|
Michigan
|
|
38-0751137
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
One La-Z-Boy Drive,
|
Monroe,
|
Michigan
|
|
48162-5138
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $1.00 Par Value
|
|
LZB
|
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
Class
|
|
Outstanding at August 11, 2020
|
Common Stock, $1.00 Par Value
|
|
45,995,515
|
|
|
Page
Number
|
|
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||
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|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands, except per share data)
|
|
7/25/20
|
|
7/27/19
|
||||
Sales
|
|
$
|
285,458
|
|
|
$
|
413,633
|
|
Cost of sales
|
|
169,095
|
|
|
245,921
|
|
||
Gross profit
|
|
116,363
|
|
|
167,712
|
|
||
Selling, general and administrative expense
|
|
112,038
|
|
|
144,290
|
|
||
Operating income
|
|
4,325
|
|
|
23,422
|
|
||
Interest expense
|
|
(459
|
)
|
|
(318
|
)
|
||
Interest income
|
|
494
|
|
|
727
|
|
||
Other income (expense), net
|
|
1,474
|
|
|
(760
|
)
|
||
Income before income taxes
|
|
5,834
|
|
|
23,071
|
|
||
Income tax expense
|
|
1,155
|
|
|
5,083
|
|
||
Net income
|
|
4,679
|
|
|
17,988
|
|
||
Net loss attributable to noncontrolling interests
|
|
119
|
|
|
81
|
|
||
Net income attributable to La-Z-Boy Incorporated
|
|
$
|
4,798
|
|
|
$
|
18,069
|
|
|
|
|
|
|
|
|
||
Basic weighted average common shares
|
|
45,909
|
|
|
46,820
|
|
||
Basic net income attributable to La-Z-Boy Incorporated per share
|
|
$
|
0.10
|
|
|
$
|
0.39
|
|
|
|
|
|
|
||||
Diluted weighted average common shares
|
|
45,965
|
|
|
47,125
|
|
||
Diluted net income attributable to La-Z-Boy Incorporated per share
|
|
$
|
0.10
|
|
|
$
|
0.38
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Net income
|
|
$
|
4,679
|
|
|
$
|
17,988
|
|
Other comprehensive income
|
|
|
|
|
||||
Currency translation adjustment
|
|
2,111
|
|
|
614
|
|
||
Change in fair value of cash flow hedges, net of tax
|
|
—
|
|
|
4
|
|
||
Net unrealized gain on marketable securities, net of tax
|
|
42
|
|
|
108
|
|
||
Net pension amortization, net of tax
|
|
65
|
|
|
41
|
|
||
Total other comprehensive income
|
|
2,218
|
|
|
767
|
|
||
Total comprehensive income before allocation to noncontrolling interests
|
|
6,897
|
|
|
18,755
|
|
||
Comprehensive income attributable to noncontrolling interests
|
|
(379
|
)
|
|
(405
|
)
|
||
Comprehensive income attributable to La-Z-Boy Incorporated
|
|
$
|
6,518
|
|
|
$
|
18,350
|
|
(Unaudited, amounts in thousands, except par value)
|
|
7/25/20
|
|
4/25/20
|
||||
Current assets
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
334,204
|
|
|
$
|
261,553
|
|
Restricted cash
|
|
2,476
|
|
|
1,975
|
|
||
Receivables, net of allowance of $5,983 at 7/25/20 and $7,541 at 4/25/20
|
|
97,374
|
|
|
99,351
|
|
||
Inventories, net
|
|
180,401
|
|
|
181,643
|
|
||
Other current assets
|
|
89,497
|
|
|
81,804
|
|
||
Total current assets
|
|
703,952
|
|
|
626,326
|
|
||
Property, plant and equipment, net
|
|
212,933
|
|
|
214,767
|
|
||
Goodwill
|
|
161,597
|
|
|
161,017
|
|
||
Other intangible assets, net
|
|
28,614
|
|
|
28,653
|
|
||
Deferred income taxes – long-term
|
|
20,060
|
|
|
20,839
|
|
||
Right of use lease asset
|
|
310,133
|
|
|
318,647
|
|
||
Other long-term assets, net
|
|
66,458
|
|
|
64,640
|
|
||
Total assets
|
|
$
|
1,503,747
|
|
|
$
|
1,434,889
|
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
61,917
|
|
|
$
|
55,511
|
|
Short-term borrowings
|
|
50,000
|
|
|
75,000
|
|
||
Lease liability, current
|
|
