La-Z-Boy (LZB) 10-Q 22 Aug 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jul. 29, 2023	Aug. 15, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2023
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		43,051,539
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Income Statement [Abstract]
Sales	$ 481,651	$ 604,091
Cost of sales	275,923	373,061
Gross profit	205,728	231,030
Selling, general and administrative expense	171,202	178,387
Operating income	34,526	52,643
Interest expense	(122)	(159)
Interest income	3,056	474
Other income (expense), net	556	45
Income before income taxes	38,016	53,003
Income tax expense	10,090	14,063
Net income	27,926	38,940
Net income attributable to noncontrolling interests	(447)	(452)
Net income attributable to La-Z-Boy Incorporated	$ 27,479	$ 38,488
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	43,239	43,092
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.64	$ 0.89
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	43,333	43,142
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.63	$ 0.89

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 27,926	$ 38,940
Other comprehensive income (loss)
Currency translation adjustment	1,047	(2,160)
Net unrealized gain on marketable securities, net of tax	220	86
Net pension amortization, net of tax	23	36
Total other comprehensive income (loss)	1,290	(2,038)
Total comprehensive income before noncontrolling interests	29,216	36,902
Comprehensive (income) loss attributable to noncontrolling interests	(407)	67
Comprehensive income attributable to La-Z-Boy Incorporated	$ 28,809	$ 36,969

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Current assets
Cash and equivalents	$ 336,434	$ 343,374
Restricted cash	3,816	3,304
Receivables, net of allowance of $4,425 at 7/29/2023 and $4,776 at 4/29/2023	110,857	125,536
Inventories, net	269,429	276,257
Other current assets	108,944	106,129
Total current assets	829,480	854,600
Property, plant and equipment, net	277,282	278,578
Goodwill	207,488	205,008
Other intangible assets, net	41,529	39,375
Deferred income taxes – long-term	8,545	8,918
Right of use lease assets	422,894	416,269
Other long-term assets, net	60,367	63,515
Total assets	1,847,585	1,866,263
Current liabilities
Accounts payable	97,954	107,460
Lease liabilities, short-term	77,758	77,751
Accrued expenses and other current liabilities	262,196	290,650
Total current liabilities	437,908	475,861
Lease liabilities, long-term	374,972	368,163
Other long-term liabilities	70,775	70,142
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 43,110 outstanding at 7/29/2023 and 43,318 outstanding at 4/29/2023	43,110	43,318
Capital in excess of par value	356,684	358,891
Retained earnings	557,666	545,155
Accumulated other comprehensive loss	(4,198)	(5,528)
Total La-Z-Boy Incorporated shareholders' equity	953,262	941,836
Noncontrolling interests	10,668	10,261
Total equity	963,930	952,097
Total liabilities and equity	$ 1,847,585	$ 1,866,263

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Current assets
Receivables, allowance	$ 4,425	$ 4,776
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)	43,110,000	43,318,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Cash flows from operating activities
Net income	$ 27,926	$ 38,940
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal and impairment of assets	113	(4)
(Gain)/loss on sale of investments	307	30
Provision for doubtful accounts	(405)	293
Depreciation and amortization	10,211	9,516
Amortization of right-of-use lease assets	17,265	18,845
Lease impairment/(settlement)	(1,175)	0
Equity-based compensation expense	2,526	1,417
Change in deferred taxes	602	544
Change in receivables	14,769	25,098
Change in inventories	9,271	(25,954)
Change in other assets	(2,820)	(1,229)
Change in payables	(8,565)	22,113
Change in lease liabilities	(17,882)	(19,256)
Change in other liabilities	(26,230)	(37,249)
Net cash provided by operating activities	25,913	33,104
Cash flows from investing activities
Proceeds from disposals of assets	4,031	46
Capital expenditures	(13,457)	(20,999)
Purchases of investments	(11,407)	(2,176)
Proceeds from sales of investments	12,404	4,421
Acquisitions	(4,250)	(7,230)
Net cash used for investing activities	(12,679)	(25,938)
Cash flows from financing activities
Payments on debt and finance lease liabilities	(67)	(31)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	(1,978)	(1,703)
Repurchases of common stock	(10,007)	(5,004)
Dividends paid to shareholders	(7,852)	(7,097)
Net cash used for financing activities	(19,904)	(13,835)
Effect of exchange rate changes on cash and equivalents	242	(750)
Change in cash, cash equivalents and restricted cash	(6,428)	(7,419)
Cash, cash equivalents and restricted cash at beginning of period	346,678	248,856
Cash, cash equivalents and restricted cash at end of period	340,250	241,437
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 7,188	$ 7,130

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning balance at Apr. 30, 2022	$ 819,622	$ 43,089	$ 342,252	$ 431,181	$ (5,797)	$ 8,897
Increase (Decrease) in Stockholders' Equity
Net income	38,940			38,488		452
Other comprehensive income (loss)	(2,038)				(1,519)	(519)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	(1,703)	151	(194)	(1,660)
Repurchase of shares of common stock	(5,004)	(204)	0	(4,800)
Stock option and restricted stock expense	1,417		1,417
Dividends declared and paid	(7,097)			(7,097)
Dividends declared not paid	(45)			(45)
Ending balance at Jul. 30, 2022	844,092	43,036	343,475	456,067	(7,316)	8,830
Beginning balance at Apr. 29, 2023	952,097	43,318	358,891	545,155	(5,528)	10,261
Increase (Decrease) in Stockholders' Equity
Net income	27,926			27,479		447
Other comprehensive income (loss)	1,290				1,330	(40)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	(1,978)	149	(221)	(1,906)
Repurchase of shares of common stock	(10,007)	(357)	(4,512)	(5,138)
Stock option and restricted stock expense	2,526		2,526
Dividends declared and paid	(7,852)			(7,852)
Dividends declared not paid	(72)			(72)
Ending balance at Jul. 29, 2023	$ 963,930	$ 43,110	$ 356,684	$ 557,666	$ (4,198)	$ 10,668

