La-Z-Boy Incorporated Reports Strong Third Quarter Results; Sales Growth Across All Segments, Company-Owned Same-Store Sales Accelerate

Fiscal 2025 Third Quarter Highlights: Consolidated delivered sales of $522 million Up 4% versus prior year Operating margin on a GAAP and Non-GAAP basis improved 20 basis points versus prior yearGAAP and Non-GAAP(1) diluted EPS of $0.68Delivered sales and Non-GAAP(1) operating margin at high end of guidance rangeRetail segment sales increased 11% Fueled by same-store sales growth and independent La-Z-Boy Furniture Galleries® acquisitions, along with new storesRetail added three newly opened stores, and two newly acquired independent La-Z-Boy Furniture Galleries® stores, with one closure; and announced an additional two-store acquisition expected to close in the fourth quarter MONROE, Mich., Feb. 18, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today reported strong third quarter results for the period ended January 25, 2025. For the quarter, sales totaled $522 million, growing 4% against the prior year comparable period. Operating margin was 6.7% for the quarter on a GAAP basis and 6.8% on a Non-GAAP(1) basis. Diluted earnings per share totaled $0.68 on a GAAP and Non-GAAP(1) basis. The company returned $90 million to shareholders year-to-date, up approximately 40% versus the prior year comparable period. Written sales trends sequentially accelerated, with third quarter total written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries®) increasing 15% versus a year ago and written same-store sales (which exclude the impact of newly opened stores and newly acquired stores) up 7% versus a year ago. Sales strength was broad based with all key markets posting positive same-store sales trends driven by strong execution and sequential improvements in traffic. Written same-store sales for the entire La-Z-Boy Furniture Galleries® network also increased 5% versus the year ago period. Performance continues to outpace the broader industry with market share gains in the quarter. Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, “Our third quarter results reflect the steady progress we have made to build a more agile business, create our own momentum, and drive growth in what is still a challenged environment. We delivered sales growth across each of our segments, punctuated by strong Retail same-store sales. This was driven by solid conversion rates, average ticket, and design sales, all of which improved again year-over-year. Additionally, within our Wholesale segment, our core North America La-Z-Boy brand continues to post sales growth and margin expansion. Our vertically integrated model reinforces the unique strength of our iconic brand and positions us to disproportionately benefit when the market rebounds. We are a trusted solution for a growing number of consumers and will remain steadfast in our mission of bringing the transformational power of comfort to people, homes, and communities. Whittington added, “As we look to the future, our brand, and it’s well-known attributes of comfort and quality, will be further supported by our expanding consumer insights. We believe this is creating a flywheel with improved innovation, strong speed to market, and improved brand reach and profitability. While underlying housing fundamentals remain challenged, we are focused on solving for the unique needs of the consumer with comfort and quality and controlling what we can control with strong execution. This is the foundation to what has led La-Z-Boy Incorporated to be successful for the past century and will continue to be the cornerstone of our philosophy for our Century Vision strategy and next 100 years.” Fourth Quarter Outlook:Taylor Luebke, SVP and Chief Financial Officer of La-Z-Boy Incorporated, said, “Our strong written trends and sequential acceleration in our Retail and Wholesale businesses is a testament that our Century Vision strategy is enabling us to outperform the industry. We will continue to focus on growing our core La-Z-Boy brand by disproportionately expanding our Retail segment and driving strategic, compatible distribution in the Wholesale segment. We delivered results above a year ago and at the higher end of our