64,399
|
|
|
64,376
|
|
||
Accrued expenses and other current liabilities
|
|
248,230
|
|
|
155,282
|
|
||
Total current liabilities
|
|
424,546
|
|
|
350,169
|
|
||
Lease liability, long-term
|
|
262,225
|
|
|
270,162
|
|
||
Other long-term liabilities
|
|
101,977
|
|
|
98,252
|
|
||
Shareholders' equity
|
|
|
|
|
||||
Preferred shares – 5,000 authorized; none issued
|
|
—
|
|
|
—
|
|
||
Common shares, $1.00 par value – 150,000 authorized; 45,989 outstanding at 7/25/20 and 45,857 outstanding at 4/25/20
|
|
45,989
|
|
|
45,857
|
|
||
Capital in excess of par value
|
|
320,067
|
|
|
318,215
|
|
||
Retained earnings
|
|
346,750
|
|
|
343,633
|
|
||
Accumulated other comprehensive loss
|
|
(5,232
|
)
|
|
(6,952
|
)
|
||
Total La-Z-Boy Incorporated shareholders' equity
|
|
707,574
|
|
|
700,753
|
|
||
Noncontrolling interests
|
|
7,425
|
|
|
15,553
|
|
||
Total equity
|
|
714,999
|
|
|
716,306
|
|
||
Total liabilities and equity
|
|
$
|
1,503,747
|
|
|
$
|
1,434,889
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
4,679
|
|
|
$
|
17,988
|
|
Adjustments to reconcile net income to cash provided by (used for) operating activities
|
|
|
|
|
||||
(Gain)/loss on disposal of assets
|
|
14
|
|
|
(536
|
)
|
||
Gain on sale of investments
|
|
(108
|
)
|
|
(4
|
)
|
||
Change in deferred taxes
|
|
785
|
|
|
(677
|
)
|
||
Provision for doubtful accounts
|
|
(1,575
|
)
|
|
116
|
|
||
Depreciation and amortization
|
|
8,119
|
|
|
7,298
|
|
||
Equity-based compensation expense
|
|
2,047
|
|
|
1,675
|
|
||
Change in receivables
|
|
3,745
|
|
|
8,535
|
|
||
Change in inventories
|
|
1,686
|
|
|
(527
|
)
|
||
Change in right-of-use lease assets
|
|
16,469
|
|
|
16,101
|
|
||
Change in other assets
|
|
4,031
|
|
|
(8,792
|
)
|
||
Change in payables
|
|
8,864
|
|
|
(1,391
|
)
|
||
Change in lease liabilities
|
|
(15,857
|
)
|
|
(16,418
|
)
|
||
Change in other liabilities
|
|
73,401
|
|
|
(4,028
|
)
|
||
Net cash provided by operating activities
|
|
106,300
|
|
|
19,340
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
||||
Proceeds from disposals of assets
|
|
10
|
|
|
22
|
|
||
Proceeds from insurance
|
|
—
|
|
|
642
|
|
||
Capital expenditures
|
|
(9,810
|
)
|
|
(12,299
|
)
|
||
Purchases of investments
|
|
(3,623
|
)
|
|
(5,288
|
)
|
||
Proceeds from sales of investments
|
|
14,671
|
|
|
4,060
|
|
||
Acquisitions
|
|
(437
|
)
|
|
(5,438
|
)
|
||
Net cash provided by (used for) investing activities
|
|
811
|
|
|
(18,301
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
||||
Payments on debt and finance lease liabilities
|
|
(25,013
|
)
|
|
(47
|
)
|
||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes
|
|
(1,749
|
)
|
|
(1,417
|
)
|
||
Purchases of common stock
|
|
—
|
|
|
(12,313
|
)
|
||
Dividends paid to shareholders
|
|
—
|
|
|
(6,112
|
)
|
||
Dividends paid to minority interest joint venture partners (1)
|
|
(8,507
|
)
|
|
—
|
|
||
Net cash used for financing activities
|
|
(35,269
|
)
|
|
(19,889
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash and equivalents
|
|
1,310
|
|
|
655
|
|
||
Change in cash, cash equivalents and restricted cash
|
|
73,152
|
|
|
(18,195
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
263,528
|
|
|
131,787
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
336,680
|
|
|
$
|
113,592
|
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing activities
|
|
|
|
|
||||
Capital expenditures included in payables
|
|
$
|
881
|
|
|
$
|
2,416
|
|
(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.
