La-Z-Boy (LZB) 10-Q 20 Feb 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Jan. 27, 2024	Feb. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 27, 2024
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	242-1444
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		42,639,834
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-27
Document Fiscal Year Focus	2024
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. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Income Statement [Abstract]
Sales	$ 500,406	$ 572,723	$ 1,493,492	$ 1,788,146
Cost of sales	287,152	337,142	851,905	1,072,051
Gross profit	213,254	235,581	641,587	716,095
Selling, general and administrative expense	180,693	192,741	540,888	558,729
Operating income	32,561	42,840	100,699	157,366
Interest expense	(106)	(136)	(329)	(414)
Interest income	4,124	2,012	11,222	3,624
Other income (expense), net	(639)	(1,062)	21	(834)
Income before income taxes	35,940	43,654	111,613	159,742
Income tax expense	7,256	12,077	27,309	42,446
Net income	28,684	31,577	84,304	117,296
Net (income) loss attributable to noncontrolling interests	(44)	149	(986)	(1,005)
Net income attributable to La-Z-Boy Incorporated	$ 28,640	$ 31,726	$ 83,318	$ 116,291
Earnings Per Share, Basic [Abstract]
Basic weighted average common shares (in shares)	42,767	43,137	43,005	43,111
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.67	$ 0.74	$ 1.94	$ 2.70
Earnings Per Share, Diluted [Abstract]
Diluted weighted average common shares (in shares)	43,195	43,137	43,344	43,111
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.66	$ 0.74	$ 1.92	$ 2.70

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28,684	$ 31,577	$ 84,304	$ 117,296
Other comprehensive income (loss)
Currency translation adjustment	2,262	5,441	(306)	(72)
Net unrealized gain on marketable securities, net of tax	342	287	475	84
Net pension amortization, net of tax	23	36	70	109
Total other comprehensive income	2,627	5,764	239	121
Total comprehensive income before noncontrolling interests	31,311	37,341	84,543	117,417
Comprehensive (income) attributable to noncontrolling interests	(159)	(1,278)	(577)	(1,509)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 31,152	$ 36,063	$ 83,966	$ 115,908

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Current assets
Cash and equivalents	$ 329,324	$ 343,374
Restricted cash	3,855	3,304
Receivables, net of allowance of $4,399 at 1/27/2024 and $4,776 at 4/29/2023	119,383	125,536
Inventories, net	276,833	276,257
Other current assets	120,996	106,129
Total current assets	850,391	854,600
Property, plant and equipment, net	284,407	278,578
Goodwill	209,526	205,008
Other intangible assets, net	45,633	39,375
Deferred income taxes – long-term	8,716	8,918
Right of use lease assets	460,403	416,269
Other long-term assets, net	59,216	63,515
Total assets	1,918,292	1,866,263
Current liabilities
Accounts payable	86,819	107,460
Lease liabilities, short-term	77,601	77,751
Accrued expenses and other current liabilities	275,522	290,650
Total current liabilities	439,942	475,861
Lease liabilities, long-term	418,149	368,163
Other long-term liabilities	72,315	70,142
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1.00 par value – 150,000 authorized; 42,613 outstanding at 1/27/2024 and 43,318 outstanding at 4/29/2023	42,613	43,318
Capital in excess of par value	365,111	358,891
Retained earnings	575,376	545,155
Accumulated other comprehensive loss	(4,880)	(5,528)
Total La-Z-Boy Incorporated shareholders' equity	978,220	941,836
Noncontrolling interests	9,666	10,261
Total equity	987,886	952,097
Total liabilities and equity	$ 1,918,292	$ 1,866,263

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Current assets
Receivables, allowance	$ 4,399	$ 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)	42,613,000	43,318,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Jan. 27, 2024	Jan. 28, 2023
Cash flows from operating activities
Net income		$ 84,304	$ 117,296
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal and impairment of assets		(15)	6,161
(Gain)/loss on sale of investments		(1,169)	155
Provision for doubtful accounts		(267)	945
Depreciation and amortization		36,493	29,357
Amortization of right-of-use lease assets		56,660	57,548
Lease impairment/(settlement)		(1,175)	1,347
Equity-based compensation expense		11,048	8,456
Change in deferred taxes		1,911	(2,629)
Change in receivables		4,277	42,474
Change in inventories		5,968	4,560
Change in other assets		(6,314)	16,478
Change in payables		(15,420)	(10,624)
Change in lease liabilities		(57,385)	(58,651)
Change in other liabilities		(13,562)	(85,821)
Net cash provided by operating activities		105,354	127,052
Cash flows from investing activities
Proceeds from disposals of assets		4,836	121
Capital expenditures		(38,034)	(57,439)
Purchases of investments		(17,869)	(6,970)
Proceeds from sales of investments		23,337	18,178
Acquisitions		(26,299)	(11,855)
Net cash used for investing activities		(54,029)	(57,965)
Cash flows from financing activities
Payments on debt and finance lease liabilities		(346)	(92)
Holdback payments for acquisitions		(5,000)	(5,000)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes		6,241	(1,771)
Repurchases of common stock		(40,022)	(5,004)
Dividends paid to shareholders		(24,177)	(22,027)
Dividends paid to minority interest joint venture partners	[1]	(1,172)	0
Net cash used for financing activities		(64,476)	(33,894)
Effect of exchange rate changes on cash and equivalents		(348)	(4)
Change in cash, cash equivalents and restricted cash		(13,499)	35,189
Cash, cash equivalents and restricted cash at beginning of period		346,678	248,856
Cash, cash equivalents and restricted cash at end of period		333,179	284,045
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables		$ 3,008	$ 2,828
[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 ($) $ 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)		(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. 30, 2022		819,622	43,089	342,252	431,181	(5,797)	8,897
Increase (Decrease) in Stockholders' Equity
Net income		117,296					1,005
Other comprehensive income (loss)		121					504
Ending balance at Jan. 28, 2023		916,504	43,140	350,406	518,732	(6,180)	10,406
Beginning balance at Jul. 30, 2022		844,092	43,036	343,475	456,067	(7,316)	8,830
Increase (Decrease) in Stockholders' Equity
Net income		46,779			46,077		702
Other comprehensive income (loss)		(3,605)				(3,201)	(404)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(8)	100	(101)	(7)
Stock option and restricted stock expense		3,662		3,662
Dividends declared and paid		(7,064)			(7,064)
Dividends declared not paid		(70)			(70)
Ending balance at Oct. 29, 2022		883,786	43,136	347,036	495,003	(10,517)	9,128
Increase (Decrease) in Stockholders' Equity
Net income		31,577			31,726		(149)
Other comprehensive income (loss)		5,764				4,337	1,427
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(60)	4	(7)	(57)
Stock option and restricted stock expense		3,377		3,377
Dividends declared and paid		(7,866)			(7,866)
Dividends declared not paid		(74)			(74)
Ending balance at Jan. 28, 2023		916,504	43,140	350,406	518,732	(6,180)	10,406
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
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		84,304					986
Other comprehensive income (loss)		239					(409)
Ending balance at Jan. 27, 2024		987,886	42,613	365,111	575,376	(4,880)	9,666
Beginning balance at Jul. 29, 2023		963,930	43,110	356,684	557,666	(4,198)	10,668
Increase (Decrease) in Stockholders' Equity
Net income		27,694			27,199		495
Other comprehensive income (loss)		(3,678)				(3,194)	(484)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		119	91	32	(4)
Repurchase of shares of common stock		(10,005)	(326)	(118)	(9,561)
Stock option and restricted stock expense		4,811		4,811
Dividends declared and paid	[1]	(8,952)			(7,780)		(1,172)
Dividends declared not paid		(129)			(129)
Ending balance at Oct. 28, 2023		973,790	42,875	361,409	567,391	(7,392)	9,507
Increase (Decrease) in Stockholders' Equity
Net income		28,684			28,640		44
Other comprehensive income (loss)		2,627				2,512	115
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		8,100	305	7,894	(99)
Repurchase of shares of common stock		(20,341)	(567)	(7,903)	(11,871)
Stock option and restricted stock expense		3,711		3,711
Dividends declared and paid		(8,545)			(8,545)
Dividends declared not paid		(140)			(140)
Ending balance at Jan. 27, 2024		$ 987,886	$ 42,613	$ 365,111	$ 575,376	$ (4,880)	$ 9,666
[1] 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
	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022
Dividends paid (in dollars per share)		$ 0.1815	$ 0.1815		$ 0.165	$ 0.165
Dividends declared (in dollars per share)	$ 0.20	$ 0.1815	$ 0.1815	$ 0.1815	$ 0.165	$ 0.165
Common Shares
Shares purchased (in shares)	567	326	357			204