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Dividends paid (in dollars per share)	$ 0.1815	$ 0.165
Dividends declared (in dollars per share)	$ 0.1815	$ 0.165
Common Shares
Shares purchased (in shares)	357	204

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 29, 2023
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 29, 2023 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles ("US GAAP"), which we applied on a basis consistent with those reflected in our fiscal 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by US GAAP. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 27, 2024. At July 29, 2023, we owned investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. Each of these companies is a variable interest entity and 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 2024 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2024, but did 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 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 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025 Change in Accounting Policy - Distribution Center Costs In the first quarter of fiscal 2024, we made a voluntary change to the presentation of costs directly attributable to our distribution activities conducted through our distribution centers in the United States. Our policy has changed from presenting these costs within selling, general and administrative ("SG&A") expense to presenting them as cost of sales. We believe this presentation is preferable because it will enhance the comparability of our financial statements with those of our industry peers and align with how we internally manage supply chain costs and margin. In accordance with US GAAP, the period presented below has been retrospectively adjusted to reflect the change to cost of sales and SG&A expense. This change had no impact to sales, income from operations, net income, earnings per share, retained earnings or other components of equity or net assets. (Unaudited, amounts in thousands) For the Quarter Ended July 30, 2022 Previously Reported Effect of Change As Adjusted Cost of sales $ 362,631 $ 10,430 $ 373,061 Gross profit 241,460 (10,430) 231,030 Selling, general and administrative expense 188,817 (10,430) 178,387

Acquisitions

Acquisitions	3 Months Ended
	Jul. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions None of the below acquisitions were significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for the acquisitions completed in fiscal 2024 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. Each of the following Retail acquisitions completed in fiscal 2024 and 2023 reflect 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 each Retail acquisition completed in fiscal 2024 and 2023, we licensed to the counterparty the exclusive right to own and operate the La-Z-Boy Furniture Galleries ® stores (and to use the associated trademarks and trade name) in each of their respective markets, and we reacquired these rights when we consummated the transaction. These required rights are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement date of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. For federal income tax purposes, we amortize and deduct these indefinite-lived intangible assets and goodwill, if any, over 15 years. Colorado Springs, Colorado Acquisition On July 17, 2023, we completed our acquisition of the Colorado Springs, Colorado business that operates two independently owned La-Z-Boy Furniture Galleries ® stores and one distribution center for $6.0 million, subject to customary adjustments. We paid total cash of $4.3 million in the first quarter of fiscal 2024 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $2.3 million related to the reacquired rights described above. We also recognized $2.0 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. Prior Year Acquisitions Denver, Colorado Acquisition On July 18, 2022, we completed our acquisition of the Denver, Colorado business that operates five independently owned La-Z-Boy Furniture Galleries ®

Cash and Restricted Cash

Cash and Restricted Cash	3 Months Ended
	Jul. 29, 2023
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) 7/29/2023 7/30/2022 Cash and cash equivalents $ 336,434 $ 238,170 Restricted cash 3,816 3,267 Total cash, cash equivalents and restricted cash $ 340,250 $ 241,437

Inventories

Inventories	3 Months Ended
	Jul. 29, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 7/29/2023 4/29/2023 Raw materials $ 119,477 $ 116,440 Work in process 21,512 24,328 Finished goods 174,352 181,401 FIFO inventories 315,341 322,169 Excess of FIFO over LIFO (45,912) (45,912) Total inventories $ 269,429 $ 276,257

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Jul. 29, 2023
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 United Kingdom Wholesale business in the United Kingdom and Ireland Wholesale Segment United Kingdom La-Z-Boy United Kingdom Manufacturing (Furnico) Retail Segment Retail La-Z-Boy Furniture Galleries ® stores Corporate and 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 29, 2023 (1) $ 20,202 $ 129,360 $ 55,446 $ 205,008 Acquisitions — 1,951 — 1,951 Translation adjustment 450 79 — 529 Balance at July 29, 2023 (1) $ 20,652 $ 131,390 $ 55,446 $ 207,488 (1) Includes $26.9 million of accumulated impairment losses in Corporate and Other. We have intangible assets on our consolidated balance sheet as follows: Reportable Segment 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 and Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite-Lived Indefinite- Other Total Balance at April 29, 2023 $ 1,155 $ 2,594 $ 33,739 $ 1,887 $ 39,375 Acquisitions — — 2,307 — 2,307 Amortization — (200) — (55) (255) Translation adjustment — — 60 42 102 Balance at July 29, 2023 $ 1,155 $ 2,394 $ 36,106 $ 1,874 $ 41,529 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	3 Months Ended
	Jul. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. 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) 7/29/2023 4/29/2023 Short-term investments: Marketable securities $ 7,402 $ 5,043 Held-to-maturity investments 1,349 1,351 Total short-term investments 8,751 6,394 Long-term investments: Marketable securities 15,107 18,509 Total investments $ 23,858 $ 24,903 Investments to enhance returns on cash $ 10,646 $ 11,617 Investments to fund compensation/retirement plans 13,212 13,286 Total investments $ 23,858 $ 24,903 The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 7/29/2023 4/29/2023 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 1,890 $ (68) $ 7,446 $ 1,338 $ (103) $ 6,853 Fixed income 13 (297) 12,545 42 (620) 14,039 Other 1,170 — 3,867 1,171 — 4,011 Total securities $ 3,073 $ (365) $ 23,858 $ 2,551 $ (723) $ 24,903 The following table summarizes sales of marketable securities: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Proceeds from sales $ 12,404 $ 4,246 Gross realized gains 153 27 Gross realized losses (459) (56) 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) 7/29/2023 Within one year $ 7,398 Within two to five years 1,899 Within six to ten years — Thereafter 3,248 Total $ 12,545

