Unaudited
For the Fiscal Quarter Ended

Unaudited
For the Fiscal Year Ended

(Amounts in thousands, except per share data)

4/25/2015

4/26/2014

4/25/2015

4/26/2014

Sales

$

374,938

$

353,020

$

1,425,395

$

1,357,318

Cost of sales

Cost of goods sold

241,269

229,563

921,142

888,025

Restructuring

137

4,954

(239

)

4,839

Total cost of sales

241,406

234,517

920,903

892,864

Gross profit

133,532

118,503

504,492

464,454

Selling, general and administrative expense

103,368

95,974

401,459

375,158

Restructuring

610

—

(132

)

—

Operating income

29,554

22,529

103,165

89,296

Interest expense

115

137

523

548

Interest income

363

222

1,030

761

Income from Continued Dumping and Subsidy Offset Act, net

1,212

—

1,212

—

Other income, net

45

943

744

2,050

Income from continuing operations before income taxes

31,059

23,557

105,628

91,559

Income tax expense

10,979

8,597

36,954

31,383

Income from continuing operations

20,080

14,960

68,674

60,176

Income (loss) from discontinued operations, net of tax

400

(2,403

)

3,297

(3,796

)

Net income

20,480

12,557

71,971

56,380

Net income attributable to noncontrolling interests

(265

)

(318

)

(1,198

)

(1,324

)

Net income attributable to La-Z-Boy Incorporated

$

20,215

$

12,239

$

70,773

$

55,056

Net income attributable to La-Z-Boy Incorporated:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

19,815

$

14,642

$

67,476

$

58,852

Income (loss) from discontinued operations

400

(2,403

)

3,297

(3,796

)

Net income attributable to La-Z-Boy Incorporated

$

20,215

$

12,239

$

70,773

$

55,056

Diluted weighted average shares

51,616

53,519

52,346

53,829

Diluted net income attributable to La-Z-Boy Incorporated per share:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

0.38

$

0.27

$

1.28

$

1.09

Income (loss) from discontinued operations

0.01

(0.04

)

0.06

(0.07

)

Diluted net income attributable to La-Z-Boy Incorporated per share

$

0.39

$

0.23

$

1.34

$

1.02

Dividends declared per share

$

0.08

$

0.06

$

0.28

$

0.20

Unaudited As of

(Unaudited, amounts in thousands)

4/25/2015

4/26/2014

Current assets

Cash and equivalents

$

98,302

$

149,661

Restricted cash

9,636

12,572

Receivables, net of allowance of $4,622 at 4/25/15 and $12,368 at 4/26/14

158,548

152,614

Inventories, net

156,789

147,009

Deferred income taxes — current

11,255

15,037

Business held for sale

—

4,290

Other current assets

41,921

41,490

Total current assets

476,451

522,673

Property, plant and equipment, net

174,036

127,535

Goodwill

15,164

13,923

Other intangible assets

5,458

4,544

Deferred income taxes — long-term

35,072

32,430

Other long-term assets, net

68,423

70,190

Total assets

$

774,604

$

771,295

Current liabilities

Current portion of long-term debt

$

397

$

7,497

Accounts payable

46,168

56,177

Business held for sale

—

832

Accrued expenses and other current liabilities

108,326

102,876

Total current liabilities

154,891

167,382

Long-term debt

433

277

Other long-term liabilities

86,180

73,918

Contingencies and commitments

—

—

Shareholders’ equity

Preferred shares — 5,000 authorized; none issued

—

—

Common shares, $1 par value — 150,000 authorized; 50,747 outstanding at 4/25/15 and 51,981 outstanding at 4/26/14

50,747

51,981

Capital in excess of par value

270,032

262,901

Retained earnings

235,506

238,384

Accumulated other comprehensive loss

(32,139

)

(31,380

)