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 27, 2024
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 January 27, 2024, 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 2023-09 Income Taxes - Improvements to Income Tax Disclosures Fiscal 2026 ASU 2023-07 Segment Reporting - Improvements to Reportable Segment Disclosures Fiscal 2025 ASU 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Fiscal 2025 ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025 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 January 28, 2023 For the Nine Months Ended January 28, 2023 Previously Reported Effect of Change As Adjusted Previously Reported Effect of Change As Adjusted Cost of sales $ 326,296 $ 10,846 $ 337,142 $ 1,039,523 $ 32,528 $ 1,072,051 Gross profit 246,427 (10,846) 235,581 748,623 (32,528) 716,095 Selling, general and administrative expense 203,587 (10,846) 192,741 591,257 (32,528) 558,729

Acquisitions

Acquisitions	9 Months Ended
	Jan. 27, 2024
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. Illinois and Indiana Acquisition On December 11, 2023, we completed our acquisition of the Illinois and Indiana businesses that operate six independently owned La-Z-Boy Furniture Galleries ® stores and one distribution center for $18.4 million, inclusive of and subject to further customary adjustments. The acquisition also included the purchase of buildings and land for five of the stores. We paid total cash of $18.1 million during the third quarter of fiscal 2024 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $4.2 million related to the reacquired rights described above. Lafayette, Louisiana Acquisition On October 23, 2023, we completed our acquisition of the Lafayette, Louisiana business that operates one independently owned La-Z-Boy Furniture Galleries ® store and one distribution center for $2.8 million, inclusive of and subject to further customary adjustments. We paid total cash of $2.6 million during the second and third quarters of fiscal 2024 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $0.7 million related to the reacquired rights described above. We also recognized $2.1 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired store and future benefits of these synergies. 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, inclusive of and subject to further to customary adjustments. We paid total cash of $5.6 million during the first and second quarters of fiscal 2024 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $2.1 million related to the reacquired rights described above. We also recognized $2.2 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 Barboursville, West Virginia acquisition On December 12, 2022, we completed our acquisition of the Barboursville, West Virginia business that operates one independently owned La-Z-Boy Furniture Galleries ® store. This acquisition did not have a meaningful impact on our consolidated financial statements. Spokane, Washington Acquisition On September 26, 2022, we completed our acquisition of the Spokane, Washington business that operates one independently owned La-Z-Boy Furniture Galleries ® store and one distribution center for $4.7 million, inclusive of customary adjustments. We paid total cash of $4.0 million during the second quarter of fiscal 2023 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $1.2 million related to the reacquired rights described above. We also recognized $3.0 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired store and future benefits of these synergies. 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	9 Months Ended
	Jan. 27, 2024
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) 1/27/2024 1/28/2023 Cash and cash equivalents $ 329,324 $ 280,763 Restricted cash 3,855 3,282 Total cash, cash equivalents and restricted cash $ 333,179 $ 284,045

Inventories

Inventories	9 Months Ended
	Jan. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/27/2024 4/29/2023 Raw materials $ 138,143 $ 116,440 Work in process 19,796 24,328 Finished goods 164,806 181,401 FIFO inventories 322,745 322,169 Excess of FIFO over LIFO (45,912) (45,912) Total inventories $ 276,833 $ 276,257