sales and margin expectations for the quarter despite continued challenging macro conditions. Our expectation is for industry trends to remain under pressure, though we expect to continue to outpace the industry. Assuming no significant changes in tariffs, we expect fiscal fourth quarter sales to be in the range of $545-565 million and Non-GAAP operating margin(2) to be in the range of 8.5-9.5%.” Key Results: (Unaudited, amounts in thousands, except per share data and percentages) Quarter Ended 1/25/2025 1/27/2024 ChangeSales $521,777 $500,406 4% GAAP operating income 35,168 32,561 8%Non-GAAP operating income 35,422 33,022 7% GAAP operating margin 6.7% 6.5% 20 bpsNon-GAAP operating margin 6.8% 6.6% 20 bps GAAP net income attributable to La-Z-Boy Incorporated 28,429 28,640 (1)%Non-GAAP net income attributable to La-Z-Boy Incorporated 28,619 29,008 (1)% Diluted weighted average common shares 42,103 43,195 GAAP diluted earnings per share $0.68 $0.66 3%Non-GAAP diluted earnings per share $0.68 $0.67 1% Liquidity Measures: Nine Months Ended Nine Months Ended(Unaudited, amounts in thousands) 1/25/2025 1/27/2024 (Unaudited, amounts in thousands) 1/25/2025 1/27/2024Free Cash Flow Cash Returns to Shareholders Operating cash flow $125,269 $105,354 Share repurchases $64,387 $40,022Capital expenditures (51,538) (38,034) Dividends 25,871 24,177Free cash flow $73,731 $67,320 Cash returns to shareholders $90,258 $64,199 (Unaudited, amounts in thousands) 1/25/2025 1/27/2024Cash and cash equivalents $314,589 $329,324Restricted cash — 3,855Total cash, cash equivalents and restricted cash $314,589 $333,179 Fiscal 2025 Third Quarter Results versus Fiscal 2024 Third Quarter: Consolidated sales in the third quarter of Fiscal 2025 increased 4% to $522 million versus last year, primarily driven by strong same-store sales, acquisitions and new stores in our Retail business, momentum in our core North America La-Z-Boy Wholesale brand, and strong sales growth in our Joybird businessConsolidated GAAP operating margin was 6.7% versus 6.5% Consolidated Non-GAAP(1) operating margin increased 20 basis points to 6.8% versus 6.6%, driven by lower input costs (reduced commodity prices and improved sourcing) partially offset by the impact of a significant customer transition in our international wholesale business GAAP diluted EPS increased to $0.68 from $0.66 and Non-GAAP(1) diluted EPS totaled $0.68 versus $0.67 last year in the comparable period Retail Segment: Sales: Written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries® stores) increased 15% with broad based growth from increases in same-store sales, and new and acquired stores compared to the year ago period Written same-store sales increased 7%, driven by strong execution with higher conversion rates, average ticket, and design sales Delivered sales increased 11% to $228 million versus last year, primarily due to higher same-store sales and growth from acquired and new stores Operating Margin: GAAP operating margin and GAAP operating income were 10.7% and $24 million, versus 10.9% and $22 million, respectively Non-GAAP(1) operating margin and Non-GAAP(1) operating income were 10.7% and $24 million, down 20 basis points, and up 10%, respectively, driven by sales growth offset by an increase in selling expenses and fixed costs supporting our long-term strategy of growing our Retail business. Wholesale Segment: Sales: Sales increased 2% to $363 million, driven by our core North America La-Z-Boy brand through favorable shift in product/channel mix with higher sales to our La-Z-Boy Furniture Galleries®, partially offset by the impact of a significant customer transition in our international wholesale business Operating Margin: GAAP operating margin increased to 6.5% versus 6.4% Non-GAAP(1) operating margin was 6.5%, increasing 10 basis points from the year ago period driven by gross margin expansion (lower input costs and favorable foreign exchange), partially offset by significant deleverage in our international wholesale business Corporate & Other: Joybird written sales increased 10% and delivered sales increased 9% to $37 million driven by improved retail traffic and strong executionJoybird operating margin performance saw year-over-year