La-Z-Boy (LZB) 8-K Strong EPS Growth in Quarter and Year

Exhibit 99.2

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME

	Unaudited				Unaudited
	For the Fiscal Quarter				For the Fiscal Year
	Ended				Ended
	(13 weeks)		(14 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands, except per share data)	4/29/2017		4/30/2016		4/29/2017		4/30/2016
Sales	$412,706		$417,070		$1,520,060		$1,525,398
Cost of sales	244,506		253,062		913,518		943,362
Gross profit	168,200		164,008		606,542		582,036
Selling, general and administrative expense	125,437		129,763		475,961		459,647
Operating income	42,763		34,245		130,581		122,389
Interest expense	279		121		1,073		486
Interest income	302		254		981		827
Income from Continued Dumping and Subsidy Offset Act, net	—		—		273		102
Other income (expense), net	(309	)	(176	)	(22	)	2,211
Income before income taxes	42,477		34,202		130,740		125,043
Income tax expense	14,248		11,255		43,756		44,080
Net income	28,229		22,947		86,984		80,963
Net income attributable to noncontrolling interests	(232	)	(229	)	(1,062	)	(1,711	)
Net income attributable to La-Z-Boy Incorporated	$27,997		$22,718		$85,922		$79,252
Diluted weighted average shares	49,181		50,262		49,470		50,765
Diluted net income attributable to La-Z-Boy Incorporated per share	$0.57		$0.45		$1.73		$1.55
Dividends declared per share	$0.11		$0.10		$0.42		$0.36

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

	Unaudited
(Amounts in thousands, except par value)	4/29/2017		4/30/2016
Current assets
Cash and equivalents	$141,860		$112,358
Restricted cash	8,999		8,977
Receivables, net of allowance of $2,563 at 4/29/17 and $3,145 at 4/30/16	150,846		146,545
Inventories, net	175,114		175,589
Other current assets	40,603		38,503
Total current assets	517,422		481,972
Property, plant and equipment, net	169,132		171,590
Goodwill	74,245		37,193
Other intangible assets, net	18,489		8,558
Deferred income taxes – long-term	40,131		41,683
Other long-term assets, net	69,436		59,033
Total assets	$888,855		$800,029
Current liabilities
Current portion of long-term debt	$219		$290
Accounts payable	51,282		44,661
Accrued expenses and other current liabilities	147,175		112,476
Total current liabilities	198,676		157,427
Long-term debt	296		513
Other long-term liabilities	88,778		84,877
Contingencies and commitments	—		—
Shareholders’ equity
Preferred shares – 5,000 authorized; none issued	—		—
Common shares, $1 par value – 150,000 authorized; 48,472 outstanding at 4/29/17 and 49,331 outstanding at 4/30/16	48,472		49,331
Capital in excess of par value	289,632		279,339
Retained earnings	284,698		252,472
Accumulated other comprehensive loss	(32,883	)	(34,000	)
Total La-Z-Boy Incorporated shareholders’ equity	589,919		547,142
Noncontrolling interests	11,186		10,070
Total equity	601,105		557,212
Total liabilities and equity	$888,855		$800,029

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Unaudited For the Fiscal Year Ended
(Amounts in thousands)	(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Cash flows from operating activities
Net income	$86,984		$80,963
Adjustments to reconcile net income to cash provided by operating activities
(Gain) loss on disposal of assets	(224	)	384
Gain on sale of investments	(471	)	(436	)
Deferred income tax expense	569		4,581
Provision for doubtful accounts	(291	)	(660	)
Depreciation and amortization	29,131		26,517
Stock-based compensation expense	8,864		8,292
Pension plan contributions	(2,300	)	(7,000	)
Change in receivables	(7,850	)	10,730
Change in inventories	12,517		(14,621	)
Change in other assets	(1,211	)	4,148
Change in accounts payable	4,541		(1,007	)
Change in other liabilities	15,915		470
Net cash provided by operating activities	146,174		112,361
Cash flows from investing activities
Proceeds from disposals of assets	761		3,054
Capital expenditures	(20,304	)	(24,684	)
Purchases of investments	(29,763	)	(21,009	)
Proceeds from sales of investments	19,954		28,721
Acquisitions, net of cash acquired	(35,878	)	(23,311	)
Change in restricted cash	(23	)	659
Net cash used for investing activities	(65,253	)	(36,570	)
Cash flows from financing activities
Payments on debt	(288	)	(508	)
Payments for debt issuance costs	—		—
Stock issued for stock and employee benefit plans	3,566		420
Excess tax benefit on stock option exercises	1,737		1,264
Purchases of common stock	(35,957	)	(44,082	)
Dividends paid	(20,655	)	(18,141	)
Net cash used for financing activities	(51,597	)	(61,047	)
Effect of exchange rate changes on cash and equivalents	178		(688	)
Change in cash and equivalents	29,502		14,056
Cash and equivalents at beginning of period	112,358		98,302
Cash and equivalents at end of period	$141,860		$112,358
Supplemental disclosure of non-cash investing activities Capital expenditures included in accounts payable	$1,795		$—

