Unaudited For the Fiscal 
Quarter Ended

Unaudited For the Fiscal 
Year Ended

(Amounts in thousands, except per share data)

4/28/2018

4/29/2017

4/28/2018

4/29/2017

Sales

$

420,025

$

412,706

$

1,583,947

$

1,520,060

Cost of sales

253,831

243,815

961,200

910,757

Gross profit

166,194

168,891

622,747

609,303

Selling, general and administrative expense

120,487

125,437

493,378

475,961

Operating income

45,707

43,454

129,369

133,342

Interest expense

108

279

538

1,073

Interest income

546

302

1,709

981

Other income (expense), net

(1,379

)

(1,000

)

(1,650

)

(2,510

)

Income before income taxes

44,766

42,477

128,890

130,740

Income tax expense

10,406

14,248

47,295

43,756

Net income

34,360

28,229

81,595

86,984

Net income attributable to noncontrolling interests

(150

)

(232

)

(729

)

(1,062

)

Net income attributable to La-Z-Boy Incorporated

$

34,210

$

27,997

$

80,866

$

85,922

Diluted weighted average common shares

47,472

49,181

48,135

49,470

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

$

0.72

$

0.57

$

1.67

$

1.73

Dividends declared per share

$

0.12

$

0.11

$

0.46

$

0.42

Unaudited

(Amounts in thousands, except par value)

4/28/2018

4/29/2017

Current assets

Cash and equivalents

$

134,515

$

141,860

Restricted cash

2,356

8,999

Receivables, net of allowance of $1,956 at 4/28/18 and $2,563 at 4/29/17

154,055

150,846

Inventories, net

184,841

175,114

Other current assets

42,451

40,603

Total current assets

518,218

517,422

Property, plant and equipment, net

180,882

169,132

Goodwill

75,254

74,245

Other intangible assets, net

18,190

18,489

Deferred income taxes — long-term

21,265

40,131

Other long-term assets, net

79,158

69,436

Total assets

$

892,967

$

888,855

Current liabilities

Current portion of long-term debt

$

223

$

219

Accounts payable

62,403

51,282

Accrued expenses and other current liabilities

118,721

147,175

Total current liabilities

181,347

198,676

Long-term debt

199

296

Other long-term liabilities

86,205

88,778

Contingencies and commitments

Shareholders’ equity

Preferred shares — 5,000 authorized; none issued

—

—

Common shares, $1 par value — 150,000 authorized; 46,788 outstanding at 4/28/18 and 48,472 outstanding at 4/29/17

46,788

48,472

Capital in excess of par value

298,948

289,632

Retained earnings

291,644

284,698

Accumulated other comprehensive loss

(25,199

)

(32,883

)

Total La-Z-Boy Incorporated shareholders’ equity

612,181

589,919

Noncontrolling interests

13,035

11,186

Total equity

625,216

601,105

Total liabilities and equity

$

892,967

$

888,855

Unaudited For the Fiscal 
Year Ended

(Amounts in thousands)

4/28/2018

4/29/2017

Cash flows from operating activities

Net income

$

81,595

$

86,984

Adjustments to reconcile net income to cash provided by operating activities

Gain on disposal of assets

(2,108

)

(224

)

Gain on conversion of investment

(2,204

)

—

Gain on sale of investments

(770

)

(471

)

Change in deferred taxes

17,261

569

Change in provision for doubtful accounts

276

(291

)

Depreciation and amortization

31,767

29,131

Stock-based compensation expense

9,474

8,864

Pension plan contributions

(2,000

)

(2,300

)

Change in receivables

(2,801

)

(7,850

)

Change in inventories

(8,009

)

12,517

Change in other assets

(3,245

)

(1,211

)

Change in accounts payable

6,602

4,541

Change in other liabilities

(10,088

)

17,731

Net cash provided by operating activities

115,750

147,990

Cash flows from investing activities

Proceeds from disposals of assets

1,440

761

Proceeds from property insurance

2,087

—

Capital expenditures

(36,337

)

(20,304

)

Purchases of investments

(28,593

)

(29,763

)

Proceeds from sales of investments

22,674

19,954

Acquisitions, net of cash acquired

(16,495

)