Total La-Z-Boy Incorporated shareholders’ equity

524,146

521,886

Noncontrolling interests

8,954

7,832

Total equity

533,100

529,718

Total liabilities and equity

$

774,604

$

771,295

Unaudited
For the Fiscal Year Ended

(Unaudited, amounts in thousands)

4/25/2015

4/26/2014

Cash flows from operating activities

Net income

$

71,971

$

56,380

Adjustments to reconcile net income to cash provided by operating activities

(Gain) loss on disposal of assets

(499

)

616

Gain on sale of investments

(214

)

(300

)

Write-down of long-lived assets

—

1,149

Deferred income tax expense (benefit)

1,030

(216

)

Restructuring

(360

)

8,071

Provision for doubtful accounts

(2,290

)

(2,651

)

Depreciation and amortization

22,283

23,182

Stock-based compensation expense

6,780

8,739

Change in receivables

(2,595

)

3,337

Change in inventories

(7,644

)

(9,444

)

Change in other assets

4,154

(2,958

)

Change in accounts payable

(5,206

)

1,704

Change in other liabilities

(659

)

3,223

Net cash provided by operating activities

86,751

90,832

Cash flows from investing activities

Proceeds from disposals of assets

9,061

2,233

Proceeds from sale of business

—

6,844

Capital expenditures

(70,319

)

(33,730

)

Purchases of investments

(40,327

)

(54,233

)

Proceeds from sales of investments

33,750

34,557

Acquisitions, net of cash acquired

(1,774

)

(801

)

Change in restricted cash

2,936

114

Net cash used for investing activities

(66,673

)

(45,016

)

Cash flows from financing activities

Payments on debt

(7,571

)

(579

)

Payments for debt issuance costs

(208

)

—

Stock issued for stock and employee benefit plans

1,397

3,565

Excess tax benefit on stock option exercises

1,592

12,935

Purchases of common stock

(51,853

)

(32,097

)

Dividends paid

(14,513

)

(10,514

)

Net cash used for financing activities

(71,156

)

(26,690

)

Effect of exchange rate changes on cash and equivalents

(281

)

(550

)

Change in cash and equivalents

(51,359

)

18,576

Cash and equivalents at beginning of period

149,661

131,085

Cash and equivalents at end of period

$

98,302

$

149,661

Supplemental disclosure of non-cash investing activities

Capital expenditures included in payables

$

500

$

5,303

Unaudited For the Fiscal
Quarter Ended

Unaudited For the Fiscal
Year Ended

(Amounts in thousands)

4/25/2015

4/26/2014

4/25/2015

4/26/2014

Sales

Upholstery segment:

Sales to external customers

$

264,647

$

248,956

$

990,237

$

959,118

Intersegment sales

40,693

36,749

161,565

139,932

Upholstery segment sales

305,340

285,705

1,151,802

1,099,050

Casegoods segment:

Sales to external customers

23,344

24,756

98,886

97,095

Intersegment sales

2,558

2,485

10,827

9,657

Casegoods segment sales

25,902

27,241

109,713

106,752

Retail segment sales

86,693

78,797

333,978

298,642

Corporate and Other

254

511

2,294

2,463

Eliminations

(43,251

)

(39,234

)

(172,392

)

(149,589

)

Consolidated sales

$

374,938

$

353,020

$

1,425,395

$

1,357,318

Operating Income (Loss)

Upholstery segment

$

35,300

$

31,141

$

121,403

$

117,688

Casegoods segment

1,028

1,383

6,408

3,397

Retail segment

3,267

2,864

11,466

11,128

Restructuring

(747

)

(4,954

)

371

(4,839

)

Corporate and Other

(9,294

)

(7,905

)

(36,483

)

(38,078

)

Consolidated operating income

$

29,554

$

22,529

$

103,165

$

89,296

(Amounts in thousands, except per share data)

Fiscal Quarter Ended

7/26/2014

10/25/2014

1/24/2015

4/25/2015

Sales

$

326,980

$

365,601

$

357,876

$

374,938

Cost of sales

Cost of goods sold

215,831

235,716

228,326

241,269

Restructuring

(357

)