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Jan. 27, 2024
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 — 4,275 — 4,275 Translation adjustment 217 26 — 243 Balance at January 27, 2024 (1) $ 20,419 $ 133,661 $ 55,446 $ 209,526 (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 — 6,983 — 6,983 Amortization — (599) — (163) (762) Translation adjustment — — 19 18 37 Balance at January 27, 2024 $ 1,155 $ 1,995 $ 40,741 $ 1,742 $ 45,633 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. 27, 2024
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) 1/27/2024 4/29/2023 Short-term investments: Marketable securities $ 6,533 $ 5,043 Held-to-maturity investments 1,304 1,351 Total short-term investments 7,837 6,394 Long-term investments: Marketable securities 12,998 18,509 Total investments $ 20,835 $ 24,903 Investments to enhance returns on cash $ 7,748 $ 11,617 Investments to fund compensation/retirement plans 13,087 13,286 Total investments $ 20,835 $ 24,903 The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 1/27/2024 4/29/2023 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 358 $ — $ 3,906 $ 1,338 $ (103) $ 6,853 Fixed income 174 (120) 13,045 42 (620) 14,039 Other 804 (8) 3,884 1,171 — 4,011 Total securities $ 1,336 $ (128) $ 20,835 $ 2,551 $ (723) $ 24,903 The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Proceeds from sales $ 1,381 $ 5,514 $ 21,849 $ 18,178 Gross realized gains 33 3 1,909 52 Gross realized losses — (81) (740) (207) 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) 1/27/2024 Within one year $ 6,445 Securities not due at a single maturity date 6,600 Total $ 13,045

Product Warranties

Product Warranties	9 Months Ended
	Jan. 27, 2024
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 warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known. A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 (1) 1/28/2023 Balance as of the beginning of the period $ 31,127 $ 28,357 $ 30,984 $ 27,036 Accruals during the period 6,272 8,663 19,894 24,942 Settlements during the period (6,093) (7,722) (19,572) (22,680) Balance as of the end of the period $ 31,306 $ 29,298 $ 31,306 $ 29,298 (1) $19.8 million and $19.9 million is recorded in accrued expenses and other current liabilities as of January 27, 2024, 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	9 Months Ended
	Jan. 27, 2024
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) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Equity-based awards expense $ 3,711 $ 3,377 $ 11,048 $ 8,456 Liability-based awards expense (1) 131 (54) 184 92 Total stock-based compensation expense $ 3,842 $ 3,323 $ 11,232 $ 8,548 (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 . During the first quarter of fiscal 2024, we granted 330,140 shares of restricted stock units to employees 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 fiscal 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. Restricted Stock Units Issued to Directors. During the first nine months of fiscal 2024, we granted 35,736 restricted stock units to our non-employee directors. Restricted stock units granted to our non-employee directors are offered at no cost to the directors and restricted stock units granted following August 2022 vest on the earlier of the date a director ceases to be a member of the board (for any reason other than the termination of service for cause) or the-one year anniversary of the grant date. 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 grant. The weighted-average fair value of the restricted stock units granted to our non-employee directors in the first nine months of fiscal 2024 was $30.80 per share. 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)	9 Months Ended
	Jan. 27, 2024
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 January 27, 2024, and January 28, 2023, 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 28, 2023 $ (4,696) $ (12) $ (2,684) $ (7,392) Changes before reclassifications 2,147 454 — 2,601 Amounts reclassified to net income — — 31 31 Tax effect — (112) (8) (120) Other comprehensive income attributable to La-Z-Boy Incorporated 2,147 342 23 2,512 Balance at January 27, 2024 $ (2,549) $ 330 $ (2,661) $ (4,880) Balance at October 29, 2022 $ (6,551) $ (501) $ (3,465) $ (10,517) Changes before reclassifications 4,014 303 — 4,317 Amounts reclassified to net income — 78 49 127 Tax effect — (94) (13) (107) Other comprehensive income attributable to La-Z-Boy Incorporated 4,014 287 36 4,337 Balance at January 28, 2023 $ (2,537) $ (214) $ (3,429) $ (6,180) Activity in accumulated other comprehensive income (loss) for the nine months ended January 27, 2024 and January 28, 2023, 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 103 300 — 403 Amounts reclassified to net income — 331 93 424 Tax effect — (156) (23) (179) Other comprehensive income attributable to La-Z-Boy Incorporated 103 475 70 648 Balance at January 27, 2024 $ (2,549) $ 330 $ (2,661) $ (4,880) Balance at April 30, 2022 $ (1,961) $ (298) $ (3,538) $ (5,797) Changes before reclassifications (576) (87) — (663) Amounts reclassified to net income — 199 145 344 Tax effect — (28) (36) (64) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (576) 84 109 (383) Balance at January 28, 2023 $ (2,537) $ (214) $ (3,429) $ (6,180) 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 Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Balance as of the beginning of the period $ 9,507 $ 9,128 $ 10,261 $ 8,897 Net income (loss) 44 (149) 986 1,005 Other comprehensive income (loss) 115 1,427 (409) 504 Dividends distributed to joint venture minority partners — — (1,172) — Balance as of the end of the period $ 9,666 $ 10,406 $ 9,666 $ 10,406

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 27, 2024
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 27, 2024 Quarter Ended January 28, 2023 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 300,568 $ 168,473 $ 46,187 $ 515,228 $ 322,461 $ 206,959 $ 35,253 $ 564,673 Casegoods Furniture 19,483 11,021 3,677 34,181 28,330 16,804 5,021 50,155 Delivery 39,633 8,430 1,773 49,836 50,008 8,105 1,654 59,767 Other (1) (3,309) 16,772 (13,505) (42) 6,804 19,289 (8,418) 17,675 Total $ 356,375 $ 204,696 $ 38,132 $ 599,203 $ 407,603 $ 251,157 $ 33,510 $ 692,270 Eliminations (98,797) (119,547) Consolidated Net Sales $ 500,406 $ 572,723 Nine Months Ended January 27, 2024 Nine Months Ended January 28, 2023 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 898,757 $ 512,176 $ 135,617 $ 1,546,550 $ 990,936 $ 610,989 $ 132,933 $ 1,734,858 Casegoods Furniture 60,211 35,796 12,633 108,640 86,881 44,677 19,290 150,848 Delivery 123,331 25,542 5,430 154,303 162,783 24,293 5,657 192,733 Other (1) (27,482) 53,734 (39,255) (13,003) 55,052 59,371 (32,003) 82,420 Total $ 1,054,817 $ 627,248 $ 114,425 $ 1,796,490 $ 1,295,652 $ 739,330 $ 125,877 $ 2,160,859 Eliminations (302,998) (372,713) Consolidated Net Sales $ 1,493,492 $ 1,788,146 (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) 1/27/2024 4/29/2023 Contract assets $ 43,259 $ 44,939 Customer deposits $ 102,438 $ 105,766 Deferred revenue 43,259 44,939 Total contract liabilities (1) $ 145,697 $ 150,705 (1) During the nine months ended January 27, 2024, we recognized revenue of $138.8 million related to our contract liability balance at April 29, 2023.