Product Warranties

Product Warranties	3 Months Ended
	Jul. 29, 2023
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 one A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 (1) 7/30/2022 Balance as of the beginning of the period $ 30,984 $ 27,036 Accruals during the period 6,665 7,826 Settlements during the period (6,855) (7,346) Balance as of the end of the period $ 30,794 $ 27,516 (1) $20.0 million and $19.9 million is recorded in accrued expenses and other current liabilities as of July 29, 2023, and April 29, 2023, 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.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 29, 2023
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 (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Equity-based awards expense $ 2,526 $ 1,417 Liability-based awards expense (1) 88 128 Total stock-based compensation expense $ 2,614 $ 1,545 (1) Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. 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. Restricted Stock . We granted 330,140 shares of restricted stock units to employees during the first quarter of fiscal 2024 and we also have restricted stock awards outstanding from previous grants. We issue restricted stock at no cost to the employees and account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our Compensation and Talent Oversight Committee of our board of directors approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years, with continued vesting upon retirement with respect to the fiscal 2023 and 2024 grants. We accelerate the expense for restricted stock granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. The weighted-average fair value of the restricted stock that was awarded in the first quarter of fiscal 2024 was $27.66 per share, the market value of our common shares on the date of grant. Performance Shares. During the first quarter of fiscal 2024, we granted 219,154 performance-based shares, and we also have performance-based share awards outstanding from previous grants. Payouts of these grants depend 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. In the event of an employee's termination during the vesting period, the potential right to earn shares under this program is generally forfeited and we have elected to recognize forfeitures as an adjustment to compensation expense in the same period in which 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 2024 that vest based on attaining performance goals was $25.48, 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 2024 grant of shares that vest based on market conditions was $34.15. Stock Options. We did not grant stock options to employees during fiscal 2024, but we have stock options outstanding from grants from prior years. 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 and Talent Oversight Committee of our board of directors approved the awards. The vesting period for our stock options ranges from one

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jul. 29, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Activity in accumulated other comprehensive income (loss) for the quarters ended July 29, 2023, and July 30, 2022, 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 29, 2023 $ (2,652) $ (145) $ (2,731) $ (5,528) Changes before reclassifications 1,087 (15) — 1,072 Amounts reclassified to net income — 307 31 338 Tax effect — (72) (8) (80) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,087 220 23 1,330 Balance at July 29, 2023 $ (1,565) $ 75 $ (2,708) $ (4,198) Balance at April 30, 2022 $ (1,961) $ (298) $ (3,538) $ (5,797) Changes before reclassifications (1,641) 55 — (1,586) Amounts reclassified to net income — 59 48 107 Tax effect — (28) (12) (40) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,641) 86 36 (1,519) Balance at July 30, 2022 $ (3,602) $ (212) $ (3,502) $ (7,316) 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 noncontrolling interest were as follows: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Balance as of the beginning of the period $ 10,261 $ 8,897 Net income 447 452 Other comprehensive income (loss) (40) (519) Balance as of the end of the period $ 10,668 $ 8,830

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jul. 29, 2023
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 July 29, 2023 Quarter Ended July 30, 2022 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 283,418 $ 170,714 $ 46,434 $ 500,566 $ 330,478 $ 196,802 $ 51,242 $ 578,522 Casegoods Furniture 20,376 11,833 4,708 36,917 28,006 12,454 7,728 48,188 Delivery 40,043 8,243 1,902 50,188 56,237 8,016 1,903 66,156 Other (1) (10,362) 17,453 (12,983) (5,892) 27,097 18,749 (12,143) 33,703 Total 333,475 208,243 40,061 581,779 441,818 236,021 48,730 726,569 Eliminations (100,128) (122,478) Consolidated Net Sales $ 481,651 $ 604,091 (1) Primarily includes discounts and allowances, revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives. In fiscal 2024, certain amounts that were previously charged as surcharges in fiscal 2023 are now included in the base product pricing and reflected in the amounts by product category. Upholstered Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. 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. Casegoods Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches; furniture typically found in the dining room, such as dining tables, storage units, and stools; and furniture typically 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) 7/29/2023 4/29/2023 Contract assets $ 41,604 $ 44,939 Customer deposits $ 97,172 $ 105,766 Deferred revenue 41,604 44,939 Total contract liabilities (1) $ 138,776 $ 150,705 (1) During the quarter ended July 29, 2023, we recognized revenue of $126.0 million related to our contract liability balance at April 29, 2023.

