance returns on cash $ 29,754 $ 32,475 Investments to fund compensation/retirement plans 15,336 15,350 Other investments 7,579 7,579 Total investments $ 52,669 $ 55,404 The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 1/22/2022 4/24/2021 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 2,004 $ (55) $ 14,535 $ 2,798 $ (5) $ 14,954 Fixed income 92 (204) 33,780 136 (29) 35,631 Other 1,290 — 4,354 559 — 4,819 Total securities $ 3,386 $ (259) $ 52,669 $ 3,493 $ (34) $ 55,404 The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Proceeds from sales $ 7,784 $ 6,807 $ 29,437 $ 23,824 Gross realized gains 142 169 696 479 Gross realized losses (20) (15) (356) (41) 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) 1/22/2022 Within one year $ 14,832 Within two to five years 16,341 Within six to ten years 967 Thereafter 1,640 Total $ 33,780

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Jan. 22, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities (Unaudited, amounts in thousands) 1/22/2022 4/24/2021 Payroll and other compensation $ 56,182 $ 62,546 Accrued product warranty, current portion 15,848 14,447 Customer deposits 199,874 180,766 Deferred revenue 151,698 108,460 Other current liabilities 99,407 83,685 Accrued expenses and other current liabilities $ 523,009 $ 449,904

Product Warranties

Product Warranties	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 (1) 1/23/2021 Balance as of the beginning of the period $ 25,068 $ 22,938 $ 23,636 $ 23,255 Acquisitions 634 — 634 — Accruals during the period 7,271 5,791 21,158 14,925 Settlements during the period (6,612) (5,734) (19,067) (15,185) Balance as of the end of the period $ 26,361 $ 22,995 $ 26,361 $ 22,995 (1) $15.8 million and $14.4 million is recorded in accrued expenses and other current liabilities as of January 22, 2022 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	9 Months Ended
	Jan. 22, 2022
Debt Disclosure [Abstract]
Debt	Debt On 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 the satisfaction of customary conditions. As of January 22, 2022, 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 certain assets. As of January 22, 2022, we were in compliance with our financial covenants under the Credit Facility.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Equity-based awards expense $ 2,533 $ 2,948 $ 8,887 $ 9,115 Liability-based awards expense (1) (73) 587 (696) 1,925 Total stock-based compensation expense $ 2,460 $ 3,535 $ 8,191 $ 11,040 (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 121,963 shares of restricted stock to employees during the first nine 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 nine months of fiscal 2022 was $38.27 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 first nine months of fiscal 2022, we granted 33,794 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. The weighted-average fair value of the restricted stock units that were awarded in the first nine months of fiscal 2022 was $35.34 per share. 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)	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022, and January 23, 2021, 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 October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Changes before reclassifications (752) (201) — (953) Amounts reclassified to net income — 16 75 91 Tax effect — 45 (19) 26 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (752) (140) 56 (836) Balance at January 22, 2022 $ 1,588 $ 180 $ (4,757) $ (2,989) Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957) Changes before reclassifications 1,924 (27) — 1,897 Amounts reclassified to net income — 9 86 95 Tax effect — 4 (21) (17) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,924 (14) 65 1,975 Balance at January 23, 2021 $ 2,921 $ 412 $ (5,315) $ (1,982) The activity in accumulated other comprehensive income (loss) for the nine months ended January 22, 2022 and January 23, 2021, 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 (1,453) (270) — (1,723) Amounts reclassified to net income — 18 225 243 Tax effect — 62 (50) 12 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,453) (190) 175 (1,468) Balance at January 22, 2022 $ 1,588 $ 180 $ (4,757) $ (2,989) Balance at April 25, 2020 $ (1,891) $ 449 $ (5,510) $ (6,952) Changes before reclassifications 4,812 (11) — 4,801 Amounts reclassified to net income — (38) 259 221 Tax effect — 12 (64) (52) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 4,812 (37) 195 4,970 Balance at January 23, 2021 $ 2,921 $ 412 $ (5,315) $ (1,982) 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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Balance as of the beginning of the period $ 8,380 $ 7,873 $ 8,648 $ 15,553 Net income 615 357 2,157 607 Other comprehensive income (loss) 101 362 (449) 939 Dividends distributed to joint venture minority partners — — (1,260) (8,507) Balance as of the end of the period $ 9,096 $ 8,592 $ 9,096 $ 8,592