Segment Information

Segment Information	9 Months Ended
	Jan. 27, 2024
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 184 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 Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Sales Wholesale segment: Sales to external customers $ 260,542 $ 291,170 $ 760,531 $ 934,511 Intersegment sales 95,833 116,433 294,286 361,141 Wholesale segment sales 356,375 407,603 1,054,817 1,295,652 Retail segment sales 204,696 251,157 627,248 739,330 Corporate and Other: Sales to external customers 35,168 30,396 105,713 114,305 Intersegment sales 2,964 3,114 8,712 11,572 Corporate and Other sales 38,132 33,510 114,425 125,877 Eliminations (98,797) (119,547) (302,998) (372,713) Consolidated sales $ 500,406 $ 572,723 $ 1,493,492 $ 1,788,146 Operating Income (Loss) Wholesale segment $ 22,711 $ 16,940 $ 67,664 $ 81,558 Retail segment 22,313 44,203 79,512 123,855 Corporate and Other (12,463) (18,303) (46,477) (48,047) Consolidated operating income 32,561 42,840 100,699 157,366 Interest expense (106) (136) (329) (414) Interest income 4,124 2,012 11,222 3,624 Other income (expense), net (639) (1,062) 21 (834) Income before income taxes $ 35,940 $ 43,654 $ 111,613 $ 159,742

Income Taxes

Income Taxes	9 Months Ended
	Jan. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 20.2% and 24.5% for the third quarter and first nine months ended January 27, 2024, respectively, compared with 27.7% and 26.6% for the third quarter and first nine months ended January 28, 2023, respectively. The reduced effective tax rate in the third quarter of fiscal 2024 was primarily the result of favorable return to provision adjustments from the prior year. Absent these discrete items, the effective tax rate would have been 25.6% for the third quarter of fiscal 2024. 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. 27, 2024
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 Nine Months Ended (Unaudited, amounts in thousands, except per share data) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Numerator (basic and diluted): Net income available to common Shareholders $ 28,640 $ 31,726 $ 83,318 $ 116,291 Denominator: Basic weighted average common shares outstanding 42,767 43,137 43,005 43,111 Contingent common shares 256 — 238 — Stock option dilution 172 — 101 — Diluted weighted average common shares outstanding 43,195 43,137 43,344 43,111 Earnings per Share: Basic $ 0.67 $ 0.74 $ 1.94 $ 2.70 Diluted (1) $ 0.66 $ 0.74 $ 1.92 $ 2.70 (1) Diluted earnings per share was computed using the treasury stock method. 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.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jan. 27, 2024
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 27, 2024 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 January 27, 2024 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 9,026 $ — $ 10,505 $ 19,531 Held-to-maturity investments 1,304 — — — 1,304 Total assets $ 1,304 $ 9,026 $ — $ 10,505 $ 20,835 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 January 27, 2024 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		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,640	$ 31,726	$ 83,318	$ 116,291

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jan. 27, 2024
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 2023-09 Income Taxes - Improvements to Income Tax Disclosures Fiscal 2026 ASU 2023-07 Segment Reporting - Improvements to Reportable Segment Disclosures Fiscal 2025 ASU 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Fiscal 2025 ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Jan. 27, 2024
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 2023-09 Income Taxes - Improvements to Income Tax Disclosures Fiscal 2026 ASU 2023-07 Segment Reporting - Improvements to Reportable Segment Disclosures Fiscal 2025 ASU 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Fiscal 2025 ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Fiscal 2025
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 January 28, 2023 For the Nine Months Ended January 28, 2023 Previously Reported Effect of Change As Adjusted Previously Reported Effect of Change As Adjusted Cost of sales $ 326,296 $ 10,846 $ 337,142 $ 1,039,523 $ 32,528 $ 1,072,051 Gross profit 246,427 (10,846) 235,581 748,623 (32,528) 716,095 Selling, general and administrative expense 203,587 (10,846) 192,741 591,257 (32,528) 558,729

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	9 Months Ended
	Jan. 27, 2024
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) 1/27/2024 1/28/2023 Cash and cash equivalents $ 329,324 $ 280,763 Restricted cash 3,855 3,282 Total cash, cash equivalents and restricted cash $ 333,179 $ 284,045
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) 1/27/2024 1/28/2023 Cash and cash equivalents $ 329,324 $ 280,763 Restricted cash 3,855 3,282 Total cash, cash equivalents and restricted cash $ 333,179 $ 284,045

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 27, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/27/2024 4/29/2023 Raw materials $ 138,143 $ 116,440 Work in process 19,796 24,328 Finished goods 164,806 181,401 FIFO inventories 322,745 322,169 Excess of FIFO over LIFO (45,912) (45,912) Total inventories $ 276,833 $ 276,257

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jan. 27, 2024
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 — 4,275 — 4,275 Translation adjustment 217 26 — 243 Balance at January 27, 2024 (1) $ 20,419 $ 133,661 $ 55,446 $ 209,526 (1)
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 — 6,983 — 6,983 Amortization — (599) — (163) (762) Translation adjustment — — 19 18 37 Balance at January 27, 2024 $ 1,155 $ 1,995 $ 40,741 $ 1,742 $ 45,633
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 — 6,983 — 6,983 Amortization — (599) — (163) (762) Translation adjustment — — 19 18 37 Balance at January 27, 2024 $ 1,155 $ 1,995 $ 40,741 $ 1,742 $ 45,633

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jan. 27, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	The following summarizes our investments: (Unaudited, amounts in thousands) 1/27/2024 4/29/2023 Short-term investments: Marketable securities $ 6,533 $ 5,043 Held-to-maturity investments 1,304 1,351 Total short-term investments 7,837 6,394 Long-term investments: Marketable securities 12,998 18,509 Total investments $ 20,835 $ 24,903 Investments to enhance returns on cash $ 7,748 $ 11,617 Investments to fund compensation/retirement plans 13,087 13,286 Total investments $ 20,835 $ 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: 1/27/2024 4/29/2023 (Unaudited, amounts in thousands) Gross Gross Fair Value Gross Gross Fair Value Equity securities $ 358 $ — $ 3,906 $ 1,338 $ (103) $ 6,853 Fixed income 174 (120) 13,045 42 (620) 14,039 Other 804 (8) 3,884 1,171 — 4,011 Total securities $ 1,336 $ (128) $ 20,835 $ 2,551 $ (723) $ 24,903
Summary of Sales of Marketable Securities	The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Proceeds from sales $ 1,381 $ 5,514 $ 21,849 $ 18,178 Gross realized gains 33 3 1,909 52 Gross realized losses — (81) (740) (207)
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) 1/27/2024 Within one year $ 6,445 Securities not due at a single maturity date 6,600 Total $ 13,045