|
(Unaudited, amounts in thousands)
|
|
Common
Shares
|
|
Capital in Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated Other
Comprehensive Income
(Loss)
|
|
Non-Controlling
Interests
|
|
Total
|
||||||||||||
At April 25, 2020
|
|
$
|
45,857
|
|
|
$
|
318,215
|
|
|
$
|
343,633
|
|
|
$
|
(6,952
|
)
|
|
$
|
15,553
|
|
|
$
|
716,306
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
4,798
|
|
|
—
|
|
|
(119
|
)
|
|
4,679
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,720
|
|
|
498
|
|
|
2,218
|
|
||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
|
|
132
|
|
|
(195
|
)
|
|
(1,686
|
)
|
|
—
|
|
|
—
|
|
|
(1,749
|
)
|
||||||
Stock option and restricted stock expense
|
|
—
|
|
|
2,047
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,047
|
|
||||||
Dividends declared and paid (1)
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(8,507
|
)
|
|
(8,502
|
)
|
||||||
At July 25, 2020
|
|
$
|
45,989
|
|
|
$
|
320,067
|
|
|
$
|
346,750
|
|
|
$
|
(5,232
|
)
|
|
$
|
7,425
|
|
|
$
|
714,999
|
|
(1)
|
No dividends to shareholders were declared or paid during the first quarter of fiscal 2021; amount includes dividends forfeited from restricted stock awards previously granted. Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.
|
(Unaudited, amounts in thousands)
|
|
Common
Shares
|
|
Capital in Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated Other
Comprehensive Income
(Loss)
|
|
Non-Controlling
Interests
|
|
Total
|
||||||||||||
At April 27, 2019
|
|
$
|
46,955
|
|
|
$
|
313,168
|
|
|
$
|
325,847
|
|
|
$
|
(3,462
|
)
|
|
$
|
14,468
|
|
|
$
|
696,976
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
18,069
|
|
|
—
|
|
|
(81
|
)
|
|
17,988
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
281
|
|
|
486
|
|
|
767
|
|
||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
|
|
126
|
|
|
126
|
|
|
(1,669
|
)
|
|
—
|
|
|
—
|
|
|
(1,417
|
)
|
||||||
Repurchases of 391 shares of common stock
|
|
(391
|
)
|
|
(3,762
|
)
|
|
(8,160
|
)
|
|
—
|
|
|
—
|
|
|
(12,313
|
)
|
||||||
Stock option and restricted stock expense
|
|
—
|
|
|
1,675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,675
|
|
||||||
Cumulative effect adjustment for leases, net of tax (1)
|
|
—
|
|
|
—
|
|
|
574
|
|
|
—
|
|
|
—
|
|
|
574
|
|
||||||
Reclassification of certain income tax effects (2)
|
|
—
|
|
|
—
|
|
|
547
|
|
|
(547
|
)
|
|
—
|
|
|
—
|
|
||||||
Dividends declared and paid ($0.13/share)
|
|
—
|
|
|
—
|
|
|
(6,112
|
)
|
|
—
|
|
|
—
|
|
|
(6,112
|
)
|
||||||
At July 27, 2019
|
|
$
|
46,690
|
|
|
$
|
311,207
|
|
|
$
|
329,096
|
|
|
$
|
(3,728
|
)
|
|
$
|
14,873
|
|
|
$
|
698,138
|
|
(1)
|
Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02.