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022 Quarter Ended January 23, 2021 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 238,119 $ 113,767 $ 288 $ 352,174 $ 205,522 $ 102,111 $ 174 $ 307,807 Stationary Upholstery Furniture 94,216 46,938 55,971 197,125 89,059 30,469 35,728 155,256 Bedroom Furniture 6,723 1,598 3,674 11,995 10,269 1,723 2,622 14,614 Dining Room Furniture 5,562 2,802 1,063 9,427 7,034 3,340 672 11,046 Occasional Furniture 7,396 6,672 1,153 15,221 11,585 6,118 623 18,326 Delivery 45,168 6,342 2,097 53,607 30,021 6,081 1,394 37,496 Other (1) 26,097 18,933 (14,267) 30,763 (2,782) 16,117 (7,522) 5,813 Total $ 423,281 $ 197,052 $ 49,979 $ 670,312 $ 350,708 $ 165,959 $ 33,691 $ 550,358 Eliminations (98,739) (80,162) Consolidated Net Sales $ 571,573 $ 470,196 Nine Months Ended January 22, 2022 Nine Months Ended January 23, 2021 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 699,433 $ 326,251 $ 538 $ 1,026,222 $ 538,234 $ 255,020 $ 397 $ 793,651 Stationary Upholstery Furniture 284,318 133,449 153,590 571,357 240,052 79,104 88,225 407,381 Bedroom Furniture 30,030 5,386 10,524 45,940 25,818 4,141 6,149 36,108 Dining Room Furniture 20,941 9,462 3,270 33,673 18,455 7,957 2,173 28,585 Occasional Furniture 31,746 19,659 2,966 54,371 32,236 14,879 2,158 49,273 Delivery 128,318 20,007 5,629 153,954 80,596 15,116 3,498 99,210 Other (1) 61,086 57,105 (37,891) 80,300 (18,094) 43,154 (18,451) 6,609 Total $ 1,255,872 $ 571,319 $ 138,626 $ 1,965,817 $ 917,297 $ 419,371 $ 84,149 $ 1,420,817 Eliminations (293,572) (206,043) Consolidated Net Sales $ 1,672,245 $ 1,214,774 (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) 1/22/2022 4/24/2021 Contract assets $ 151,698 $ 108,460 Customer deposits $ 199,874 $ 180,766 Deferred revenue 151,698 108,460 Total contract liabilities (1) $ 351,572 $ 289,226 (1) During the nine months ended January 22, 2022, we recognized revenue of $264.2 million related to our contract liability balance at April 24, 2021.

Segment Information

Segment Information	9 Months Ended
	Jan. 22, 2022
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 and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries ® stores, operators of La-Z-Boy Comfort Studio ® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers. Retail Segment . Our Retail segment consists of one operating segment comprised of our 163 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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Sales Wholesale segment: Sales to external customers $ 328,533 $ 274,314 $ 973,973 $ 720,258 Intersegment sales 94,748 76,394 281,899 197,039 Wholesale segment sales 423,281 350,708 1,255,872 917,297 Retail segment sales 197,052 165,959 571,319 419,371 Corporate and Other: Sales to external customers 45,988 29,923 126,953 75,145 Intersegment sales 3,991 3,768 11,673 9,004 Corporate and Other sales 49,979 33,691 138,626 84,149 Eliminations (98,739) (80,162) (293,572) (206,043) Consolidated sales $ 571,573 $ 470,196 $ 1,672,245 $ 1,214,774 Operating Income (Loss) Wholesale segment $ 27,639 $ 35,686 $ 89,098 $ 95,309 Retail segment 24,102 14,707 68,502 23,173 Corporate and Other (12,254) (15,979) (29,629) (31,804) Consolidated operating income 39,487 34,414 127,971 86,678 Interest expense (160) (298) (713) (1,103) Interest income 806 285 1,029 902 Other income (expense), net (1,460) 6,532 (522) 7,995 Income before income taxes $ 38,673 $ 40,933 $ 127,765 $ 94,472

Income Taxes

Income Taxes	9 Months Ended
	Jan. 22, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was 24.8% and 25.9% for the third quarter and nine months ended January 22, 2022, respectively, compared with 27.7% and 26.4% for the third quarter and nine months ended January 23, 2021, respectively. The effective tax rate in the third quarter and nine months ended January 23, 2021, was impacted by a non-deductible fair value adjustment of the contingent consideration liability related to our Joybird acquisition. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

Earnings per Share

Earnings per Share	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands, except per share data) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 28,467 $ 29,232 $ 92,549 $ 68,965 Income allocated to participating securities — (9) (6) (33) Net income available to common Shareholders $ 28,467 $ 29,223 $ 92,543 $ 68,932 Denominator: Basic weighted average common shares outstanding 43,701 46,261 44,342 46,064 Contingent common shares 55 224 59 195 Stock option dilution 212 333 239 148 Diluted weighted average common shares outstanding 43,968 46,818 44,640 46,407 Earnings per Share: Basic $ 0.65 $ 0.63 $ 2.09 $ 1.50 Diluted $ 0.65 $ 0.62 $ 2.07 $ 1.49 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 third quarter and nine months ended January 22, 2022, we excluded options to purchase 0.2 million shares from the diluted share calculation. For the third quarter ended January 23, 2021, we did not exclude any options as the effect would have been anti-dilutive and for the nine months ended January 23, 2021, we excluded 0.3 million shares from the diluted share calculation.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	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 January 22, 2022 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 January 22, 2022 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 36,381 $ — $ 7,318 $ 43,699 Held-to-maturity investments 1,391 — — — 1,391 Cost basis investments — — 7,579 — 7,579 Total assets $ 1,391 $ 36,381 $ 7,579 $ 7,318 $ 52,669 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 January 22, 2022 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 January 22, 2022, 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 nine months ended January 22, 2022. 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 January 22, 2022, 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 first nine months 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 nine months ended January 22, 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jan. 22, 2022
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 ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance 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)	9 Months Ended
	Jan. 22, 2022
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 ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance 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)	9 Months Ended
	Jan. 22, 2022
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) 1/22/2022 1/23/2021 Cash and cash equivalents $ 236,712 $ 390,324 Restricted cash 3,266 2,703 Total cash, cash equivalents and restricted cash $ 239,978 $ 393,027
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) 1/22/2022 1/23/2021 Cash and cash equivalents $ 236,712 $ 390,324 Restricted cash 3,266 2,703 Total cash, cash equivalents and restricted cash $ 239,978 $ 393,027