Segment Information

Segment Information	3 Months Ended
	Jul. 29, 2023
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 175 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 and Other. Corporate and 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 and Other meet the requirements of reportable segments. The following table presents sales and operating income (loss) by segment: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Sales Wholesale segment: Sales to external customers $ 236,251 $ 323,728 Intersegment sales 97,224 118,090 Wholesale segment sales 333,475 441,818 Retail segment sales 208,243 236,021 Corporate and Other: Sales to external customers 37,157 44,342 Intersegment sales 2,904 4,388 Corporate and Other sales 40,061 48,730 Eliminations (100,128) (122,478) Consolidated sales $ 481,651 $ 604,091 Operating Income (Loss) Wholesale segment $ 23,503 $ 26,142 Retail segment 29,264 38,152 Corporate and Other (18,241) (11,651) Consolidated operating income 34,526 52,643 Interest expense (122) (159) Interest income 3,056 474 Other income (expense), net 556 45 Income before income taxes $ 38,016 $ 53,003

Income Taxes

Income Taxes	3 Months Ended
	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was 26.5% for both the quarter ended July 29, 2023 and the quarter ended July 30, 2022. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

Earnings per Share

Earnings per Share	3 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Earnings per Share	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 (Unaudited, amounts in thousands, except per share data) 7/29/2023 7/30/2022 Numerator (basic and diluted): Net income available to common Shareholders $ 27,479 $ 38,488 Denominator: Basic weighted average common shares outstanding 43,239 43,092 Contingent common shares 54 50 Stock option dilution 40 — Diluted weighted average common shares outstanding 43,333 43,142 Earnings per Share: Basic $ 0.64 $ 0.89 Diluted $ 0.63 $ 0.89 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 quarters ended July 29, 2023 and July 30, 2022, we excluded options to purchase 0.7 million shares and 1.5 million shares from the diluted share calculation, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 29, 2023
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 July 29, 2023 and April 29, 2023. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At July 29, 2023 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 11,815 $ — $ 10,694 $ 22,509 Held-to-maturity investments 1,349 — — — 1,349 Total assets $ 1,349 $ 11,815 $ — $ 10,694 $ 23,858 At April 29, 2023 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 16,557 $ — $ 6,995 $ 23,552 Held-to-maturity investments 1,351 — — — 1,351 Total assets $ 1,351 $ 16,557 $ — $ 6,995 $ 24,903 (1) Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. At July 29, 2023 and April 29, 2023, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan and our performance compensation retirement plan.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,479	$ 38,488

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 29, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ms. Janet Kerr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 26, 2023, Ms. Janet Kerr, a member of the Company’s Board of Directors, adopted a trading arrangement for the sale of securities of the Company’s common stock (the “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Ms. Kerr’s Rule 10b5-1 Trading Plan, which has a duration of six months, provides for the sale of up to 4,582 shares of common stock pursuant to the terms of the plan
Name	Ms. Janet Kerr
Title	member of the Company’s Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 26, 2023
Arrangement Duration	6 months
Aggregate Available	4,582

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jul. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	Accounting Pronouncements Adopted in Fiscal 2024 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2024, but did 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 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 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Jul. 29, 2023
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 2024, but did 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 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 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025
Schedule of Error Corrections and Prior Period Adjustments	In accordance with US GAAP, the period presented below has been retrospectively adjusted to reflect the change to cost of sales and SG&A expense. This change had no impact to sales, income from operations, net income, earnings per share, retained earnings or other components of equity or net assets. (Unaudited, amounts in thousands) For the Quarter Ended July 30, 2022 Previously Reported Effect of Change As Adjusted Cost of sales $ 362,631 $ 10,430 $ 373,061 Gross profit 241,460 (10,430) 231,030 Selling, general and administrative expense 188,817 (10,430) 178,387

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	3 Months Ended
	Jul. 29, 2023
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) 7/29/2023 7/30/2022 Cash and cash equivalents $ 336,434 $ 238,170 Restricted cash 3,816 3,267 Total cash, cash equivalents and restricted cash $ 340,250 $ 241,437
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) 7/29/2023 7/30/2022 Cash and cash equivalents $ 336,434 $ 238,170 Restricted cash 3,816 3,267 Total cash, cash equivalents and restricted cash $ 340,250 $ 241,437

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jul. 29, 2023
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories is as follows: (Unaudited, amounts in thousands) 7/29/2023 4/29/2023 Raw materials $ 119,477 $ 116,440 Work in process 21,512 24,328 Finished goods 174,352 181,401 FIFO inventories 315,341 322,169 Excess of FIFO over LIFO (45,912) (45,912) Total inventories $ 269,429 $ 276,257