|
(2)
|
Income tax effects of the Tax Cuts and Jobs Act are reclassified from Accumulated Other Comprehensive Income ("AOCI") to retained earnings due to the adoption of ASU 2018-02.
|
ASU
|
|
Description
|
ASU 2016-13
|
|
Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments
|
ASU 2020-04
|
|
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
|
ASU
|
|
Description
|
|
Adoption Date
|
ASU 2018-14
|
|
Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
|
|
Fiscal 2022
|
ASU 2019-12
|
|
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
|
|
Fiscal 2022
|
ASU 2020-01
|
|
Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
|
|
Fiscal 2022
|
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Cash and cash equivalents
|
|
$
|
334,204
|
|
|
$
|
111,622
|
|
Restricted cash
|
|
2,476
|
|
|
1,970
|
|
||
Total cash, cash equivalents and restricted cash
|
|
$
|
336,680
|
|
|
$
|
113,592
|
|
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
4/25/20
|
||||
Raw materials
|
|
$
|
90,414
|
|
|
$
|
92,174
|
|
Work in process
|
|
14,897
|
|
|
14,064
|
|
||
Finished goods
|
|
96,535
|
|
|
96,850
|
|
||
FIFO inventories
|
|
201,846
|
|
|
203,088
|
|
||
Excess of FIFO over LIFO
|
|
(21,445
|
)
|
|
(21,445
|
)
|
||
Total inventories
|
|
$
|
180,401
|
|
|
$
|
181,643
|
|
Reportable Segment/Unit
|
|
Reporting Unit
|
|
Related Acquisition
|
Wholesale Segment
|
|
La-Z-Boy United Kingdom
|
|
Wholesale business in the United Kingdom and Ireland
|
Retail Segment
|
|
Retail
|
|
La-Z-Boy Furniture Galleries® stores
|
Corporate & Other
|
|
Joybird
|
|
Joybird
|
(Unaudited, amounts in thousands)
|
|
Wholesale
Segment
|
|
Retail
Segment
|
|
Corporate
and Other
|
|
Total
Goodwill
|
||||||||
Balance at April 25, 2020
|
|
$
|
11,630
|
|
|
$
|
93,941
|
|
|
$
|
55,446
|
|
|
$
|
161,017
|
|
Translation adjustment
|
|
408
|
|
|
172
|
|
|
—
|
|
|
580
|
|
||||
Balance at July 25, 2020
|
|
$
|
12,038
|
|
|
$
|
94,113
|
|
|
$
|
55,446
|
|
|
$
|
161,597
|
|
Reportable Segment/Unit
|
|
Intangible Asset
|
|
Useful Life
|
Wholesale Segment
|
|
Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland
|
|
Amortizable over useful lives that do not exceed 15 years
|
Wholesale Segment
|
|
American Drew® trade name
|
|
Indefinite-lived
|
Retail Segment
|
|
Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores
|
|
Indefinite-lived
|
Corporate & Other
|
|
Joybird® trade name
|
|
Amortizable over eight-year useful life
|
(Unaudited, amounts in thousands)
|
|
Indefinite-
Lived
Trade
Names
|
|
Finite-
Lived
Trade
Name
|
|
Indefinite-
Lived
Reacquired
Rights
|
|
Other
Intangible
Assets
|
|
Total
Other
Intangible
Assets
|
||||||||||
Balance at April 25, 2020
|
|
$
|
1,155
|
|
|
$
|
5,003
|
|
|
$
|
19,996
|
|
|
$
|
2,499
|
|
|
$
|
28,653
|
|
Amortization
|
|
—
|
|
|
(199
|
)
|
|
—
|
|
|
(54
|
)
|
|
(253
|
)
|
|||||
Translation adjustment
|
|
—
|
|
|
—
|
|
|
128
|
|
|
86
|
|