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 22, 2022
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/22/2022 4/24/2021 Raw materials $ 175,372 $ 112,371 Work in process 40,243 24,791 Finished goods 150,186 121,182 FIFO inventories 365,801 258,344 Excess of FIFO over LIFO (50,206) (32,207) Total inventories (1) $ 315,595 $ 226,137 (1) Increased balance to ensure input material availability to support increased sales demand and manufacturing capacity

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jan. 22, 2022
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 Wholesale Segment La-Z-Boy United Kingdom Manufacturing La-Z-Boy United Kingdom Manufacturing (Furnico) 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 7,926 11,748 — 19,674 Translation adjustment (445) (33) — (478) Balance at January 22, 2022 $ 20,533 $ 119,031 $ 55,446 $ 195,010
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 — — 4,896 — 4,896 Amortization — (599) — (178) (777) Translation adjustment — — (25) (56) (81) Balance at January 22, 2022 $ 1,155 $ 3,606 $ 27,378 $ 2,330 $ 34,469
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 — — 4,896 — 4,896 Amortization — (599) — (178) (777) Translation adjustment — — (25) (56) (81) Balance at January 22, 2022 $ 1,155 $ 3,606 $ 27,378 $ 2,330 $ 34,469

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jan. 22, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of investments	The following summarizes our investments: (Unaudited, amounts in thousands) 1/22/2022 4/24/2021 Short-term investments: Marketable securities $ 14,835 $ 18,037 Held-to-maturity investments 1,391 2,532 Total short-term investments 16,226 20,569 Long-term investments: Marketable securities 28,864 27,256 Cost basis investments 7,579 7,579 Total long-term investments 36,443 34,835 Total investments $ 52,669 $ 55,404 Investments to enhance returns on cash $ 29,754 $ 32,475 Investments to fund compensation/retirement plans 15,336 15,350 Other investments 7,579 7,579 Total investments $ 52,669 $ 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: 1/22/2022 4/24/2021 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 2,004 $ (55) $ 14,535 $ 2,798 $ (5) $ 14,954 Fixed income 92 (204) 33,780 136 (29) 35,631 Other 1,290 — 4,354 559 — 4,819 Total securities $ 3,386 $ (259) $ 52,669 $ 3,493 $ (34) $ 55,404
Summary of sales of marketable securities	The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Proceeds from sales $ 7,784 $ 6,807 $ 29,437 $ 23,824 Gross realized gains 142 169 696 479 Gross realized losses (20) (15) (356) (41)
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) 1/22/2022 Within one year $ 14,832 Within two to five years 16,341 Within six to ten years 967 Thereafter 1,640 Total $ 33,780

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Jan. 22, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	(Unaudited, amounts in thousands) 1/22/2022 4/24/2021 Payroll and other compensation $ 56,182 $ 62,546 Accrued product warranty, current portion 15,848 14,447 Customer deposits 199,874 180,766 Deferred revenue 151,698 108,460 Other current liabilities 99,407 83,685 Accrued expenses and other current liabilities $ 523,009 $ 449,904

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 (1) 1/23/2021 Balance as of the beginning of the period $ 25,068 $ 22,938 $ 23,636 $ 23,255 Acquisitions 634 — 634 — Accruals during the period 7,271 5,791 21,158 14,925 Settlements during the period (6,612) (5,734) (19,067) (15,185) Balance as of the end of the period $ 26,361 $ 22,995 $ 26,361 $ 22,995 (1) $15.8 million and $14.4 million is recorded in accrued expenses and other current liabilities as of January 22, 2022 and April 24, 2021, respectively, while the remainder is included in other long-term liabilities.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Equity-based awards expense $ 2,533 $ 2,948 $ 8,887 $ 9,115 Liability-based awards expense (1) (73) 587 (696) 1,925 Total stock-based compensation expense $ 2,460 $ 3,535 $ 8,191 $ 11,040
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)	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022, and January 23, 2021, 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 October 23, 2021 $ 2,340 $ 320 $ (4,813) $ (2,153) Changes before reclassifications (752) (201) — (953) Amounts reclassified to net income — 16 75 91 Tax effect — 45 (19) 26 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (752) (140) 56 (836) Balance at January 22, 2022 $ 1,588 $ 180 $ (4,757) $ (2,989) Balance at October 24, 2020 $ 997 $ 426 $ (5,380) $ (3,957) Changes before reclassifications 1,924 (27) — 1,897 Amounts reclassified to net income — 9 86 95 Tax effect — 4 (21) (17) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,924 (14) 65 1,975 Balance at January 23, 2021 $ 2,921 $ 412 $ (5,315) $ (1,982) (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 (1,453) (270) — (1,723) Amounts reclassified to net income — 18 225 243 Tax effect — 62 (50) 12 Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,453) (190) 175 (1,468) Balance at January 22, 2022 $ 1,588 $ 180 $ (4,757) $ (2,989) Balance at April 25, 2020 $ (1,891) $ 449 $ (5,510) $ (6,952) Changes before reclassifications 4,812 (11) — 4,801 Amounts reclassified to net income — (38) 259 221 Tax effect — 12 (64) (52) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 4,812 (37) 195 4,970 Balance at January 23, 2021 $ 2,921 $ 412 $ (5,315) $ (1,982)
Schedule of components of non-controlling interest	The components of non-controlling interest were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Balance as of the beginning of the period $ 8,380 $ 7,873 $ 8,648 $ 15,553 Net income 615 357 2,157 607 Other comprehensive income (loss) 101 362 (449) 939 Dividends distributed to joint venture minority partners — — (1,260) (8,507) Balance as of the end of the period $ 9,096 $ 8,592 $ 9,096 $ 8,592