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Jan. 27, 2024
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) 1/27/2024 1/28/2023 1/27/2024 (1) 1/28/2023 Balance as of the beginning of the period $ 31,127 $ 28,357 $ 30,984 $ 27,036 Accruals during the period 6,272 8,663 19,894 24,942 Settlements during the period (6,093) (7,722) (19,572) (22,680) Balance as of the end of the period $ 31,306 $ 29,298 $ 31,306 $ 29,298 (1) $19.8 million and $19.9 million is recorded in accrued expenses and other current liabilities as of January 27, 2024, and April 29, 2023, respectively, while the remainder is included in other long-term liabilities.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jan. 27, 2024
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) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Equity-based awards expense $ 3,711 $ 3,377 $ 11,048 $ 8,456 Liability-based awards expense (1) 131 (54) 184 92 Total stock-based compensation expense $ 3,842 $ 3,323 $ 11,232 $ 8,548 (1)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Jan. 27, 2024
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 January 27, 2024, and January 28, 2023, 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 28, 2023 $ (4,696) $ (12) $ (2,684) $ (7,392) Changes before reclassifications 2,147 454 — 2,601 Amounts reclassified to net income — — 31 31 Tax effect — (112) (8) (120) Other comprehensive income attributable to La-Z-Boy Incorporated 2,147 342 23 2,512 Balance at January 27, 2024 $ (2,549) $ 330 $ (2,661) $ (4,880) Balance at October 29, 2022 $ (6,551) $ (501) $ (3,465) $ (10,517) Changes before reclassifications 4,014 303 — 4,317 Amounts reclassified to net income — 78 49 127 Tax effect — (94) (13) (107) Other comprehensive income attributable to La-Z-Boy Incorporated 4,014 287 36 4,337 Balance at January 28, 2023 $ (2,537) $ (214) $ (3,429) $ (6,180) Activity in accumulated other comprehensive income (loss) for the nine months ended January 27, 2024 and January 28, 2023, 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 103 300 — 403 Amounts reclassified to net income — 331 93 424 Tax effect — (156) (23) (179) Other comprehensive income attributable to La-Z-Boy Incorporated 103 475 70 648 Balance at January 27, 2024 $ (2,549) $ 330 $ (2,661) $ (4,880) Balance at April 30, 2022 $ (1,961) $ (298) $ (3,538) $ (5,797) Changes before reclassifications (576) (87) — (663) Amounts reclassified to net income — 199 145 344 Tax effect — (28) (36) (64) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (576) 84 109 (383) Balance at January 28, 2023 $ (2,537) $ (214) $ (3,429) $ (6,180)
Schedule of Components of Non-controlling Interest	The components of noncontrolling interest were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Balance as of the beginning of the period $ 9,507 $ 9,128 $ 10,261 $ 8,897 Net income (loss) 44 (149) 986 1,005 Other comprehensive income (loss) 115 1,427 (409) 504 Dividends distributed to joint venture minority partners — — (1,172) — Balance as of the end of the period $ 9,666 $ 10,406 $ 9,666 $ 10,406

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jan. 27, 2024
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 January 27, 2024 Quarter Ended January 28, 2023 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 300,568 $ 168,473 $ 46,187 $ 515,228 $ 322,461 $ 206,959 $ 35,253 $ 564,673 Casegoods Furniture 19,483 11,021 3,677 34,181 28,330 16,804 5,021 50,155 Delivery 39,633 8,430 1,773 49,836 50,008 8,105 1,654 59,767 Other (1) (3,309) 16,772 (13,505) (42) 6,804 19,289 (8,418) 17,675 Total $ 356,375 $ 204,696 $ 38,132 $ 599,203 $ 407,603 $ 251,157 $ 33,510 $ 692,270 Eliminations (98,797) (119,547) Consolidated Net Sales $ 500,406 $ 572,723 Nine Months Ended January 27, 2024 Nine Months Ended January 28, 2023 (Unaudited, amounts in thousands) Wholesale Retail Corporate Total Wholesale Retail Corporate Total Upholstered Furniture $ 898,757 $ 512,176 $ 135,617 $ 1,546,550 $ 990,936 $ 610,989 $ 132,933 $ 1,734,858 Casegoods Furniture 60,211 35,796 12,633 108,640 86,881 44,677 19,290 150,848 Delivery 123,331 25,542 5,430 154,303 162,783 24,293 5,657 192,733 Other (1) (27,482) 53,734 (39,255) (13,003) 55,052 59,371 (32,003) 82,420 Total $ 1,054,817 $ 627,248 $ 114,425 $ 1,796,490 $ 1,295,652 $ 739,330 $ 125,877 $ 2,160,859 Eliminations (302,998) (372,713) Consolidated Net Sales $ 1,493,492 $ 1,788,146 (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) 1/27/2024 4/29/2023 Contract assets $ 43,259 $ 44,939 Customer deposits $ 102,438 $ 105,766 Deferred revenue 43,259 44,939 Total contract liabilities (1) $ 145,697 $ 150,705 (1) During the nine months ended January 27, 2024, we recognized revenue of $138.8 million related to our contract liability balance at April 29, 2023.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 27, 2024
Segment Reporting [Abstract]
Schedule of 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) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Sales Wholesale segment: Sales to external customers $ 260,542 $ 291,170 $ 760,531 $ 934,511 Intersegment sales 95,833 116,433 294,286 361,141 Wholesale segment sales 356,375 407,603 1,054,817 1,295,652 Retail segment sales 204,696 251,157 627,248 739,330 Corporate and Other: Sales to external customers 35,168 30,396 105,713 114,305 Intersegment sales 2,964 3,114 8,712 11,572 Corporate and Other sales 38,132 33,510 114,425 125,877 Eliminations (98,797) (119,547) (302,998) (372,713) Consolidated sales $ 500,406 $ 572,723 $ 1,493,492 $ 1,788,146 Operating Income (Loss) Wholesale segment $ 22,711 $ 16,940 $ 67,664 $ 81,558 Retail segment 22,313 44,203 79,512 123,855 Corporate and Other (12,463) (18,303) (46,477) (48,047) Consolidated operating income 32,561 42,840 100,699 157,366 Interest expense (106) (136) (329) (414) Interest income 4,124 2,012 11,222 3,624 Other income (expense), net (639) (1,062) 21 (834) Income before income taxes $ 35,940 $ 43,654 $ 111,613 $ 159,742