(10

)

(9

)

137

Total cost of sales

215,474

235,706

228,317

241,406

Gross profit

111,506

129,895

129,559

133,532

Selling, general and administrative expense

95,015

99,683

103,393

103,368

Restructuring

—

20

(762

)

610

Operating income

16,491

30,192

26,928

29,554

Interest expense

132

145

131

115

Interest income

202

233

232

363

Income from Continued Dumping and Subsidy Offset Act, net

—

—

—

1,212

Other income (expense), net

(258

)

152

805

45

Income from continuing operations before income taxes

16,303

30,432

27,834

31,059

Income tax expense

5,755

10,743

9,477

10,979

Income from continuing operations

10,548

19,689

18,357

20,080

Income from discontinued operations, net of tax

2,497

285

115

400

Net income

13,045

19,974

18,472

20,480

Net (income) loss attributable to noncontrolling interests

36

(445

)

(524

)

(265

)

Net income attributable to La-Z-Boy Incorporated

$

13,081

$

19,529

$

17,948

$

20,215

Net income attributable to La-Z-Boy Incorporated:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

10,584

$

19,244

$

17,833

$

19,815

Income from discontinued operations

2,497

285

115

400

Net income attributable to La-Z-Boy Incorporated

$

13,081

$

19,529

$

17,948

$

20,215

Diluted weighted average common shares

52,627

52,723

52,139

51,616

Diluted net income attributable to La-Z-Boy Incorporated per share:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

0.20

$

0.36

$

0.34

$

0.38

Income from discontinued operations

0.05

0.01

—

0.01

Diluted net income attributable to La-Z-Boy Incorporated per share

$

0.25

$

0.37

$

0.34

$

0.39

Dividends declared per share

$

0.06

$

0.06

$

0.08

$

0.08

(Amounts in thousands, except per share data)

Fiscal Quarter Ended

7/27/2013

10/26/2013

1/25/2014

4/26/2014

Sales

$

305,502

$

352,271

$

346,525

$

353,020

Cost of sales

Cost of goods sold

203,949

229,727

224,786

229,563

Restructuring

87

(142

)

(60

)

4,954

Total cost of sales

204,036

229,585

224,726

234,517

Gross profit

101,466

122,686

121,799

118,503

Selling, general and administrative expense

86,701

96,568

95,915

95,974

Operating income

14,765

26,118

25,884

22,529

Interest expense

136

133

142

137

Interest income

180

176

183

222

Other income (expense), net

537

(279

)

849

943

Income from continuing operations before income taxes

15,346

25,882

26,774

23,557

Income tax expense

5,445

8,425

8,916

8,597

Income from continuing operations

9,901

17,457

17,858

14,960

Income (loss) from discontinued operations, net of tax

34

(440

)

(987

)

(2,403

)

Net income

9,935

17,017

16,871

12,557

Net income attributable to noncontrolling interests

(345

)

(273

)

(388

)

(318

)

Net income attributable to La-Z-Boy Incorporated

$

9,590

$

16,744

$

16,483

$

12,239

Net income attributable to La-Z-Boy Incorporated:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

9,556

$

17,184

$

17,470

$

14,642

Income (loss) from discontinued operations

34

(440

)

(987

)

(2,403

)

Net income attributable to La-Z-Boy Incorporated

$

9,590

$

16,744

$

16,483

$

12,239

Diluted weighted average common shares

53,051

53,261

53,226

53,519

Diluted net income attributable to La-Z-Boy Incorporated per share:

Income from continuing operations attributable to La-Z-Boy Incorporated

$

0.18

$

0.32

$

0.33

$

0.27

Loss from discontinued operations

—

(0.01

)

(0.02

)

(0.04

)

Diluted net income attributable to La-Z-Boy Incorporated per share

$

0.18

$

0.31

$

0.31

$

0.23

Dividends declared per share

$

0.04

$

0.04

$

0.06

$

0.06