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022 Quarter Ended January 23, 2021 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 238,119 $ 113,767 $ 288 $ 352,174 $ 205,522 $ 102,111 $ 174 $ 307,807 Stationary Upholstery Furniture 94,216 46,938 55,971 197,125 89,059 30,469 35,728 155,256 Bedroom Furniture 6,723 1,598 3,674 11,995 10,269 1,723 2,622 14,614 Dining Room Furniture 5,562 2,802 1,063 9,427 7,034 3,340 672 11,046 Occasional Furniture 7,396 6,672 1,153 15,221 11,585 6,118 623 18,326 Delivery 45,168 6,342 2,097 53,607 30,021 6,081 1,394 37,496 Other (1) 26,097 18,933 (14,267) 30,763 (2,782) 16,117 (7,522) 5,813 Total $ 423,281 $ 197,052 $ 49,979 $ 670,312 $ 350,708 $ 165,959 $ 33,691 $ 550,358 Eliminations (98,739) (80,162) Consolidated Net Sales $ 571,573 $ 470,196 Nine Months Ended January 22, 2022 Nine Months Ended January 23, 2021 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Motion Upholstery Furniture $ 699,433 $ 326,251 $ 538 $ 1,026,222 $ 538,234 $ 255,020 $ 397 $ 793,651 Stationary Upholstery Furniture 284,318 133,449 153,590 571,357 240,052 79,104 88,225 407,381 Bedroom Furniture 30,030 5,386 10,524 45,940 25,818 4,141 6,149 36,108 Dining Room Furniture 20,941 9,462 3,270 33,673 18,455 7,957 2,173 28,585 Occasional Furniture 31,746 19,659 2,966 54,371 32,236 14,879 2,158 49,273 Delivery 128,318 20,007 5,629 153,954 80,596 15,116 3,498 99,210 Other (1) 61,086 57,105 (37,891) 80,300 (18,094) 43,154 (18,451) 6,609 Total $ 1,255,872 $ 571,319 $ 138,626 $ 1,965,817 $ 917,297 $ 419,371 $ 84,149 $ 1,420,817 Eliminations (293,572) (206,043) Consolidated Net Sales $ 1,672,245 $ 1,214,774 (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) 1/22/2022 4/24/2021 Contract assets $ 151,698 $ 108,460 Customer deposits $ 199,874 $ 180,766 Deferred revenue 151,698 108,460 Total contract liabilities (1) $ 351,572 $ 289,226 (1) During the nine months ended January 22, 2022, we recognized revenue of $264.2 million related to our contract liability balance at April 24, 2021.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 22, 2022
Segment Reporting [Abstract]
Sales and operating income (loss) by segment	The following table presents sales and operating income (loss) by segment: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Sales Wholesale segment: Sales to external customers $ 328,533 $ 274,314 $ 973,973 $ 720,258 Intersegment sales 94,748 76,394 281,899 197,039 Wholesale segment sales 423,281 350,708 1,255,872 917,297 Retail segment sales 197,052 165,959 571,319 419,371 Corporate and Other: Sales to external customers 45,988 29,923 126,953 75,145 Intersegment sales 3,991 3,768 11,673 9,004 Corporate and Other sales 49,979 33,691 138,626 84,149 Eliminations (98,739) (80,162) (293,572) (206,043) Consolidated sales $ 571,573 $ 470,196 $ 1,672,245 $ 1,214,774 Operating Income (Loss) Wholesale segment $ 27,639 $ 35,686 $ 89,098 $ 95,309 Retail segment 24,102 14,707 68,502 23,173 Corporate and Other (12,254) (15,979) (29,629) (31,804) Consolidated operating income 39,487 34,414 127,971 86,678 Interest expense (160) (298) (713) (1,103) Interest income 806 285 1,029 902 Other income (expense), net (1,460) 6,532 (522) 7,995 Income before income taxes $ 38,673 $ 40,933 $ 127,765 $ 94,472

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jan. 22, 2022
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 Nine Months Ended (Unaudited, amounts in thousands, except per share data) 1/22/2022 1/23/2021 1/22/2022 1/23/2021 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 28,467 $ 29,232 $ 92,549 $ 68,965 Income allocated to participating securities — (9) (6) (33) Net income available to common Shareholders $ 28,467 $ 29,223 $ 92,543 $ 68,932 Denominator: Basic weighted average common shares outstanding 43,701 46,261 44,342 46,064 Contingent common shares 55 224 59 195 Stock option dilution 212 333 239 148 Diluted weighted average common shares outstanding 43,968 46,818 44,640 46,407 Earnings per Share: Basic $ 0.65 $ 0.63 $ 2.09 $ 1.50 Diluted $ 0.65 $ 0.62 $ 2.07 $ 1.49