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jan. 27, 2024
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 Nine Months Ended (Unaudited, amounts in thousands, except per share data) 1/27/2024 1/28/2023 1/27/2024 1/28/2023 Numerator (basic and diluted): Net income available to common Shareholders $ 28,640 $ 31,726 $ 83,318 $ 116,291 Denominator: Basic weighted average common shares outstanding 42,767 43,137 43,005 43,111 Contingent common shares 256 — 238 — Stock option dilution 172 — 101 — Diluted weighted average common shares outstanding 43,195 43,137 43,344 43,111 Earnings per Share: Basic $ 0.67 $ 0.74 $ 1.94 $ 2.70 Diluted (1) $ 0.66 $ 0.74 $ 1.92 $ 2.70 (1) Diluted earnings per share was computed using the treasury stock method.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 27, 2024
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 January 27, 2024 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 January 27, 2024 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ — $ 9,026 $ — $ 10,505 $ 19,531 Held-to-maturity investments 1,304 — — — 1,304 Total assets $ 1,304 $ 9,026 $ — $ 10,505 $ 20,835 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)

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Jan. 27, 2024 company
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Preferred share investments with common share warrant, number of privately-held companies	2

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 287,152	$ 337,142	$ 851,905	$ 1,072,051
Gross profit	213,254	235,581	641,587	716,095
Selling, general and administrative expense	$ 180,693	192,741	$ 540,888	558,729
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		326,296		1,039,523
Gross profit		246,427		748,623
Selling, general and administrative expense		203,587		591,257
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		10,846		32,528
Gross profit		(10,846)		(32,528)
Selling, general and administrative expense		$ (10,846)		$ (32,528)

Acquisitions (Details)

Acquisitions (Details) $ in Thousands						9 Months Ended
	Dec. 11, 2023 USD ($) store center	Oct. 23, 2023 USD ($) store center	Jul. 17, 2023 USD ($) store center	Sep. 26, 2022 USD ($) store center	Jul. 18, 2022 USD ($) center store	Jan. 27, 2024 USD ($)	Apr. 29, 2023 USD ($)	Dec. 12, 2022 store
Business Acquisition [Line Items]
Indefinite-lived intangible assets and goodwill assets, useful life (in years)						15 years
Indefinite-lived intangible assets acquired						$ 6,983
Goodwill						$ 209,526	$ 205,008
Illinois and Indiana | Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired | store	6
Number of distribution center acquired | center	1
Consideration transferred	$ 18,400
Number of stores for which acquisition included buildings and land | store	5
Cash paid	$ 18,100
Indefinite-lived intangible assets acquired	$ 4,200
Lafayette, Louisiana | Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired | store		1
Number of distribution center acquired | center		1
Consideration transferred		$ 2,800
Cash paid		2,600
Indefinite-lived intangible assets acquired		700
Lafayette, Louisiana | Independently-owned Business | Retail
Business Acquisition [Line Items]
Goodwill		$ 2,100
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			5,600
Indefinite-lived intangible assets acquired			2,100
Colorado Springs, Colorado | Independently-owned Business | Retail
Business Acquisition [Line Items]
Goodwill			$ 2,200
Barboursville, West Virginia | Independently-owned Business | Retail
Business Acquisition [Line Items]
Number of stores acquired | store								1
Spokane, Washington | Independently-owned Business
Business Acquisition [Line Items]
Number of distribution center acquired | center				1
Consideration transferred				$ 4,700
Cash paid				4,000
Indefinite-lived intangible assets acquired				$ 1,200
Spokane, Washington | Independently-owned Business | Retail
Business Acquisition [Line Items]
Number of stores acquired | store				1
Goodwill				$ 3,000
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	Jan. 27, 2024	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 329,324	$ 343,374	$ 280,763
Restricted cash	3,855	3,304	3,282
Total cash, cash equivalents and restricted cash	$ 333,179	$ 346,678	$ 284,045	$ 248,856

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 138,143	$ 116,440
Work in process	19,796	24,328
Finished goods	164,806	181,401
FIFO inventories	322,745	322,169
Excess of FIFO over LIFO	(45,912)	(45,912)
Total inventories	$ 276,833	$ 276,257

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Jan. 27, 2024 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 205,008
Acquisitions	4,275
Translation adjustment	243
Balance at end of period	209,526
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	217
Balance at end of period	20,419
Retail Segment | Operating Segments
Roll-forward of goodwill
Balance at beginning of period	129,360
Acquisitions	4,275
Translation adjustment	26
Balance at end of period	$ 133,661

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Jan. 27, 2024 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 39,375
Acquisitions	6,983
Amortization	(762)
Translation adjustment	37
Balance at end of period	45,633
Finite-Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	2,594
Acquisitions
Amortization	(599)
Translation adjustment	0
Balance at end of period	1,995
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	1,887
Acquisitions	0
Amortization	(163)
Translation adjustment	18
Balance at end of period	1,742
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	6,983
Amortization	0
Translation adjustment	19
Balance at end of period	$ 40,741
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	Jan. 27, 2024	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Total investments	$ 20,835	$ 24,903
Investments to enhance returns on cash
Summary of Investment Holdings [Line Items]
Total investments	7,748	11,617
Investments to fund compensation/retirement plans
Summary of Investment Holdings [Line Items]
Total investments	13,087	13,286
Short-term investments
Summary of Investment Holdings [Line Items]
Marketable securities	6,533	5,043
Held-to-maturity investments	1,304	1,351
Total investments	7,837	6,394
Long-term investments
Summary of Investment Holdings [Line Items]
Marketable securities	$ 12,998	$ 18,509