improvement from higher gross margins driven by favorable product mix and SG&A leverage on higher sales leading to breakeven operating profit Balance Sheet and Cash Flow, Fiscal 2025 Third Quarter: Ended the quarter with $315 million in cash(3) and no external debtGenerated $57 million in cash from operations versus $48 million in the third quarter of last fiscal year. Year to date, cash flow from operations was $125 million, up 19% from last year's comparable periodInvested $19 million in capital expenditures, primarily related to La-Z-Boy Furniture Galleries® (new stores and remodels)Returned approximately $20 million to shareholders, including $11 million in share repurchases and $9 million in dividends. Year to date, $90 million has been returned to shareholders, approximately 40% more than the respective period last year Dividend:On February 18, 2025, the Board of Directors declared a quarterly cash dividend of $0.22 per share on the common stock of the company. The dividend will be paid on March 14, 2025, to shareholders of record on March 4, 2025. Conference Call:La-Z-Boy will hold a conference call with the investment community on Wednesday, February 19, 2025, at 8:30 a.m. ET. The toll-free dial-in number is (888) 506-0062; international callers may use (973) 528-0011. Enter Participant Access Code: 837177. The call will be webcast live, with corresponding slides, and archived on the internet. It will be available at https://lazboy.gcs-web.com/. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at (877) 481-4010 and to international callers at (919) 882-2331. Enter Replay Passcode: 51987. The webcast replay will be available for one year. Investor Relations Contact:Mark Becks, CFA, (734) 457-9538mark.becks@la-z-boy.com Media Contact:Cara Klaer, (734) 598-0652cara.klaer@la-z-boy.com About La-Z-Boy:La-Z-Boy Incorporated brings the transformational power of comfort to people, homes, and communities around the world - a mission that began when its founders invented the iconic recliner in 1927. Today, the company operates as a vertically integrated furniture retailer and manufacturer, committed to uncompromising quality and compassion for its consumers. The Retail segment consists of nearly 200 company-owned La-Z-Boy Furniture Galleries® stores and is part of a broader network of over 360 La-Z-Boy Furniture Galleries® that, with La-Z-Boy.com, serve customers nationwide. Joybird®, an e-commerce retailer and manufacturer of modern upholstered furniture, has 12 stores in the U.S. In the Wholesale segment, La-Z-Boy manufactures comfortable, custom furniture for its Furniture Galleries® and a variety of retail channels, England Furniture Co. offers custom upholstered furniture, and casegoods brands Kincaid®, American Drew®, and Hammary® provide pieces that make every room feel like home. To learn more, please visit: https://www.la-z-boy.com/. Notes:(1)Non-GAAP amounts for the third quarter of fiscal 2025 exclude: purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or less than $0.01 per diluted share, all included in operating income Non-GAAP amounts for the third quarter of fiscal 2024 exclude: a $0.2 million pre-tax, or less than $0.01 per diluted share, related to our supply chain optimization actionspurchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or $0.01 per diluted share, all included in operating income (2)This reference to Non-GAAP operating margin for a future period is a Non-GAAP financial measure. We have not provided a reconciliation of Non-GAAP operating margin for future periods in this press release because such reconciliation cannot be provided without unreasonable efforts. Please refer to the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures: Segment Information” for detailed information on calculating the Non-GAAP financial measures used in this press release and a reconciliation to the most directly comparable GAAP measure. (3)Cash includes cash, cash equivalents and restricted cash. Cautionary Note Regarding Forward-Looking Statements:This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Generally, forward-looking statements include information concerning expectations, projections or trends relating to our results of operations, financial results, financial condition, strategic initiatives and plans, expenses, dividends, share repurchases, liquidity, use of cash and cash requirements, borrowing capacity, investments, future economic performance, and our business and industry. The forward-looking statements in this press release are based on certain assumptions and currently available information and are subject to various risks and uncertainties, many of which are unforeseeable and beyond our control. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our Fiscal 2024 Annual Report on Form 10-K and other factors identified in our reports filed with the Securities and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. Non-GAAP Financial Measures:In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), this press release also includes Non-GAAP financial measures. Management uses these Non-GAAP financial measures when assessing our ongoing performance. This press release contains references to Non-GAAP operating income (on a consolidated basis and by segment), Non-GAAP operating margin (on a consolidated basis and by segment), and Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share, Non-GAAP diluted earnings per share (and components thereof, including Non-GAAP income before income taxes and Non-GAAP net income attributable to La-Z-Boy Incorporated), each of which may exclude, as applicable, supply chain optimization charges and purchase accounting charges. The supply chain optimization charges include asset impairment costs, accelerated depreciation expense, lease termination gains, severance costs, and employee relocation costs related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The purchase accounting charges include the amortization of intangible assets, incremental expense upon the sale of inventory acquired at fair value, and fair value adjustments of future cash payments recorded as interest expense. These Non-GAAP financial measures are not meant to be considered superior to or a substitute for La-Z-Boy Incorporated’s results of operations prepared in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. Reconciliations of such Non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables. Management believes that presenting certain Non-GAAP financial measures will help investors understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. Management excludes purchase accounting charges because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions consummated and the success with which we operate the businesses acquired. While the company has a history of acquisition activity, it does not acquire businesses on a predictable cycle, and the impact of purchase accounting charges is unique to each acquisition and can vary significantly from acquisition to acquisition. Similarly, supply chain optimization charges are dependent on the timing, size, number and nature of the operations being closed, consolidated or centralized, and the charges may not be incurred on a predictable cycle. Management believes that exclusion of these items facilitates more consistent comparisons of the company’s operating results over time. Where applicable, the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” tables present the excluded items net of tax calculated using the effective tax rate from operations for the period in which the adjustment is presented. LA-Z-BOY INCORPORATEDCONSOLIDATED STATEMENT OF INCOME Quarter Ended Nine Months Ended(Unaudited, amounts in thousands, except per share data) 1/25/2025 1/27/2024 1/25/2025 1/27/2024Sales $521,777 $500,406 $1,538,336 $1,493,492 Cost of sales 290,412 287,152 862,980 851,905 Gross profit 231,365 213,254 675,356 641,587 Selling, general and administrative expense 196,197 180,693 569,046 540,888 Operating income 35,168 32,561 106,310 100,699 Interest expense (102) (106) (411) (329)Interest income 3,465 4,124 11,619 11,222 Other income (expense), net 97 (639) (2,400) 21 Income before income taxes 38,628 35,940 115,118 111,613 Income tax expense 9,683 7,256 29,516 27,309 Net income 28,945 28,684 85,602 84,304 Net (income) attributable to noncontrolling interests (516) (44) (977) (986)Net income attributable to La-Z-Boy Incorporated $28,429 $28,640 $84,625 $83,318 Basic weighted average common shares 41,437 42,767 41,733 43,005 Basic net income attributable to La-Z-Boy Incorporated per share $0.69 $0.67 $2.03 $1.94 Diluted weighted average common shares 42,103 43,195 42,380 43,344 Diluted net income attributable to La-Z-Boy Incorporated per share $0.68 $0.66 $2.00 $1.92 LA-Z-BOY INCORPORATEDCONSOLIDATED BALANCE SHEET (Unaudited, amounts in thousands, except par value) 1/25/2025 4/27/2024Current assets Cash and equivalents $314,589 $341,098 Receivables, net of allowance of $5,686 at 1/25/2025 and $5,076 at 4/27/2024 127,612 139,213 Inventories, net 288,720 263,237 Other current assets 109,991 93,260 Total current assets 840,912 836,808 Property, plant and equipment, net 325,031 298,224 Goodwill 221,693 214,453 Other intangible assets, net 50,664 47,251 Deferred income taxes – long-term 9,343 10,283 Right of use lease assets 450,062 446,466 Other long-term assets, net 61,179 59,957 Total assets $1,958,884 $1,913,442 Current liabilities Accounts payable $106,594 $96,486 Lease liabilities, short-term 79,224 77,027 Accrued expenses and other current liabilities 269,691 263,768 Total current liabilities 455,509 437,281 Lease liabilities, long-term 408,972 404,724 Other long-term liabilities 62,224 58,077 Shareholders' equity Preferred shares – 5,000 authorized; none issued — — Common shares, $1.00 par value – 150,000 authorized; 41,411 outstanding at 1/25/2025 and 42,440 outstanding at 4/27/2024 41,411 42,440 Capital in excess of par value 381,759 368,485 Retained earnings 603,569 598,009 Accumulated other comprehensive loss (5,467) (5,870)Total La-Z-Boy Incorporated shareholders' equity 1,021,272 1,003,064 Noncontrolling interests 10,907 10,296 Total equity 1,032,179 1,013,360 Total liabilities and equity $1,958,884 $1,913,442 LA-Z-BOY INCORPORATEDCONSOLIDATED STATEMENT OF CASH FLOWS Nine Months Ended(Unaudited, amounts in thousands) 1/25/2025 1/27/2024Cash flows from operating activities Net income $85,602 $84,304 Adjustments to reconcile net income to cash provided by operating activities (Gain)/loss on disposal and impairment of assets 73 (15)Gain on sale of investments (199) (1,169)Provision for doubtful accounts 518 (267)Depreciation and amortization 35,020 36,493 Amortization of right-of-use lease assets 61,521 56,660 Lease impairment/(settlement) — (1,175)Equity-based compensation expense 13,428 11,048 Change in deferred taxes 2,134 1,911 Change in receivables 10,465 4,277 Change in inventories (21,726) 5,968 Change in other assets (10,217) (6,314)Change in payables 11,897 (15,420)Change in lease liabilities (62,607) (57,385)Change in other liabilities (640) (13,562)Net cash provided by operating activities 125,269 105,354 Cash flows from investing activities Proceeds from disposals of assets 188 4,836 Capital expenditures (51,538) (38,034)Purchases of investments (6,783) (17,869)Proceeds from sales of investments 11,715 23,337 Acquisitions (24,772) (26,299)Net cash used for investing activities (71,190) (54,029) Cash flows from financing activities Payments on finance lease liabilities (442) (346)Holdback payments for acquisitions — (5,000)Stock issued for stock and employee benefit plans, net of shares withheld for taxes 10,906 6,241 Repurchases of common stock (64,387) (40,022)Dividends paid to shareholders (25,871) (24,177)Dividends paid to minority interest joint venture partners (1) (1,414) (1,172)Net cash used for financing activities (81,208) (64,476) Effect of exchange rate changes on cash and equivalents 620 (348)Change in cash, cash equivalents and restricted cash (26,509) (13,499)Cash, cash equivalents and restricted cash at beginning of period 341,098 346,678 Cash, cash equivalents and restricted cash at end of period $314,589 $333,179 Supplemental disclosure of non-cash investing activities Capital expenditures included in payables $4,010 $3,008 (1)Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested. LA-Z-BOY INCORPORATEDSEGMENT INFORMATION Quarter Ended Nine Months Ended(Unaudited, amounts in thousands) 1/25/2025 1/27/2024 1/25/2025 1/27/2024Sales Wholesale segment: Sales to external customers $255,028 $260,542 $770,031 $760,531 Intersegment sales 107,970 95,833 307,764 294,286 Wholesale