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 22, 2022
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 January 22, 2022 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 January 22, 2022 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 36,381 $ — $ 7,318 $ 43,699 Held-to-maturity investments 1,391 — — — 1,391 Cost basis investments — — 7,579 — 7,579 Total assets $ 1,391 $ 36,381 $ 7,579 $ 7,318 $ 52,669 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)	Jan. 22, 2022company
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	Dec. 06, 2021USD ($)store	Oct. 25, 2021USD ($)	Aug. 16, 2021USD ($)store	Sep. 14, 2020USD ($)storewarehouse	Jan. 22, 2022USD ($)	Jan. 22, 2022USD ($)	Jan. 23, 2021USD ($)	Apr. 24, 2021USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired						$ 4,896
Goodwill					$ 195,010	195,010		$ 175,814
Holdback payments for acquisition purchases						23,000	$ 5,783
UK | Furnico
Business Acquisition [Line Items]
Consideration transferred		$ 11,800
Payments for asset acquisitions					12,400
Independently-owned Business
Business Acquisition [Line Items]
Payments for asset acquisitions					8,000
Consideration transferred	$ 8,300
Independently-owned Business | ALABAMA
Business Acquisition [Line Items]
Number of stores acquired | store	4
Independently-owned Business | Chattanooga, Tennessee
Business Acquisition [Line Items]
Number of stores acquired | store	1
Independently-owned Business | Long Island
Business Acquisition [Line Items]
Number of stores acquired | store			3
Payments for asset acquisitions			$ 4,400
Indefinite-lived intangible assets acquired			800
Consideration transferred			$ 4,500
Amortization period for tax purposes			15 years
Independently-owned Business | Seattle
Business Acquisition [Line Items]
Number of stores acquired | store				6
Payments for asset acquisitions				$ 2,000
Indefinite-lived intangible assets acquired				2,200
Consideration transferred				$ 13,500
Amortization period for tax purposes				15 years
Number of warehouses acquired | warehouse				1
Guaranteed future payments for asset acquisitions				$ 9,400
Retail
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 4,100
Retail | Independently-owned Business
Business Acquisition [Line Items]
Goodwill					$ 7,400	$ 7,400
Retail | Independently-owned Business | Long Island
Business Acquisition [Line Items]
Goodwill			$ 4,400
Retail | Independently-owned Business | Seattle
Business Acquisition [Line Items]
Goodwill				$ 12,900
Retail | Independently-owned Business, Synergies
Business Acquisition [Line Items]
Goodwill		$ 7,900
Indefinite-lived intangible assets and goodwill assets, useful life	15 years

Cash and Restricted Cash (Detai

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021	Jan. 23, 2021	Apr. 25, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 236,712	$ 391,213	$ 390,324
Restricted cash	3,266	3,490	2,703
Total cash, cash equivalents and restricted cash	$ 239,978	$ 394,703	$ 393,027	$ 263,528

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 175,372	$ 112,371
Work in process	40,243	24,791
Finished goods	150,186	121,182
FIFO inventories	365,801	258,344
Excess of FIFO over LIFO	(50,206)	(32,207)
Total inventories (1)	$ 315,595	$ 226,137

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Jan. 22, 2022USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 175,814
Acquisitions	19,674
Translation adjustment	(478)
Balance at end of period	195,010
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	7,926
Translation adjustment	(445)
Balance at end of period	20,533
Retail Segment | Operating Segments
Roll-forward of goodwill
Balance at beginning of period	107,316
Acquisitions	11,748
Translation adjustment	(33)
Balance at end of period	$ 119,031

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Jan. 22, 2022USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 30,431
Acquisitions	4,896
Amortization	(777)
Translation adjustment	(81)
Balance at end of period	$ 34,469
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	(599)
Translation adjustment	0
Balance at end of period	3,606
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	2,564
Acquisitions	0
Amortization	(178)
Translation adjustment	(56)
Balance at end of period	2,330
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	4,896
Amortization	0
Translation adjustment	(25)
Balance at end of period	$ 27,378
Maximum | Wholesale segment | Operating Segments
Other intangible assets
Useful life	15 years

Investments - Additional Inform

Investments - Additional Information (Details)	Jan. 22, 2022company
Investments, Debt and Equity Securities [Abstract]
Preferred share investments, number of privately-held companies	2

Investments - Components (Detai

Investments - Components (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Investments
Total investments	$ 52,669	$ 55,404
Investments to enhance returns on cash
Investments
Total investments	29,754	32,475
Investments to fund compensation/retirement plans
Investments
Total investments	15,336	15,350
Other investments
Investments
Total investments	7,579	7,579
Short-term investments
Investments
Marketable securities	14,835	18,037
Held-to-maturity investments	1,391	2,532
Total investments	16,226	20,569
Long-term investments
Investments
Marketable securities	28,864	27,256
Cost basis investments	7,579	7,579
Total investments	$ 36,443	$ 34,835

