Unaudited
For the Fiscal Quarter Ended

Unaudited
For the Fiscal Year Ended

(Amounts in thousands, except per share data)

(14 weeks)
4/30/2016

(13 weeks)
4/25/2015

(53 weeks)
4/30/2016

(52 weeks)
4/25/2015

Sales

$

417,070

$

374,938

$

1,525,398

$

1,425,395

Cost of sales

Cost of goods sold

253,062

241,269

943,290

921,142

Restructuring

—

137

72

(239

)

Total cost of sales

253,062

241,406

943,362

920,903

Gross profit

164,008

133,532

582,036

504,492

Selling, general and administrative expense

129,614

103,368

459,140

401,459

Restructuring

149

610

507

(132

)

Operating income

34,245

29,554

122,389

103,165

Interest expense

121

115

486

523

Interest income

254

363

827

1,030

Income from Continued Dumping and Subsidy Offset Act, net

—

1,212

102

1,212

Other income, net

(176

)

45

2,211

744

Income from continuing operations before income taxes

34,202

31,059

125,043

105,628

Income tax expense

11,255

10,979

44,080

36,954

Income from continuing operations

22,947

20,080

80,963

68,674

Income from discontinued operations, net of tax

—

400

—

3,297

Net income

22,947

20,480

80,963

71,971

Net income attributable to noncontrolling interests

(229

)

(265

)

(1,711

)

(1,198

)

Net income attributable to La-Z-Boy Incorporated

$

22,718

$

20,215

$

79,252

$

70,773

Net income attributable to La-Z-Boy Incorporated:

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

$

22,718

$

19,815

$

79,252

$

67,476

Income from discontinued operations

—

400

—

3,297

Net income attributable to La-Z-Boy Incorporated

$

22,718

$

20,215

$

79,252

$

70,773

Diluted weighted average shares

50,262

51,616

50,765

52,346

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

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

$

0.45

$

0.38

$

1.55

$

1.28

Income from discontinued operations

—

0.01

—

0.06

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

$

0.45

$

0.39

$

1.55

$

1.34

Dividends declared per share

$

0.10

$

0.08

$

0.36

$

0.28

Unaudited As of

(Amounts in thousands, except par value)

4/30/2016

4/25/2015

Current assets

Cash and equivalents

$

112,358

$

98,302

Restricted cash

8,977

9,636

Receivables, net of allowance of $3,145 at 4/30/16 and $4,622 at 4/25/15

146,545

158,548

Inventories, net

175,589

156,789

Deferred income taxes — current

—

11,255

Other current assets

38,503

41,921

Total current assets

481,972

476,451

Property, plant and equipment, net

171,590

174,036

Goodwill

37,193

15,164

Other intangible assets

8,558

5,458

Deferred income taxes — long-term

41,683

35,072

Other long-term assets, net

59,033

68,423

Total assets

$

800,029

$

774,604

Current liabilities

Current portion of long-term debt

$

290

$

397

Accounts payable

44,661

46,168

Accrued expenses and other current liabilities

112,476

108,326

Total current liabilities

157,427

154,891

Long-term debt

513

433

Other long-term liabilities

84,877

86,180

Contingencies and commitments

—

—

Shareholders’ equity

Preferred shares — 5,000 authorized; none issued

—

—

Common shares, $1 par value — 150,000 authorized; 49,331 outstanding at 4/30/16 and 50,747 outstanding at 4/25/15

49,331

50,747

Capital in excess of par value

279,339

270,032

Retained earnings

252,472

235,506

Accumulated other comprehensive loss

(34,000

)

(32,139

)

Total La-Z-Boy Incorporated shareholders’ equity

547,142

524,146

Noncontrolling interests

10,070

8,954

Total equity

557,212

533,100

Total liabilities and equity

$

800,029

$

774,604

Unaudited For the Fiscal Year
Ended

(Unaudited, amounts in thousands)

