LZBNYSEHousehold FurnitureUS GAAP · USD

La-Z-Boy Incorporated

La-Z-Boy Inc. designs, manufactures, imports, distributes and retails residential furniture, with a core identity built around recliners, motion upholstery and branded home furnishings. The company operates a dual model: a wholesale business that supplies retailers and a retail network of company-owned stores, galleries and digital channels that sell directly to consumers.

Revenue2,127m USD
+0.8 %y/y
Operating profit (EBIT)129m USD
−4.9 %y/y
EBIT margin6.1%
−0.4 ppy/y
Net income102m USD
+2.4 %y/y
Free cash flow128m USD
+13.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

05001,0001,5002,0002,500m USD2021: 1,734 m USD2021: EBIT 137 m USD20212022: 2,357 m USD2022: EBIT 207 m USD20222023: 2,349 m USD2023: EBIT 211 m USD20232024: 2,047 m USD2024: EBIT 151 m USD20242025: 2,109 m USD2025: EBIT 136 m USD20252026: 2,127 m USD2026: EBIT 129 m USD20262,127129
RevenueOperating profit (EBIT)

Business

Share of revenue
Wholesale upholstered furniture55 %

Manufactured and imported upholstered products sold to dealers, galleries and branded retail partners.

Retail furniture sales30 %

Company-owned store sales of La-Z-Boy branded furniture and related design services to end consumers.

Casegoods and wood furniture10 %

Imported and branded wood furniture sold through wholesale channels and select retail programs.

E-commerce and direct-to-consumer4 %

Joybird online sales and small-format stores targeting digitally native furniture shoppers.

Royalties and other1 %

Brand licensing royalties and other smaller corporate revenue streams.

Customers

La-Z-Boy sells directly to end consumers through company-owned stores, galleries and websites, but a large part of the business also serves independent furniture retailers and distributors. Its wholesale customers include proprietary gallery operators, Comfort Studio partners, major dealers and other independent retailers, while Joybird targets online shoppers and urban consumers seeking contemporary furniture.

End consumers

Buy upholstered furniture, casegoods and accessories directly from company-owned stores, galleries and websites for home furnishing needs.

Independent furniture retailers

Purchase wholesale product for resale through their own stores and showrooms because La-Z-Boy is a recognized brand with broad consumer demand.

Proprietary gallery and Comfort Studio partners

Sell La-Z-Boy branded products in dedicated retail space and rely on the brand, merchandising and design-service model.

Major dealers and regional chains

Buy branded upholstery and casegoods to broaden assortment and attract consumers seeking established home-furnishings labels.

Online furniture shoppers

Purchase Joybird products digitally, often valuing convenience, customization and modern design.

Strategy

La-Z-Boy is expanding its proprietary retail footprint while also widening wholesale distribution through galleries, Comfort Studios and branded spaces. It is also pushing digital capabilities and Joybird growth so the brand can reach consumers who increasingly research and buy furniture online, while still leveraging store-based design services and physical showrooms.

Expand the proprietary retail networkMedium term

More company-owned stores and better store formats deepen brand control and support higher-margin direct sales.

Broaden wholesale distributionMedium term

More branded selling points increase consumer reach without requiring full ownership of every location.

Improve digital and omni-channel sellingShort term

Furniture shoppers increasingly research and buy online, so digital capability helps defend share and capture demand.

Profitably grow JoybirdMedium term

Joybird gives the company a direct-to-consumer growth platform and a younger brand position.

Geography

The company is anchored in the United States and Canada, where most branded retail floor space and wholesale distribution are concentrated. It also sells to about 50 other countries, with named exposure to the United Kingdom, Australia, China and New Zealand, and it operates manufacturing and wholesale support in Thailand, Mexico, the United Kingdom and Hong Kong.

Risks

Demand is tied to consumer confidence and big-ticket home-furnishing spending, so macro weakness can quickly pressure sales and margins. The company also faces supply-chain, cybersecurity and brand-relevance risks, while the shift toward online furniture shopping can disadvantage a business that still relies heavily on physical stores and dealer networks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply-chain disruption1Macro slowdown in consumer spending2Shift to online purchasing3Brand and product mix obsolescence4Cybersecurity and data protection5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply-chain disruptionImpact: HighLikelihood: High

    The company depends on manufacturing sites, Asian suppliers and cross-border logistics for finished goods and components.

    ExposureManufacturingImportsDelivery lead times
  2. Macro slowdown in consumer spendingImpact: HighLikelihood: Medium

    Furniture is discretionary and sensitive to confidence, housing activity and financing conditions.

    Exposure: Retail and wholesale demand

  3. Shift to online purchasingImpact: HighLikelihood: Medium

    A large share of sales still depends on physical stores and dealers, while digital-native competitors bypass that model.

    Exposure: Retail network and wholesale channel mix

  4. Brand and product mix obsolescenceImpact: MediumLikelihood: Medium

    Furniture is fashion-oriented, so weak design execution or slow refresh cycles can hurt sell-through.

    ExposureLa-Z-BoyEnglandKincaidJoybird
  5. Cybersecurity and data protectionImpact: MediumLikelihood: Medium

    A breach could disrupt suppliers, stores or e-commerce operations and damage customer trust.

    ExposureCustomerVendorCompany data

Accounting

Judgemental items
Revenue recognition by channel

Wholesale shipments, retail store sales and online orders may be recognized at different points in the order-to-delivery cycle.

Impact: Quarterly revenue and margin comparability

Customer deposits and backlog

Deposits and backlog move with order intake and delivery lead times, affecting deferred revenue-like balances and working capital.

Impact: Cash flow and near-term revenue visibility

Goodwill and intangible impairment

The company recorded a goodwill impairment charge in its UK wholesale and manufacturing businesses, showing sensitivity to valuation assumptions.

Impact: Operating income and net earnings

Foreign currency effects

Operations in Canada, Thailand, the UK and Mexico create translation and transaction exposure.

Impact: Reported costs, cash balances and margins

Lease accounting for stores

A large owned-store network means lease and occupancy commitments can materially affect fixed costs.

Impact: SG&A and balance sheet lease liabilities

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026