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Summary of investments
Gross Unrealized  Gains	$ 3,386	$ 3,493
Gross Unrealized  Losses	(259)	(34)
Fair Value	52,669	55,404
Equity securities
Summary of investments
Gross Unrealized  Gains	2,004	2,798
Gross Unrealized  Losses	(55)	(5)
Fair Value	14,535	14,954
Fixed income
Summary of investments
Gross Unrealized  Gains	92	136
Gross Unrealized  Losses	(204)	(29)
Fair Value	33,780	35,631
Other
Summary of investments
Gross Unrealized  Gains	1,290	559
Gross Unrealized  Losses	0	0
Fair Value	$ 4,354	$ 4,819

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Sales of marketable securities
Proceeds from sales	$ 7,784	$ 6,807	$ 29,437	$ 23,824
Gross realized gains	142	169	696	479
Gross realized losses	(20)	$ (15)	(356)	$ (41)
Fair value of available-for-sale securities by contractual maturity
Within one year	14,832		14,832
Within two to five years	16,341		16,341
Within six to ten years	967		967
Thereafter	1,640		1,640
Total	$ 33,780		$ 33,780

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Payables and Accruals [Abstract]
Payroll and other compensation	$ 56,182	$ 62,546
Accrued product warranty, current portion	15,848	14,447
Customer deposits	199,874	180,766
Deferred revenue	151,698	108,460
Other current liabilities	99,407	83,685
Accrued expenses and other current liabilities	$ 523,009	$ 449,904

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021	Apr. 24, 2021
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 25,068	$ 22,938	$ 23,636	$ 23,255
Accruals during the period	7,271	5,791	21,158	14,925
Settlements during the period	(6,612)	(5,734)	(19,067)	(15,185)
Balance as of the end of the period	26,361	22,995	26,361	22,995
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition	634	$ 0	634	$ 0
Product warranty liability accrued	$ 15,800		$ 15,800		$ 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 - USD ($)	Oct. 15, 2021	Jan. 22, 2022
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
Line of credit facility, outstanding		$ 0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 2,533	$ 2,948	$ 8,887	$ 9,115
Liability-based awards expense	(73)	587	(696)	1,925
Total stock-based compensation expense	$ 2,460	$ 3,535	$ 8,191	$ 11,040

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Additional Information (Details) - Stock Options	9 Months Ended
	Jan. 22, 2022shares
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	9 Months Ended
	Jan. 22, 2022$ / 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	9 Months Ended
	Jan. 22, 2022$ / sharesshares
Stock-Based Compensation
Number of shares or units granted (in shares) | shares	121,963
Fair value per share (in dollars per share) | $ / shares	$ 38.27
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
	Jan. 22, 2022shares
Non Employee Directors | Restricted Stock Units (RSUs)
Stock-Based Compensation
Number of shares or units granted (in shares)	33,794