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	$ 1,336	$ 2,551
Gross Unrealized  Losses	(128)	(723)
Fair Value	20,835	24,903
Equity securities
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	358	1,338
Gross Unrealized  Losses	0	(103)
Fair Value	3,906	6,853
Fixed income
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	174	42
Gross Unrealized  Losses	(120)	(620)
Fair Value	13,045	14,039
Other
Summary of Investment Holdings [Line Items]
Gross Unrealized  Gains	804	1,171
Gross Unrealized  Losses	(8)	0
Fair Value	$ 3,884	$ 4,011

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Sales of Marketable Securities
Proceeds from sales	$ 1,381	$ 5,514	$ 21,849	$ 18,178
Gross realized gains	33	3	1,909	52
Gross realized losses	0	$ (81)	(740)	$ (207)
Fair Value of Available-For-Sale Securities By Contractual Maturity
Within one year	6,445		6,445
Securities not due at a single maturity date	6,600		6,600
Total	$ 13,045		$ 13,045

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Apr. 29, 2023
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 31,127	$ 28,357	$ 30,984	$ 27,036
Accruals during the period	6,272	8,663	19,894	24,942
Settlements during the period	(6,093)	(7,722)	(19,572)	(22,680)
Balance as of the end of the period	31,306	$ 29,298	31,306	$ 29,298
Product warranty liability accrued	$ 19,800		$ 19,800		$ 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		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 3,711	$ 3,377	$ 11,048	$ 8,456
Liability-based awards expense	131	(54)	184	92
Total stock-based compensation expense	$ 3,842	$ 3,323	$ 11,232	$ 8,548

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock, Additional Information (Details) - Restricted Stock - $ / shares	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jul. 29, 2023	Jan. 27, 2024
Stock-Based Compensation
Number of shares or units granted (in 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)	$ 27.66
Director
Stock-Based Compensation
Number of shares or units granted (in shares)			35,736
Vesting period (in years)			1 year
Fair value per share (in dollars per share)			$ 30.80
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) - $ / shares	3 Months Ended	9 Months Ended
	Jul. 29, 2023	Jan. 27, 2024
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in 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	9 Months Ended
	Jan. 27, 2024
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						9 Months Ended
	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Jan. 27, 2024	Jan. 28, 2023
Activity in accumulated other comprehensive loss
Beginning balance	$ 973,790	$ 963,930	$ 952,097	$ 883,786	$ 844,092	$ 819,622	$ 952,097	$ 819,622
Changes before reclassifications	2,601			4,317			403	(663)
Amounts reclassified to net income	31			127			424	344
Tax effect	(120)			(107)			(179)	(64)
Other comprehensive income attributable to La-Z-Boy Incorporated	2,512			4,337			648	(383)
Ending balance	987,886	973,790	963,930	916,504	883,786	844,092	987,886	916,504
Components of non-controlling interest
Beginning balance	973,790	963,930	952,097	883,786	844,092	819,622	952,097	819,622
Net income	28,684	27,694	27,926	31,577	46,779	38,940	84,304	117,296
Other comprehensive income (loss)	2,627	(3,678)	1,290	5,764	(3,605)	(2,038)	239	121
Ending balance	987,886	973,790	963,930	916,504	883,786	844,092	987,886	916,504
Accumulated other comprehensive income (loss)
Activity in accumulated other comprehensive loss
Beginning balance	(7,392)		(5,528)	(10,517)		(5,797)	(5,528)	(5,797)
Ending balance	(4,880)	(7,392)		(6,180)	(10,517)		(4,880)	(6,180)
Components of non-controlling interest
Beginning balance	(7,392)		(5,528)	(10,517)		(5,797)	(5,528)	(5,797)
Ending balance	(4,880)	(7,392)		(6,180)	(10,517)		(4,880)	(6,180)
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	(4,696)		(2,652)	(6,551)		(1,961)	(2,652)	(1,961)
Changes before reclassifications	2,147			4,014			103	(576)
Amounts reclassified to net income	0			0			0	0
Tax effect	0			0			0	0
Other comprehensive income attributable to La-Z-Boy Incorporated	2,147			4,014			103	(576)
Ending balance	(2,549)	(4,696)		(2,537)	(6,551)		(2,549)	(2,537)
Components of non-controlling interest
Beginning balance	(4,696)		(2,652)	(6,551)		(1,961)	(2,652)	(1,961)
Ending balance	(2,549)	(4,696)		(2,537)	(6,551)		(2,549)	(2,537)
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	(12)		(145)	(501)		(298)	(145)	(298)
Changes before reclassifications	454			303			300	(87)
Amounts reclassified to net income	0			78			331	199
Tax effect	(112)			(94)			(156)	(28)
Other comprehensive income attributable to La-Z-Boy Incorporated	342			287			475	84
Ending balance	330	(12)		(214)	(501)		330	(214)
Components of non-controlling interest
Beginning balance	(12)		(145)	(501)		(298)	(145)	(298)
Ending balance	330	(12)		(214)	(501)		330	(214)
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(2,684)		(2,731)	(3,465)		(3,538)	(2,731)	(3,538)
Changes before reclassifications	0			0			0	0
Amounts reclassified to net income	31			49			93	145
Tax effect	(8)			(13)			(23)	(36)
Other comprehensive income attributable to La-Z-Boy Incorporated	23			36			70	109
Ending balance	(2,661)	(2,684)		(3,429)	(3,465)		(2,661)	(3,429)
Components of non-controlling interest
Beginning balance	(2,684)		(2,731)	(3,465)		(3,538)	(2,731)	(3,538)
Ending balance	(2,661)	(2,684)		(3,429)	(3,465)		(2,661)	(3,429)
Non-Controlling Interests
Activity in accumulated other comprehensive loss
Beginning balance	9,507	10,668	10,261	9,128	8,830	8,897	10,261	8,897
Ending balance	9,666	9,507	10,668	10,406	9,128	8,830	9,666	10,406
Components of non-controlling interest
Beginning balance	9,507	10,668	10,261	9,128	8,830	8,897	10,261	8,897
Net income	44	495	447	(149)	702	452	986	1,005
Other comprehensive income (loss)	115	(484)	(40)	1,427	(404)	(519)	(409)	504
Dividends distributed to joint venture minority partners	0			0			(1,172)	0
Ending balance	$ 9,666	$ 9,507	$ 10,668	$ 10,406	$ 9,128	$ 8,830	$ 9,666	$ 10,406