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Jul. 29, 2023
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 United Kingdom Wholesale business in the United Kingdom and Ireland Wholesale Segment United Kingdom La-Z-Boy United Kingdom Manufacturing (Furnico) Retail Segment Retail La-Z-Boy Furniture Galleries ® stores Corporate and 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 29, 2023 (1) $ 20,202 $ 129,360 $ 55,446 $ 205,008 Acquisitions — 1,951 — 1,951 Translation adjustment 450 79 — 529 Balance at July 29, 2023 (1) $ 20,652 $ 131,390 $ 55,446 $ 207,488
Schedule of Other Intangible Assets - Indefinite-Lived	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment 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 and Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite-Lived Indefinite- Other Total Balance at April 29, 2023 $ 1,155 $ 2,594 $ 33,739 $ 1,887 $ 39,375 Acquisitions — — 2,307 — 2,307 Amortization — (200) — (55) (255) Translation adjustment — — 60 42 102 Balance at July 29, 2023 $ 1,155 $ 2,394 $ 36,106 $ 1,874 $ 41,529
Schedule of Other Intangible Assets - Finite-Lived	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment 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 and Other Joybird ® trade name Amortizable over eight The following summarizes changes in our intangible assets: (Unaudited, amounts in thousands) Indefinite- Finite-Lived Indefinite- Other Total Balance at April 29, 2023 $ 1,155 $ 2,594 $ 33,739 $ 1,887 $ 39,375 Acquisitions — — 2,307 — 2,307 Amortization — (200) — (55) (255) Translation adjustment — — 60 42 102 Balance at July 29, 2023 $ 1,155 $ 2,394 $ 36,106 $ 1,874 $ 41,529

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jul. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	The following summarizes our investments: (Unaudited, amounts in thousands) 7/29/2023 4/29/2023 Short-term investments: Marketable securities $ 7,402 $ 5,043 Held-to-maturity investments 1,349 1,351 Total short-term investments 8,751 6,394 Long-term investments: Marketable securities 15,107 18,509 Total investments $ 23,858 $ 24,903 Investments to enhance returns on cash $ 10,646 $ 11,617 Investments to fund compensation/retirement plans 13,212 13,286 Total investments $ 23,858 $ 24,903
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: 7/29/2023 4/29/2023 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 1,890 $ (68) $ 7,446 $ 1,338 $ (103) $ 6,853 Fixed income 13 (297) 12,545 42 (620) 14,039 Other 1,170 — 3,867 1,171 — 4,011 Total securities $ 3,073 $ (365) $ 23,858 $ 2,551 $ (723) $ 24,903
Summary of Sales of Marketable Securities	The following table summarizes sales of marketable securities: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Proceeds from sales $ 12,404 $ 4,246 Gross realized gains 153 27 Gross realized losses (459) (56)
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) 7/29/2023 Within one year $ 7,398 Within two to five years 1,899 Within six to ten years — Thereafter 3,248 Total $ 12,545

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jul. 29, 2023
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 (Unaudited, amounts in thousands) 7/29/2023 (1) 7/30/2022 Balance as of the beginning of the period $ 30,984 $ 27,036 Accruals during the period 6,665 7,826 Settlements during the period (6,855) (7,346) Balance as of the end of the period $ 30,794 $ 27,516 (1) $20.0 million and $19.9 million is recorded in accrued expenses and other current liabilities as of July 29, 2023, and April 29, 2023, respectively, while the remainder is included in other long-term liabilities.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 29, 2023
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 (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Equity-based awards expense $ 2,526 $ 1,417 Liability-based awards expense (1) 88 128 Total stock-based compensation expense $ 2,614 $ 1,545

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jul. 29, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of activity in accumulated other comprehensive income (loss)	Activity in accumulated other comprehensive income (loss) for the quarters ended July 29, 2023, and July 30, 2022, 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 29, 2023 $ (2,652) $ (145) $ (2,731) $ (5,528) Changes before reclassifications 1,087 (15) — 1,072 Amounts reclassified to net income — 307 31 338 Tax effect — (72) (8) (80) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,087 220 23 1,330 Balance at July 29, 2023 $ (1,565) $ 75 $ (2,708) $ (4,198) Balance at April 30, 2022 $ (1,961) $ (298) $ (3,538) $ (5,797) Changes before reclassifications (1,641) 55 — (1,586) Amounts reclassified to net income — 59 48 107 Tax effect — (28) (12) (40) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,641) 86 36 (1,519) Balance at July 30, 2022 $ (3,602) $ (212) $ (3,502) $ (7,316)
Schedule of components of non-controlling interest	The components of noncontrolling interest were as follows: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Balance as of the beginning of the period $ 10,261 $ 8,897 Net income 447 452 Other comprehensive income (loss) (40) (519) Balance as of the end of the period $ 10,668 $ 8,830

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jul. 29, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by product category and by segment or unit: Quarter Ended July 29, 2023 Quarter Ended July 30, 2022 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 283,418 $ 170,714 $ 46,434 $ 500,566 $ 330,478 $ 196,802 $ 51,242 $ 578,522 Casegoods Furniture 20,376 11,833 4,708 36,917 28,006 12,454 7,728 48,188 Delivery 40,043 8,243 1,902 50,188 56,237 8,016 1,903 66,156 Other (1) (10,362) 17,453 (12,983) (5,892) 27,097 18,749 (12,143) 33,703 Total 333,475 208,243 40,061 581,779 441,818 236,021 48,730 726,569 Eliminations (100,128) (122,478) Consolidated Net Sales $ 481,651 $ 604,091 (1) Primarily includes discounts and allowances, revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives. In fiscal 2024, certain amounts that were previously charged as surcharges in fiscal 2023 are now included in the base product pricing and reflected in the amounts by product category.
Contract with Customer, Contract Assets and Contract Liabilities	The following table presents our contract assets and liabilities: (Unaudited, amounts in thousands) 7/29/2023 4/29/2023 Contract assets $ 41,604 $ 44,939 Customer deposits $ 97,172 $ 105,766 Deferred revenue 41,604 44,939 Total contract liabilities (1) $ 138,776 $ 150,705 (1) During the quarter ended July 29, 2023, we recognized revenue of $126.0 million related to our contract liability balance at April 29, 2023.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jul. 29, 2023
Segment Reporting [Abstract]
Schedule of Operating Income (Loss) by Segment	The following table presents sales and operating income (loss) by segment: Quarter Ended (Unaudited, amounts in thousands) 7/29/2023 7/30/2022 Sales Wholesale segment: Sales to external customers $ 236,251 $ 323,728 Intersegment sales 97,224 118,090 Wholesale segment sales 333,475 441,818 Retail segment sales 208,243 236,021 Corporate and Other: Sales to external customers 37,157 44,342 Intersegment sales 2,904 4,388 Corporate and Other sales 40,061 48,730 Eliminations (100,128) (122,478) Consolidated sales $ 481,651 $ 604,091 Operating Income (Loss) Wholesale segment $ 23,503 $ 26,142 Retail segment 29,264 38,152 Corporate and Other (18,241) (11,651) Consolidated operating income 34,526 52,643 Interest expense (122) (159) Interest income 3,056 474 Other income (expense), net 556 45 Income before income taxes $ 38,016 $ 53,003