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares, Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Jul. 24, 2021	Jan. 22, 2022
Stock-Based Compensation
Common stock, market price (in dollars per share)		$ 35.34
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						9 Months Ended
	Jan. 22, 2022	Oct. 23, 2021	Jul. 24, 2021	Jan. 23, 2021	Oct. 24, 2020	Jul. 25, 2020	Jan. 22, 2022	Jan. 23, 2021
Activity in accumulated other comprehensive loss
Beginning balance	$ 785,682	$ 764,449	$ 782,146	$ 754,649	$ 714,999	$ 716,306	$ 782,146	$ 716,306
Total other comprehensive income (loss)	(735)	(450)	(732)	2,337	1,354	2,218	(1,917)	5,909
Ending balance	784,483	785,682	764,449	788,018	754,649	714,999	784,483	788,018
Components of non-controlling interest
Beginning balance	785,682	764,449	782,146	754,649	714,999	716,306	782,146	716,306
Net income	29,082	40,358	25,266	29,589	35,304	4,679	94,706	69,572
Other comprehensive income (loss)	(735)	(450)	(732)	2,337	1,354	2,218	(1,917)	5,909
Ending balance	784,483	785,682	764,449	788,018	754,649	714,999	784,483	788,018
Accumulated other comprehensive income (loss)
Activity in accumulated other comprehensive loss
Beginning balance	(2,153)		(1,521)	(3,957)		(6,952)	(1,521)	(6,952)
Changes before reclassifications	(953)			1,897			(1,723)	4,801
Amounts reclassified to net income	91			95			243	221
Tax effect	26			(17)			12	(52)
Total other comprehensive income (loss)	(836)			1,975			(1,468)	4,970
Ending balance	(2,989)	(2,153)		(1,982)	(3,957)		(2,989)	(1,982)
Components of non-controlling interest
Beginning balance	(2,153)		(1,521)	(3,957)		(6,952)	(1,521)	(6,952)
Other comprehensive income (loss)	(836)			1,975			(1,468)	4,970
Ending balance	(2,989)	(2,153)		(1,982)	(3,957)		(2,989)	(1,982)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	2,340		3,041	997		(1,891)	3,041	(1,891)
Changes before reclassifications	(752)			1,924			(1,453)	4,812
Amounts reclassified to net income	0			0			0	0
Tax effect	0			0			0	0
Total other comprehensive income (loss)	(752)			1,924			(1,453)	4,812
Ending balance	1,588	2,340		2,921	997		1,588	2,921
Components of non-controlling interest
Beginning balance	2,340		3,041	997		(1,891)	3,041	(1,891)
Other comprehensive income (loss)	(752)			1,924			(1,453)	4,812
Ending balance	1,588	2,340		2,921	997		1,588	2,921
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	320		370	426		449	370	449
Changes before reclassifications	(201)			(27)			(270)	(11)
Amounts reclassified to net income	16			9			18	(38)
Tax effect	45			4			62	12
Total other comprehensive income (loss)	(140)			(14)			(190)	(37)
Ending balance	180	320		412	426		180	412
Components of non-controlling interest
Beginning balance	320		370	426		449	370	449
Other comprehensive income (loss)	(140)			(14)			(190)	(37)
Ending balance	180	320		412	426		180	412
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(4,813)		(4,932)	(5,380)		(5,510)	(4,932)	(5,510)
Changes before reclassifications	0			0			0	0
Amounts reclassified to net income	75			86			225	259
Tax effect	(19)			(21)			(50)	(64)
Total other comprehensive income (loss)	56			65			175	195
Ending balance	(4,757)	(4,813)		(5,315)	(5,380)		(4,757)	(5,315)
Components of non-controlling interest
Beginning balance	(4,813)		(4,932)	(5,380)		(5,510)	(4,932)	(5,510)
Other comprehensive income (loss)	56			65			175	195
Ending balance	(4,757)	(4,813)		(5,315)	(5,380)		(4,757)	(5,315)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	8,380	8,918	8,648	7,873	7,425	15,553	8,648	15,553
Total other comprehensive income (loss)	101	(120)	(430)	362	79	498	(449)	939
Ending balance	9,096	8,380	8,918	8,592	7,873	7,425	9,096	8,592
Components of non-controlling interest
Beginning balance	8,380	8,918	8,648	7,873	7,425	15,553	8,648	15,553
Net income	615	842	700	357	369	(119)	2,157	607
Other comprehensive income (loss)	101	(120)	(430)	362	79	498	(449)	939
Dividends distributed to joint venture minority partners	0			0			(1,260)	(8,507)
Ending balance	$ 9,096	$ 8,380	$ 8,918	$ 8,592	$ 7,873	$ 7,425	$ 9,096	$ 8,592

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Revenue Recognition
Sales	$ 571,573	$ 470,196	$ 1,672,245	$ 1,214,774
Wholesale segment
Revenue Recognition
Sales	328,533	274,314	973,973	720,258
Operating Segments
Revenue Recognition
Sales	670,312	550,358	1,965,817	1,420,817
Operating Segments | Motion Upholstery Furniture
Revenue Recognition
Sales	352,174	307,807	1,026,222	793,651
Operating Segments | Stationary Upholstery Furniture
Revenue Recognition
Sales	197,125	155,256	571,357	407,381
Operating Segments | Bedroom Furniture
Revenue Recognition
Sales	11,995	14,614	45,940	36,108
Operating Segments | Dining Room Furniture
Revenue Recognition
Sales	9,427	11,046	33,673	28,585
Operating Segments | Occasional Furniture
Revenue Recognition
Sales	15,221	18,326	54,371	49,273
Operating Segments | Delivery
Revenue Recognition
Sales	53,607	37,496	153,954	99,210
Operating Segments | Other
Revenue Recognition
Sales	30,763	5,813	80,300	6,609
Operating Segments | Wholesale segment
Revenue Recognition
Sales	423,281	350,708	1,255,872	917,297
Operating Segments | Wholesale segment | Motion Upholstery Furniture
Revenue Recognition
Sales	238,119	205,522	699,433	538,234
Operating Segments | Wholesale segment | Stationary Upholstery Furniture
Revenue Recognition
Sales	94,216	89,059	284,318	240,052
Operating Segments | Wholesale segment | Bedroom Furniture
Revenue Recognition
Sales	6,723	10,269	30,030	25,818
Operating Segments | Wholesale segment | Dining Room Furniture
Revenue Recognition
Sales	5,562	7,034	20,941	18,455
Operating Segments | Wholesale segment | Occasional Furniture
Revenue Recognition
Sales	7,396	11,585	31,746	32,236
Operating Segments | Wholesale segment | Delivery
Revenue Recognition
Sales	45,168	30,021	128,318	80,596
Operating Segments | Wholesale segment | Other
Revenue Recognition
Sales	26,097	(2,782)	61,086	(18,094)
Operating Segments | Retail
Revenue Recognition
Sales	197,052	165,959	571,319	419,371
Operating Segments | Retail | Motion Upholstery Furniture
Revenue Recognition
Sales	113,767	102,111	326,251	255,020
Operating Segments | Retail | Stationary Upholstery Furniture
Revenue Recognition
Sales	46,938	30,469	133,449	79,104
Operating Segments | Retail | Bedroom Furniture
Revenue Recognition
Sales	1,598	1,723	5,386	4,141
Operating Segments | Retail | Dining Room Furniture
Revenue Recognition
Sales	2,802	3,340	9,462	7,957
Operating Segments | Retail | Occasional Furniture
Revenue Recognition
Sales	6,672	6,118	19,659	14,879
Operating Segments | Retail | Delivery
Revenue Recognition
Sales	6,342	6,081	20,007	15,116
Operating Segments | Retail | Other
Revenue Recognition
Sales	18,933	16,117	57,105	43,154
Corporate and Other
Revenue Recognition
Sales	49,979	33,691	138,626	84,149
Corporate and Other | Motion Upholstery Furniture
Revenue Recognition
Sales	288	174	538	397
Corporate and Other | Stationary Upholstery Furniture
Revenue Recognition
Sales	55,971	35,728	153,590	88,225
Corporate and Other | Bedroom Furniture
Revenue Recognition
Sales	3,674	2,622	10,524	6,149
Corporate and Other | Dining Room Furniture
Revenue Recognition
Sales	1,063	672	3,270	2,173
Corporate and Other | Occasional Furniture
Revenue Recognition
Sales	1,153	623	2,966	2,158
Corporate and Other | Delivery
Revenue Recognition
Sales	2,097	1,394	5,629	3,498
Corporate and Other | Other
Revenue Recognition
Sales	(14,267)	(7,522)	(37,891)	(18,451)
Eliminations
Revenue Recognition
Sales	$ (98,739)	$ (80,162)	$ (293,572)	$ (206,043)