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Revenue Recognition
Sales	$ 500,406	$ 572,723	$ 1,493,492	$ 1,788,146
Wholesale Segment
Revenue Recognition
Sales	260,542	291,170	760,531	934,511
Operating Segments
Revenue Recognition
Sales	599,203	692,270	1,796,490	2,160,859
Operating Segments | Upholstered Furniture
Revenue Recognition
Sales	515,228	564,673	1,546,550	1,734,858
Operating Segments | Casegoods Furniture
Revenue Recognition
Sales	34,181	50,155	108,640	150,848
Operating Segments | Delivery
Revenue Recognition
Sales	49,836	59,767	154,303	192,733
Operating Segments | Other
Revenue Recognition
Sales	(42)	17,675	(13,003)	82,420
Operating Segments | Wholesale Segment
Revenue Recognition
Sales	356,375	407,603	1,054,817	1,295,652
Operating Segments | Wholesale Segment | Upholstered Furniture
Revenue Recognition
Sales	300,568	322,461	898,757	990,936
Operating Segments | Wholesale Segment | Casegoods Furniture
Revenue Recognition
Sales	19,483	28,330	60,211	86,881
Operating Segments | Wholesale Segment | Delivery
Revenue Recognition
Sales	39,633	50,008	123,331	162,783
Operating Segments | Wholesale Segment | Other
Revenue Recognition
Sales	(3,309)	6,804	(27,482)	55,052
Operating Segments | Retail
Revenue Recognition
Sales	204,696	251,157	627,248	739,330
Operating Segments | Retail | Upholstered Furniture
Revenue Recognition
Sales	168,473	206,959	512,176	610,989
Operating Segments | Retail | Casegoods Furniture
Revenue Recognition
Sales	11,021	16,804	35,796	44,677
Operating Segments | Retail | Delivery
Revenue Recognition
Sales	8,430	8,105	25,542	24,293
Operating Segments | Retail | Other
Revenue Recognition
Sales	16,772	19,289	53,734	59,371
Corporate and Other
Revenue Recognition
Sales	38,132	33,510	114,425	125,877
Corporate and Other | Upholstered Furniture
Revenue Recognition
Sales	46,187	35,253	135,617	132,933
Corporate and Other | Casegoods Furniture
Revenue Recognition
Sales	3,677	5,021	12,633	19,290
Corporate and Other | Delivery
Revenue Recognition
Sales	1,773	1,654	5,430	5,657
Corporate and Other | Other
Revenue Recognition
Sales	(13,505)	(8,418)	(39,255)	(32,003)
Eliminations
Revenue Recognition
Sales	$ (98,797)	$ (119,547)	$ (302,998)	$ (372,713)

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2024	Apr. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 43,259	$ 44,939
Customer deposits	102,438	105,766
Deferred revenue	43,259	44,939
Total contract liabilities	145,697	$ 150,705
Revenue recognized related to contract liabilities	$ 138,800

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Jan. 27, 2024 store segment brand
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	184

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Segment Reporting Information [Line Items]
Sales	$ 500,406	$ 572,723	$ 1,493,492	$ 1,788,146
Operating Income (Loss)	32,561	42,840	100,699	157,366
Interest expense	(106)	(136)	(329)	(414)
Interest income	4,124	2,012	11,222	3,624
Other income (expense), net	(639)	(1,062)	21	(834)
Income before income taxes	35,940	43,654	111,613	159,742
Wholesale Segment
Segment Reporting Information [Line Items]
Sales	260,542	291,170	760,531	934,511
Operating Segments
Segment Reporting Information [Line Items]
Sales	599,203	692,270	1,796,490	2,160,859
Operating Segments | Wholesale Segment
Segment Reporting Information [Line Items]
Sales	356,375	407,603	1,054,817	1,295,652
Operating Income (Loss)	22,711	16,940	67,664	81,558
Operating Segments | Retail Segment
Segment Reporting Information [Line Items]
Sales	204,696	251,157	627,248	739,330
Operating Income (Loss)	22,313	44,203	79,512	123,855
Corporate and Other
Segment Reporting Information [Line Items]
Sales	38,132	33,510	114,425	125,877
Operating Income (Loss)	(12,463)	(18,303)	(46,477)	(48,047)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Sales	35,168	30,396	105,713	114,305
Intersegment sales
Segment Reporting Information [Line Items]
Sales	2,964	3,114	8,712	11,572
Intersegment sales | Wholesale Segment
Segment Reporting Information [Line Items]
Sales	95,833	116,433	294,286	361,141
Eliminations
Segment Reporting Information [Line Items]
Sales	$ (98,797)	$ (119,547)	$ (302,998)	$ (372,713)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	20.20%	27.70%	24.50%	26.60%
Effective tax rate, discrete items, percent	25.60%
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		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Numerator (basic and diluted):
Net income available to common Shareholders	$ 28,640	$ 31,726	$ 83,318	$ 116,291
Denominator:
Basic weighted average common shares outstanding (in shares)	42,767	43,137	43,005	43,111
Contingent common shares (in shares)	256	0	238	0
Stock option dilution (in shares)	172	0	101	0
Diluted weighted average common shares outstanding (in shares)	43,195	43,137	43,344	43,111
Earnings per Share:
Basic (in dollars per share)	$ 0.67	$ 0.74	$ 1.94	$ 2.70
Diluted (in dollars per share)	$ 0.66	$ 0.74	$ 1.92	$ 2.70

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.2	1.5	0.5	1.5

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Apr. 29, 2023
Assets
Total assets	$ 20,835	$ 24,903
Recurring basis
Assets
Marketable securities	19,531	23,552
Held-to-maturity investments	1,304	1,351
Total assets	20,835	24,903
Recurring basis | Level 1
Assets
Marketable securities	0	0
Held-to-maturity investments	1,304	1,351
Total assets	1,304	1,351
Recurring basis | Level 2
Assets
Marketable securities	9,026	16,557
Held-to-maturity investments	0	0
Total assets	9,026	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	10,505	6,995
Held-to-maturity investments	0	0
Total assets	$ 10,505	$ 6,995