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Schedule 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 (Unaudited, amounts in thousands, except per share data) 7/29/2023 7/30/2022 Numerator (basic and diluted): Net income available to common Shareholders $ 27,479 $ 38,488 Denominator: Basic weighted average common shares outstanding 43,239 43,092 Contingent common shares 54 50 Stock option dilution 40 — Diluted weighted average common shares outstanding 43,333 43,142 Earnings per Share: Basic $ 0.64 $ 0.89 Diluted $ 0.63 $ 0.89

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 29, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at July 29, 2023 and April 29, 2023. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At July 29, 2023 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 11,815 $ — $ 10,694 $ 22,509 Held-to-maturity investments 1,349 — — — 1,349 Total assets $ 1,349 $ 11,815 $ — $ 10,694 $ 23,858 At April 29, 2023 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 16,557 $ — $ 6,995 $ 23,552 Held-to-maturity investments 1,351 — — — 1,351 Total assets $ 1,351 $ 16,557 $ — $ 6,995 $ 24,903

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) $ in Millions	3 Months Ended
	Jul. 29, 2023 USD ($) company	Jan. 28, 2023 USD ($)
Discontinued Operations, Disposed of by Means Other than Sale | Torreon Facility
Variable Interest Entity [Line Items]
Selling, general, and administrative expense	$ 1.2	$ 9.2
Cost of sales		$ 1.6
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Preferred share investments with common share warrant, number of privately-held companies | company	2

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 275,923	$ 373,061
Gross profit	205,728	231,030
Selling, general and administrative expense	$ 171,202	178,387
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		362,631
Gross profit		241,460
Selling, general and administrative expense		188,817
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		10,430
Gross profit		(10,430)
Selling, general and administrative expense		$ (10,430)

Acquisitions (Details)

Acquisitions (Details) $ in Thousands			3 Months Ended
	Jul. 17, 2023 USD ($) store center	Jul. 18, 2022 USD ($) center store	Jul. 29, 2023 USD ($)	Apr. 29, 2023 USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets and goodwill assets, useful life (in years)			15 years
Indefinite-lived intangible assets acquired			$ 2,307
Goodwill			$ 207,488	$ 205,008
Colorado Springs, Colorado | Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired | store	2
Number of distribution center acquired | center	1
Consideration transferred	$ 6,000
Cash paid	4,300
Indefinite-lived intangible assets acquired	2,300
Colorado Springs, Colorado | Independently-owned Business | Retail
Business Acquisition [Line Items]
Goodwill	$ 2,000
Denver, Colorado | Independently-owned Business
Business Acquisition [Line Items]
Number of distribution center acquired | center		1
Consideration transferred		$ 10,100
Cash paid		7,700
Indefinite-lived intangible assets acquired		$ 4,300
Denver, Colorado | Independently-owned Business | Retail
Business Acquisition [Line Items]
Number of stores acquired | store		5
Goodwill		$ 7,600

Cash and Restricted Cash (Detai

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023	Jul. 30, 2022	Apr. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 336,434	$ 343,374	$ 238,170
Restricted cash	3,816	3,304	3,267
Total cash, cash equivalents and restricted cash	$ 340,250	$ 346,678	$ 241,437	$ 248,856

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 119,477	$ 116,440
Work in process	21,512	24,328
Finished goods	174,352	181,401
FIFO inventories	315,341	322,169
Excess of FIFO over LIFO	(45,912)	(45,912)
Total inventories	$ 269,429	$ 276,257

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Jul. 29, 2023 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 205,008
Acquisitions	1,951
Translation adjustment	529
Balance at end of period	207,488
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
Goodwill, impairment loss	26,900
Wholesale Segment | Operating Segments
Roll-forward of goodwill
Balance at beginning of period	20,202
Acquisitions	0
Translation adjustment	450
Balance at end of period	20,652
Retail Segment | Operating Segments
Roll-forward of goodwill
Balance at beginning of period	129,360
Acquisitions	1,951
Translation adjustment	79
Balance at end of period	$ 131,390