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

	Unaudited For the Fiscal Quarter Ended				Unaudited For the Fiscal Year Ended
(Amounts in thousands)	(13 weeks) 4/29/2017		(14 weeks) 4/30/2016		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Sales
Upholstery segment:
Sales to external customers	$271,560		$284,311		$986,917		$1,027,615
Intersegment sales	53,755		50,609		204,526		188,190
Upholstery segment sales	325,315		334,920		1,191,443		1,215,805
Casegoods segment:
Sales to external customers	22,530		23,084		87,181		92,601
Intersegment sales	3,513		3,225		13,047		9,939
Casegoods segment sales	26,043		26,309		100,228		102,540
Retail segment sales	118,032		109,188		443,238		402,479
Corporate and Other:
Sales to external customers	584		487		2,724		2,703
Intersegment sales	1,686		1,126		6,437		3,720
Corporate and Other sales	2,270		1,613		9,161		6,423
Eliminations	(58,954	)	(54,960	)	(224,010	)	(201,849	)
Consolidated sales	$412,706		$417,070		$1,520,060		$1,525,398
Operating Income (Loss)
Upholstery segment	$43,917		$39,537		$146,235		$134,193
Casegoods segment	2,036		1,642		8,623		7,734
Retail segment	7,690		6,288		19,205		25,567
Corporate and Other	(10,880	)	(13,222	)	(43,482	)	(45,105	)
Consolidated operating income	$42,763		$34,245		$130,581		$122,389

LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA

(Amounts in thousands, except per share data)	(13 weeks)		(13 weeks)		(13 weeks)		(13 weeks)
Fiscal Quarter Ended	7/30/2016		10/29/2016		1/28/2017		4/29/2017
Sales	$340,783		$376,579		$389,992		$412,706
Cost of sales	207,252		227,885		233,875		244,506
Gross profit	133,531		148,694		156,117		168,200
Selling, general and administrative expense	111,763		115,526		123,235		125,437
Operating income	21,768		33,168		32,882		42,763
Interest expense	115		117		562		279
Interest income	204		234		241		302
Income from Continued Dumping and Subsidy Offset Act, net	—		—		273		—
Other income (expense), net	(72	)	(279	)	638		(309	)
Income before income taxes	21,785		33,006		33,472		42,477
Income tax expense	7,777		11,901		9,830		14,248
Net income	14,008		21,105		23,642		28,229
Net income attributable to noncontrolling interests	(202	)	(272	)	(356	)	(232	)
Net income attributable to La-Z-Boy Incorporated	$13,806		$20,833		$23,286		$27,997
Diluted weighted average common shares	49,594		49,511		49,384		49,181
Diluted net income attributable to La-Z-Boy Incorporated per share	$0.28		$0.42		$0.47		$0.57
Dividends declared per share	$0.10		$0.10		$0.11		$0.11

LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA

(Amounts in thousands, except per share data)	(13 weeks)		(13 weeks)		(13 weeks)		(14 weeks)
Fiscal Quarter Ended	7/25/2015		10/24/2015		1/23/2016		4/30/2016
Sales	$341,423		$382,891		$384,014		$417,070
Cost of sales	217,191		237,085		236,024		253,062
Gross profit	124,232		145,806		147,990		164,008
Selling, general and administrative expense	104,266		112,412		113,206		129,763
Operating income	19,966		33,394		34,784		34,245
Interest expense	112		133		120		121
Interest income	205		164		204		254
Income from Continued Dumping and Subsidy Offset Act, net	—		—		102		—
Other income (expense), net	1,968		512		(93	)	(176	)
Income before income taxes	22,027		33,937		34,877		34,202
Income tax expense	7,904		12,278		12,643		11,255
Net income	14,123		21,659		22,234		22,947
Net income attributable to noncontrolling interests	(447	)	(707	)	(328	)	(229	)
Net income attributable to La-Z-Boy Incorporated	$13,676		$20,952		$21,906		$22,718
Diluted weighted average common shares	51,043		51,039		50,539		50,262
Diluted net income attributable to La-Z-Boy Incorporated per share	$0.27		$0.41		$0.43		$0.45
Dividends declared per share	$0.08		$0.08		$0.10		$0.10