segment sales 362,998 356,375 1,077,795 1,054,817 Retail segment sales 227,667 204,696 651,601 627,248 Corporate and Other: Sales to external customers 39,082 35,168 116,704 105,713 Intersegment sales 1,580 2,964 4,753 8,712 Corporate and Other sales 40,662 38,132 121,457 114,425 Eliminations (109,550) (98,797) (312,517) (302,998)Consolidated sales $521,777 $500,406 $1,538,336 $1,493,492 Operating Income (Loss) Wholesale segment $23,565 $22,711 $72,093 $67,664 Retail segment 24,457 22,313 73,003 79,512 Corporate and Other (12,854) (12,463) (38,786) (46,477)Consolidated operating income $35,168 $32,561 $106,310 $100,699 LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Quarter Ended Nine Months Ended(Amounts in thousands, except per share data) 1/25/2025 1/27/2024 1/25/2025 1/27/2024GAAP gross profit $231,365 $213,254 $675,356 $641,587 Purchase accounting charges (1) — — 140 — Supply chain optimization charges (2) — 205 — 3,966 Non-GAAP gross profit $231,365 $213,459 $675,496 $645,553 GAAP SG&A $196,197 $180,693 $569,046 $540,888 Purchase accounting charges (3) (254) (254) (765) (762)Supply chain optimization charges (4) — (2) — (1,857)Non-GAAP SG&A $195,943 $180,437 $568,281 $538,269 GAAP operating income $35,168 $32,561 $106,310 $100,699 Purchase accounting charges 254 254 905 762 Supply chain optimization charges — 207 — 5,823 Non-GAAP operating income $35,422 $33,022 $107,215 $107,284 GAAP income before income taxes $38,628 $35,940 $115,118 $111,613 Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense 254 254 905 810 Supply chain optimization charges — 207 — 5,823 Non-GAAP income before income taxes $38,882 $36,401 $116,023 $118,246 GAAP net income attributable to La-Z-Boy Incorporated $28,429 $28,640 $84,625 $83,318 Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense 254 254 905 810 Tax effect of purchase accounting (64) (51) (232) (198)Supply chain optimization charges — 207 — 5,823 Tax effect of supply chain optimization — (42) — (1,427)Non-GAAP net income attributable to La-Z-Boy Incorporated $28,619 $29,008 $85,298 $88,326 GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") $0.68 $0.66 $2.00 $1.92 Purchase accounting charges, net of tax, per share — 0.01 0.01 0.02 Supply chain optimization charges, net of tax, per share — — — 0.10 Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") $0.68 $0.67 $2.01 $2.04 (1)Includes incremental expense upon the sale of inventory acquired at fair value.(2)Fiscal 2024 includes severance charges related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico.(3)Includes amortization of intangible assets.(4)The first nine months of fiscal 2024 includes $3.0 million of accelerated depreciation of fixed assets related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The first nine months of fiscal 2024 also includes a $1.2 million gain related to the settlement of the Torreón, Mexico lease obligation on previously impaired assets. LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESSEGMENT INFORMATION Quarter Ended Nine Months Ended(Amounts in thousands) 1/25/2025 % of sales 1/27/2024 % of sales 1/25/2025 % of sales 1/27/2024 % of salesGAAP operating income (loss) Wholesale segment $23,565 6.5% $22,711 6.4% $72,093 6.7% $67,664 6.4%Retail segment 24,457 10.7% 22,313 10.9% 73,003 11.2% 79,512 12.7%Corporate and Other (12,854) N/M (12,463) N/M (38,786) N/M (46,477) N/MConsolidated GAAP operating income $35,168 6.7% $32,561 6.5% $106,310 6.9% $100,699 6.7% Non-GAAP items affecting operating income Wholesale segment $55 $262 $166 $5,987 Retail segment — — 140 — Corporate and Other 199 199 599 598 Consolidated Non-GAAP items affecting operating income $254 $461 $905 $6,585 Non-GAAP operating income (loss) Wholesale segment $23,620 6.5% $22,973 6.4% $72,259 6.7% $73,651 7.0%Retail segment 24,457 10.7% 22,313 10.9% 73,143 11.2% 79,512 12.7%Corporate and Other (12,655) N/M (12,264) N/M (38,187) N/M (45,879) N/MConsolidated Non-GAAP operating income $35,422 6.8% $33,022 6.6% $107,215 7.0% $107,284 7.2% N/M - Not Meaningful

La-Z-Boy Incorporated Reports Strong Third Quarter Results; Sales Growth Across All Segments, Company-Owned Same-Store Sales Accelerate

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