|
214
|
|
|||||
Balance at July 25, 2020
|
|
$
|
1,155
|
|
|
$
|
4,804
|
|
|
$
|
20,124
|
|
|
$
|
2,531
|
|
|
$
|
28,614
|
|
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
4/25/20
|
||||
Short-term investments:
|
|
|
|
|
||||
Marketable securities
|
|
$
|
9,340
|
|
|
$
|
18,634
|
|
Held-to-maturity investments
|
|
2,476
|
|
|
3,337
|
|
||
Total short-term investments
|
|
11,816
|
|
|
21,971
|
|
||
Long-term investments:
|
|
|
|
|
||||
Marketable securities
|
|
18,463
|
|
|
19,572
|
|
||
Cost basis investments
|
|
7,579
|
|
|
6,479
|
|
||
Total long-term investments
|
|
26,042
|
|
|
26,051
|
|
||
Total investments
|
|
$
|
37,858
|
|
|
$
|
48,022
|
|
|
|
|
|
|
||||
Investments to enhance returns on cash
|
|
$
|
16,494
|
|
|
$
|
28,622
|
|
Investments to fund compensation/retirement plans
|
|
13,785
|
|
|
12,921
|
|
||
Other investments
|
|
7,579
|
|
|
6,479
|
|
||
Total investments
|
|
$
|
37,858
|
|
|
$
|
48,022
|
|
|
|
7/25/20
|
|
4/25/20
|
||||||||||||||||||||
(Unaudited, amounts in thousands)
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||||||
Equity securities
|
|
$
|
1,575
|
|
|
$
|
(19
|
)
|
|
$
|
14,463
|
|
|
$
|
1,011
|
|
|
$
|
(6,390
|
)
|
|
$
|
12,692
|
|
Fixed income
|
|
274
|
|
|
(7
|
)
|
|
19,058
|
|
|
268
|
|
|
(56
|
)
|
|
30,213
|
|
||||||
Other
|
|
399
|
|
|
—
|
|
|
4,337
|
|
|
372
|
|
|
—
|
|
|
5,117
|
|
||||||
Total securities
|
|
$
|
2,248
|
|
|
$
|
(26
|
)
|
|
$
|
37,858
|
|
|
$
|
1,651
|
|
|
$
|
(6,446
|
)
|
|
$
|
48,022
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Proceeds from sales
|
|
$
|
13,725
|
|
|
$
|
4,060
|
|
Gross realized gains
|
|
126
|
|
|
6
|
|
||
Gross realized losses
|
|
(18
|
)
|
|
(2
|
)
|
(Unaudited, amounts in thousands)
|
|
7/25/20
|
||
Within one year
|
|
$
|
9,366
|
|
Within two to five years
|
|
6,583
|
|
|
Within six to ten years
|
|
1,266
|
|
|
Thereafter
|
|
1,843
|
|
|
Total
|
|
$
|
19,058
|
|
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
4/25/20
|
||||
Payroll and other compensation
|
|
$
|
39,562
|
|
|
$
|
34,980
|
|
Accrued product warranty, current portion
|
|
14,237
|
|
|
14,264
|
|
||
Customer deposits
|
|
101,771
|
|
|
40,721
|
|
||
Deferred revenue
|
|
39,747
|
|
|
17,086
|
|
||
Other current liabilities
|
|
52,913
|
|
|
48,231
|
|
||
Accrued expenses and other current liabilities
|
|
$
|
248,230
|
|
|
$
|
155,282
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Balance as of the beginning of the period
|
|
$
|
23,255
|
|
|
$
|
22,736
|
|
Accruals during the period
|
|
3,828
|
|
|
5,657
|
|
||
Settlements during the period
|
|
(3,960
|
)
|
|
(5,557
|
)
|
||
Balance as of the end of the period (1)
|
|
$
|
23,123
|
|
|
$
|
22,836
|
|
(1)
|
$14.2 million and $14.3 million recorded in accrued expenses and other current liabilities as of July 25, 2020 and April 25, 2020, respectively, while the remainder is in included in other long-term liabilities.