(35,878

)

Net cash used for investing activities

(55,224

)

(65,230

)

Cash flows from financing activities

Payments on debt

(262

)

(288

)

Payments for debt issuance costs

(231

)

—

Stock issued for stock and employee benefit plans, net of shares withheld for taxes

2,977

1,749

Excess tax benefit on stock option exercises

—

1,737

Purchases of common stock

(56,730

)

(35,957

)

Dividends paid

(22,009

)

(20,655

)

Net cash used for financing activities

(76,255

)

(53,414

)

Effect of exchange rate changes on cash and equivalents

1,741

178

Change in cash, cash equivalents and restricted cash

(13,988

)

29,524

Cash, cash equivalents and restricted cash at beginning of period

150,859

121,335

Cash, cash equivalents and restricted cash at end of period

$

136,871

$

150,859

Supplemental disclosure of non-cash investing activities

Capital expenditures included in accounts payable

$

5,667

$

1,795

Unaudited For the Fiscal 
Quarter Ended

Unaudited For the Fiscal
Year Ended

(Unaudited, amounts in thousands)

4/28/2018

4/29/2017

4/28/2018

4/29/2017

Sales

Upholstery segment:

Sales to external customers

$

270,668

$

271,560

$

1,010,097

$

986,917

Intersegment sales

56,569

53,755

217,266

204,526

Upholstery segment sales

327,237

325,315

1,227,363

1,191,443

Casegoods segment:

Sales to external customers

27,098

22,530

95,919

87,181

Intersegment sales

3,505

3,513

15,474

13,047

Casegoods segment sales

30,603

26,043

111,393

100,228

Retail segment sales

121,545

118,032

474,613

443,238

Corporate and Other:

Sales to external customers

714

584

3,318

2,724

Intersegment sales

2,582

1,686

9,421

6,437

Corporate and Other sales

3,296

2,270

12,739

9,161

Eliminations

(62,656

)

(58,954

)

(242,161

)

(224,010

)

Consolidated sales

$

420,025

$

412,706

$

1,583,947

$

1,520,060

Operating Income (Loss)

Upholstery segment

$

41,927

$

44,608

$

130,349

$

148,996

Casegoods segment

2,808

2,036

11,641

8,623

Retail segment

7,963

7,690

20,709

19,205

Corporate and Other

(6,991

)

(10,880

)

(33,330

)

(43,482

)

Consolidated operating income

$

45,707

$

43,454

$

129,369

$

133,342

(Amounts in thousands, except per share data)

(13 weeks)

(13 weeks)

(13 weeks)

(13 weeks)

Fiscal Quarter Ended

7/29/2017

10/28/2017

1/27/2018

4/28/2018

Sales

$

357,079

$

393,205

$

413,638

$

420,025

Cost of sales

217,976

238,253

251,140

253,831

Gross profit

139,103

154,952

162,498

166,194

Selling, general and administrative expense

122,805

120,683

129,403

120,487

Operating income

16,298

34,269

33,095

45,707

Interest expense

157

160

113

108

Interest income

343

376

444

546

Other income (expense), net

1,749

(926

)

(1,094

)

(1,379

)

Income before income taxes

18,233

33,559

32,332

44,766

Income tax expense

6,489

10,353

20,047

10,406

Net income

11,744

23,206

12,285

34,360

Net income attributable to noncontrolling interests

(93

)

(310

)

(176

)

(150

)

Net income attributable to La-Z-Boy Incorporated

$

11,651

$

22,896

$

12,109

$

34,210

Diluted weighted average common shares

48,846

48,297

47,757

47,472

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

$

0.24

$

0.47

$

0.25

$

0.72

Dividends declared per share

$

0.11

$

0.11

$

0.12

$

0.12

(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

206,562

227,195

233,185

243,815

Gross profit

134,221

149,384

156,807

168,891

Selling, general and administrative expense

111,763

115,526

123,235

125,437

Operating income

22,458

33,858

33,572

43,454

Interest expense

115

117

562

279

Interest income

204

234

241

302

Other income (expense), net

(762

)

(969

)

221

(1,000

)

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