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 22, 2022	Apr. 24, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 151,698	$ 108,460
Customer deposits	199,874	180,766
Deferred revenue	151,698	108,460
Total contract liabilities	351,572	$ 289,226
Revenue recognized related to contract liabilities	$ 264,200

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Jan. 22, 2022brandstoresegment
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	163

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Segment Reporting Information [Line Items]
Sales	$ 571,573	$ 470,196	$ 1,672,245	$ 1,214,774
Operating Income (Loss)	39,487	34,414	127,971	86,678
Interest expense	(160)	(298)	(713)	(1,103)
Interest income	806	285	1,029	902
Other income (expense), net	(1,460)	6,532	(522)	7,995
Income before income taxes	38,673	40,933	127,765	94,472
Wholesale segment
Segment Reporting Information [Line Items]
Sales	328,533	274,314	973,973	720,258
Operating Segments
Segment Reporting Information [Line Items]
Sales	670,312	550,358	1,965,817	1,420,817
Operating Segments | Wholesale segment
Segment Reporting Information [Line Items]
Sales	423,281	350,708	1,255,872	917,297
Operating Income (Loss)	27,639	35,686	89,098	95,309
Operating Segments | Retail Segment
Segment Reporting Information [Line Items]
Sales	197,052	165,959	571,319	419,371
Operating Income (Loss)	24,102	14,707	68,502	23,173
Corporate and Other
Segment Reporting Information [Line Items]
Sales	49,979	33,691	138,626	84,149
Operating Income (Loss)	(12,254)	(15,979)	(29,629)	(31,804)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	45,988	29,923	126,953	75,145
Intersegment sales
Segment Reporting Information [Line Items]
Sales	3,991	3,768	11,673	9,004
Intersegment sales | Wholesale segment
Segment Reporting Information [Line Items]
Sales	94,748	76,394	281,899	197,039
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (98,739)	$ (80,162)	$ (293,572)	$ (206,043)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	24.80%	27.70%	25.90%	26.40%
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		9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021	Jan. 22, 2022	Jan. 23, 2021
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 28,467	$ 29,232	$ 92,549	$ 68,965
Income allocated to participating securities	0	(9)	(6)	(33)
Net income available to common Shareholders	$ 28,467	$ 29,223	$ 92,543	$ 68,932
Denominator:
Basic weighted average common shares outstanding (in shares)	43,701	46,261	44,342	46,064
Contingent common shares (in shares)	55	224	59	195
Stock option dilution (in shares)	212	333	239	148
Diluted weighted average common shares outstanding (in shares)	43,968	46,818	44,640	46,407
Earnings per Share:
Basic (in dollars per share)	$ 0.65	$ 0.63	$ 2.09	$ 1.50
Diluted (in dollars per share)	$ 0.65	$ 0.62	$ 2.07	$ 1.49

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	9 Months Ended
	Jan. 22, 2022	Jan. 23, 2021
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.2	0.3

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Jan. 22, 2022	Apr. 24, 2021
Assets
Total assets	$ 52,669	$ 55,404
Recurring basis
Assets
Marketable securities	43,699	45,293
Held-to-maturity investments	1,391	2,532
Cost basis investments	7,579	7,579
Total assets	52,669	55,404
Liabilities
Contingent consideration liability	4,600	14,100
Recurring basis | Level 1
Assets
Marketable securities	0	119
Held-to-maturity investments	1,391	2,532
Cost basis investments	0	0
Total assets	1,391	2,651
Liabilities
Contingent consideration liability	0	0
Recurring basis | Level 2
Assets
Marketable securities	36,381	37,572
Held-to-maturity investments	0	0
Cost basis investments	0	0
Total assets	36,381	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	7,318	7,602
Held-to-maturity investments	0	0
Cost basis investments	0	0
Total assets	7,318	7,602
Liabilities
Contingent consideration liability	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jan. 22, 2022USD ($)company	Jan. 22, 2022USD ($)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	2