La-Z-Boy Incorporated (NYSE: LZB) is a residential furniture manufacturer and retailer that designs, produces, and sells upholstered furniture, with particular emphasis on motion and reclining categories. Revenue comes from two primary segments: Wholesale, which sells to third-party furniture retailers and independently-owned La-Z-Boy Furniture Galleries stores, and Retail, which operates company-owned La-Z-Boy Furniture Galleries stores and Joybird e-commerce and small-format physical stores. La-Z-Boy describes itself as one of the largest manufacturer/distributors of residential furniture in the United States by annual sales volume, per its FY2025 10-K filed June 17, 2025. The Retail segment generated $898.4 million in sales in FY2025, up 5.1% from $855.1 million in FY2024. The company operates a wholesale backlog of $119.5 million as of April 26, 2025. Melinda D. Whittington serves as Board Chair, President, and CEO. The company pays dividends and repurchased $77.9 million in shares during FY2025.

Revenue model

Transactional sales across two segments. The Wholesale segment sells upholstered furniture to third-party retailers, independently-owned La-Z-Boy Furniture Galleries, and international customers. The Retail segment generates revenue directly from consumers through company-owned La-Z-Boy Furniture Galleries stores and Joybird, which sells primarily online with some small-format physical stores. In FY2025, the Wholesale customer mix was approximately 60% proprietary dealers, 10% major regional retailers, and 30% other independent retailers.

Products and services

Upholstered furniture with emphasis on motion and reclining products sold under the La-Z-Boy brand, and upholstered furniture sold under the Joybird brand targeting e-commerce customers. Products span living and family room, bedroom, and dining room categories. The company also offers customization options and design services at retail locations.

Customers and end markets

End consumers purchasing residential furniture through company-owned stores and e-commerce sites. Wholesale customers include independently-owned La-Z-Boy Furniture Galleries operators, large regional furniture retailers, and other independent furniture dealers. Customers are primarily located in the United States and Canada, with additional customers in the United Kingdom, Australia, China, and New Zealand.

Value-chain role

Vertically integrated manufacturer, distributor, and retailer. The company manufactures upholstered furniture, operates distribution centers that supply both company-owned and independently-owned stores, and sells direct to consumers through its own retail and e-commerce channels. It also franchises and supports the La-Z-Boy Furniture Galleries network of independently-owned stores.

Geographic exposure

Primarily United States and Canada. International presence includes the United Kingdom, Australia, China, and New Zealand. The company recorded a $20.6 million non-cash goodwill impairment charge in FY2025 related to its wholesale and manufacturing businesses in the United Kingdom.

Source: SEC 10-K, filed 2025-06-17

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