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	3 Months Ended
	Jul. 29, 2023 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 39,375
Acquisitions	2,307
Amortization	(255)
Translation adjustment	102
Balance at end of period	41,529
Finite-Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	2,594
Acquisitions	0
Amortization	(200)
Translation adjustment	0
Balance at end of period	2,394
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	1,887
Acquisitions	0
Amortization	(55)
Translation adjustment	42
Balance at end of period	1,874
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	33,739
Acquisitions	2,307
Amortization	0
Translation adjustment	60
Balance at end of period	$ 36,106
Corporate and Other
Other intangible assets
Useful life	8 years
Maximum | Wholesale Segment | Operating Segments
Other intangible assets
Useful life	15 years

Investments - Components (Detai

Investments - Components (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Total investments	$ 23,858	$ 24,903
Investments to enhance returns on cash
Summary of Investment Holdings [Line Items]
Total investments	10,646	11,617
Investments to fund compensation/retirement plans
Summary of Investment Holdings [Line Items]
Total investments	13,212	13,286
Short-term investments
Summary of Investment Holdings [Line Items]
Marketable Securities	7,402	5,043
Held-to-maturity investments	1,349	1,351
Total investments	8,751	6,394
Long-term investments
Summary of Investment Holdings [Line Items]
Marketable Securities	$ 15,107	$ 18,509

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	$ 3,073	$ 2,551
Gross Unrealized  Losses	(365)	(723)
Fair Value	23,858	24,903
Equity securities
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	1,890	1,338
Gross Unrealized  Losses	(68)	(103)
Fair Value	7,446	6,853
Fixed income
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	13	42
Gross Unrealized  Losses	(297)	(620)
Fair Value	12,545	14,039
Other
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	1,170	1,171
Gross Unrealized  Losses	0	0
Fair Value	$ 3,867	$ 4,011

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Sales of Marketable Securities
Proceeds from sales	$ 12,404	$ 4,246
Gross realized gains	153	27
Gross realized losses	(459)	$ (56)
Fair Value of Available-For-Sale Securities By Contractual Maturity
Within one year	7,398
Within two to five years	1,899
Within six to ten years	0
Thereafter	3,248
Total	$ 12,545

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Apr. 29, 2023
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 30,984	$ 27,036
Accruals during the period	6,665	7,826
Settlements during the period	(6,855)	(7,346)
Balance as of the end of the period	30,794	$ 27,516
Product warranty liability accrued	$ 20,000		$ 19,900
Minimum | Wholesale Segment
Product Warranties
Percentage of warranty liability relating to the segment	90%
Fabric and leather | Minimum | Wholesale Segment
Product Warranties
Warranty term (in years)	1 year
Fabric and leather | Maximum | Wholesale Segment
Product Warranties
Warranty term (in years)	3 years
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

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 2,526	$ 1,417
Liability-based awards expense	88	128
Total stock-based compensation expense	$ 2,614	$ 1,545

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock, Additional Information (Details) - Restricted Stock	3 Months Ended
	Jul. 29, 2023 $ / shares shares
Stock-Based Compensation
Number of shares or units granted (in shares) | shares	330,140
Percentage vesting each year from date of grant	25%
Period from grant date for first vesting	1 year
Fair value per share (in dollars per share) | $ / shares	$ 27.66
Minimum
Stock-Based Compensation
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares, Additional Information (Details)	3 Months Ended
	Jul. 29, 2023 $ / shares shares
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares) | shares	219,154
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%
Percentage of payout dependent on total shareholder return	50%
Granted (in dollars per share)	$ 25.48
Performance Awards | Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50%
Performance Awards | Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200%
Performance Based Shares, vesting based on market conditions | Fiscal 2022 Grant
Stock-Based Compensation
Granted (in dollars per share)	$ 34.15

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Additional Information (Details) - Stock Options	3 Months Ended
	Jul. 29, 2023
Stock-Based Compensation
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term (in years)	10 years
Minimum
Stock-Based Compensation
Vesting period (in years)	1 year
Maximum
Stock-Based Compensation
Vesting period (in years)	4 years

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Activity in accumulated other comprehensive loss
Beginning balance	$ 952,097	$ 819,622
Changes before reclassifications	1,072	(1,586)
Amounts reclassified to net income	338	107
Tax effect	(80)	(40)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,330	(1,519)
Ending balance	963,930	844,092
Components of non-controlling interest
Beginning balance	952,097	819,622
Net income	27,926	38,940
Other comprehensive income (loss)	1,290	(2,038)
Ending balance	963,930	844,092
Accumulated other comprehensive income (loss)
Activity in accumulated other comprehensive loss
Beginning balance	(5,528)	(5,797)
Ending balance	(4,198)	(7,316)
Components of non-controlling interest
Beginning balance	(5,528)	(5,797)
Ending balance	(4,198)	(7,316)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	(2,652)	(1,961)
Changes before reclassifications	1,087	(1,641)
Amounts reclassified to net income	0	0
Tax effect	0	0
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,087	(1,641)
Ending balance	(1,565)	(3,602)
Components of non-controlling interest
Beginning balance	(2,652)	(1,961)
Ending balance	(1,565)	(3,602)
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	(145)	(298)
Changes before reclassifications	(15)	55
Amounts reclassified to net income	307	59
Tax effect	(72)	(28)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	220	86
Ending balance	75	(212)
Components of non-controlling interest
Beginning balance	(145)	(298)
Ending balance	75	(212)
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(2,731)	(3,538)
Changes before reclassifications	0	0
Amounts reclassified to net income	31	48
Tax effect	(8)	(12)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	23	36
Ending balance	(2,708)	(3,502)
Components of non-controlling interest
Beginning balance	(2,731)	(3,538)
Ending balance	(2,708)	(3,502)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	10,261	8,897
Ending balance	10,668	8,830
Components of non-controlling interest
Beginning balance	10,261	8,897
Net income	447	452
Other comprehensive income (loss)	(40)	(519)
Ending balance	$ 10,668	$ 8,830