(53 weeks)
4/30/2016

(52 weeks)
4/25/2015

Cash flows from operating activities

Net income

$

80,963

$

71,971

Adjustments to reconcile net income to cash provided by operating activities

(Gain) loss on disposal of assets

384

(499

)

Gain on sale of investments

(436

)

(214

)

Deferred income tax expense

4,581

1,030

Restructuring

579

(360

)

Provision for doubtful accounts

(660

)

(2,290

)

Depreciation and amortization

26,517

22,283

Stock-based compensation expense

8,292

6,780

Pension plan contributions

(7,000

)

—

Change in receivables

10,730

(2,595

)

Change in inventories

(14,621

)

(7,644

)

Change in other assets

4,148

4,154

Change in accounts payable

(1,007

)

(5,206

)

Change in other liabilities

(109

)

(659

)

Net cash provided by operating activities

112,361

86,751

Cash flows from investing activities

Proceeds from disposals of assets

3,054

9,061

Capital expenditures

(24,684

)

(70,319

)

Purchases of investments

(21,009

)

(40,327

)

Proceeds from sales of investments

28,721

33,750

Acquisitions, net of cash acquired

(23,311

)

(1,774

)

Change in restricted cash

659

2,936

Net cash used for investing activities

(36,570

)

(66,673

)

Cash flows from financing activities

Payments on debt

(508

)

(7,571

)

Payments for debt issuance costs

—

(208

)

Stock issued for stock and employee benefit plans

420

1,397

Excess tax benefit on stock option exercises

1,264

1,592

Purchases of common stock

(44,082

)

(51,853

)

Dividends paid

(18,141

)

(14,513

)

Net cash used for financing activities

(61,047

)

(71,156

)

Effect of exchange rate changes on cash and equivalents

(688

)

(281

)

Change in cash and equivalents

14,056

(51,359

)

Cash and equivalents at beginning of period

98,302

149,661

Cash and equivalents at end of period

$

112,358

$

98,302

Supplemental disclosure of non-cash investing activities

Capital expenditures included in payables

$

—

$

500

Unaudited For the Fiscal
Quarter Ended

Unaudited For the Fiscal
Year Ended

(Amounts in thousands)

(14 weeks)
4/30/2016

(13 weeks)
4/25/2015

(53 weeks)
4/30/2016

(52 weeks)
4/25/2015

Sales

Upholstery segment:

Sales to external customers

$

284,311

$

264,647

$

1,027,615

$

990,237

Intersegment sales

50,609

40,693

188,190

161,565

Upholstery segment sales

334,920

305,340

1,215,805

1,151,802

Casegoods segment:

Sales to external customers

23,084

23,344

92,601

98,886

Intersegment sales

3,225

2,558

9,939

10,827

Casegoods segment sales

26,309

25,902

102,540

109,713

Retail segment sales

109,188

86,693

402,479

333,978

Corporate and Other:

Sales to external customers

487

254

2,703

2,294

Intersegment sales

1,126

—

3,720

—

Corporate and Other sales

1,613

254

6,423

2,294

Eliminations

(54,960

)

(43,251

)

(201,849

)

(172,392

)

Consolidated sales

$

417,070

$

374,938

$

1,525,398

$

1,425,395

Operating Income (Loss)

Upholstery segment

$

39,537

$

35,300

$

134,193

$

121,403

Casegoods segment

1,642

1,028

7,734

6,408

Retail segment

6,288

3,267

25,567

11,466

Restructuring

(149

)

(747

)

(579

)

371

Corporate and Other

(13,073

)

(9,294

)

(44,526

)

(36,483

)

Consolidated operating income

$

34,245

$

29,554

$

122,389

$

103,165

(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

Cost of goods sold

217,191

237,007

236,030

253,062

Restructuring

—

78

(6

)

—

Total 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

104,100

112,304

113,122

129,614

Restructuring

166

108

84

149

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

(Amounts in thousands, except per share data)

(13 weeks)

(13 weeks)

(13 weeks)

(13 weeks)

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