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Revenue Recognition
Sales	$ 481,651	$ 604,091
Wholesale Segment
Revenue Recognition
Sales	236,251	323,728
Operating Segments
Revenue Recognition
Sales	581,779	726,569
Operating Segments | Upholstered Furniture
Revenue Recognition
Sales	500,566	578,522
Operating Segments | Casegoods Furniture
Revenue Recognition
Sales	36,917	48,188
Operating Segments | Delivery
Revenue Recognition
Sales	50,188	66,156
Operating Segments | Other
Revenue Recognition
Sales	(5,892)	33,703
Operating Segments | Wholesale Segment
Revenue Recognition
Sales	333,475	441,818
Operating Segments | Wholesale Segment | Upholstered Furniture
Revenue Recognition
Sales	283,418	330,478
Operating Segments | Wholesale Segment | Casegoods Furniture
Revenue Recognition
Sales	20,376	28,006
Operating Segments | Wholesale Segment | Delivery
Revenue Recognition
Sales	40,043	56,237
Operating Segments | Wholesale Segment | Other
Revenue Recognition
Sales	(10,362)	27,097
Operating Segments | Retail
Revenue Recognition
Sales	208,243	236,021
Operating Segments | Retail | Upholstered Furniture
Revenue Recognition
Sales	170,714	196,802
Operating Segments | Retail | Casegoods Furniture
Revenue Recognition
Sales	11,833	12,454
Operating Segments | Retail | Delivery
Revenue Recognition
Sales	8,243	8,016
Operating Segments | Retail | Other
Revenue Recognition
Sales	17,453	18,749
Corporate and Other
Revenue Recognition
Sales	40,061	48,730
Corporate and Other | Upholstered Furniture
Revenue Recognition
Sales	46,434	51,242
Corporate and Other | Casegoods Furniture
Revenue Recognition
Sales	4,708	7,728
Corporate and Other | Delivery
Revenue Recognition
Sales	1,902	1,903
Corporate and Other | Other
Revenue Recognition
Sales	(12,983)	(12,143)
Eliminations
Revenue Recognition
Sales	$ (100,128)	$ (122,478)

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Apr. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 41,604	$ 44,939
Customer deposits	97,172	105,766
Deferred revenue	41,604	44,939
Total contract liabilities	138,776	$ 150,705
Revenue recognized related to contract liabilities	$ 126,000

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Jul. 29, 2023 segment brand store
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	175

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Segment Reporting Information [Line Items]
Sales	$ 481,651	$ 604,091
Operating Income (Loss)	34,526	52,643
Interest expense	(122)	(159)
Interest income	3,056	474
Other income (expense), net	556	45
Income before income taxes	38,016	53,003
Wholesale Segment
Segment Reporting Information [Line Items]
Sales	236,251	323,728
Operating Segments
Segment Reporting Information [Line Items]
Sales	581,779	726,569
Operating Segments | Wholesale Segment
Segment Reporting Information [Line Items]
Sales	333,475	441,818
Operating Income (Loss)	23,503	26,142
Operating Segments | Retail Segment
Segment Reporting Information [Line Items]
Sales	208,243	236,021
Operating Income (Loss)	29,264	38,152
Corporate and Other
Segment Reporting Information [Line Items]
Sales	40,061	48,730
Operating Income (Loss)	(18,241)	(11,651)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	37,157	44,342
Intersegment sales
Segment Reporting Information [Line Items]
Sales	2,904	4,388
Intersegment sales | Wholesale Segment
Segment Reporting Information [Line Items]
Sales	97,224	118,090
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (100,128)	$ (122,478)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	26.50%	26.50%
Statutory tax rate	21%

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Numerator (basic and diluted):
Net income available to common Shareholders	$ 27,479	$ 38,488
Denominator:
Basic weighted average common shares outstanding (in shares)	43,239	43,092
Contingent common shares (in shares)	54	50
Stock option dilution (in shares)	40	0
Diluted weighted average common shares outstanding (in shares)	43,333	43,142
Earnings per Share:
Basic (in dollars per share)	$ 0.64	$ 0.89
Diluted (in dollars per share)	$ 0.63	$ 0.89

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.7	1.5

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Apr. 29, 2023
Assets
Total assets	$ 23,858	$ 24,903
Recurring basis
Assets
Marketable securities	22,509	23,552
Held-to-maturity investments	1,349	1,351
Total assets	23,858	24,903
Recurring basis | Level 1
Assets
Marketable securities	0	0
Held-to-maturity investments	1,349	1,351
Total assets	1,349	1,351
Recurring basis | Level 2
Assets
Marketable securities	11,815	16,557
Held-to-maturity investments	0	0
Total assets	11,815	16,557
Recurring basis | Level 3
Assets
Marketable securities	0	0
Held-to-maturity investments	0	0
Total assets	0	0
Recurring basis | NAV
Assets
Marketable securities	10,694	6,995
Held-to-maturity investments	0	0
Total assets	$ 10,694	$ 6,995