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Equity-based awards expense
|
|
$
|
2,047
|
|
|
$
|
1,675
|
|
Liability-based awards expense
|
|
584
|
|
|
(60
|
)
|
||
Total stock-based compensation expense
|
|
$
|
2,631
|
|
|
$
|
1,615
|
|
(Unaudited)
|
|
Fiscal 2021 grant
|
|
Assumption
|
||
Risk-free interest rate
|
|
0.34
|
%
|
|
U.S. Treasury issues with term equal to expected life at grant date
|
|
Dividend rate
|
|
0
|
%
|
|
Estimated future dividend rate and common share price at grant date
|
|
Expected life in years
|
|
5
|
|
|
Contractual term of stock option and expected employee exercise trends
|
|
Stock price volatility
|
|
41.79
|
%
|
|
Historical volatility of our common shares
|
|
Fair value per share
|
|
$
|
10.06
|
|
|
|
(Unaudited, amounts in thousands)
|
|
Translation adjustment
|
|
Change in fair value of cash flow hedge
|
|
Unrealized gain (loss) on marketable securities
|
|
Net pension amortization and net actuarial loss
|
|
Accumulated other comprehensive loss
|
||||||||||
Balance at April 25, 2020
|
|
$
|
(1,891
|
)
|
|
$
|
—
|
|
|
$
|
449
|
|
|
$
|
(5,510
|
)
|
|
$
|
(6,952
|
)
|
Changes before reclassifications
|
|
1,613
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
1,690
|
|
|||||
Amounts reclassified to net income
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
87
|
|
|
65
|
|
|||||
Tax effect
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(22
|
)
|
|
(35
|
)
|
|||||
Other comprehensive income attributable to La-Z-Boy Incorporated
|
|
1,613
|
|
|
—
|
|
|
42
|
|
|
65
|
|
|
1,720
|
|
|||||
Balance at July 25, 2020
|
|
$
|
(278
|
)
|
|
$
|
—
|
|
|
$
|
491
|
|
|
$
|
(5,445
|
)
|
|
$
|
(5,232
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at April 27, 2019
|
|
$
|
50
|
|
|
$
|
87
|
|
|
$
|
6
|
|
|
$
|
(3,605
|
)
|
|
$
|
(3,462
|
)
|
Changes before reclassifications
|
|
128
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
271
|
|
|||||
Reclassification of certain income tax effects (1)
|
|
—
|
|
|
(97
|
)
|
|
258
|
|
|
(708
|
)
|
|
(547
|
)
|
|||||
Amounts reclassified to net income
|
|
—
|
|
|
5
|
|
|
—
|
|
|
55
|
|
|
60
|
|
|||||
Tax effect
|
|
—
|
|
|
(1
|
)
|
|
(35
|
)
|
|
(14
|
)
|
|
(50
|
)
|
|||||
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated
|
|
128
|
|
|
(93
|
)
|
|
366
|
|
|
(667
|
)
|
|
(266
|
)
|
|||||
Balance at July 27, 2019
|
|
$
|
178
|
|
|
$
|
(6
|
)
|
|
$
|
372
|
|
|
$
|
(4,272
|
)
|
|
$
|
(3,728
|
)
|
(1)
|
Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02.
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Balance as of the beginning of the period
|
|
$
|
15,553
|
|
|
$
|
14,468
|
|
Net income
|
|
(119
|
)
|
|
(81
|
)
|
||
Other comprehensive income
|
|
498
|
|
|
486
|
|
||
Dividends distributed to joint venture minority partners
|
|
(8,507
|
)
|
|
—
|
|
||
Balance as of the end of the period
|
|
$
|
7,425
|
|
|
$
|
14,873
|
|
|
|
Quarter Ended July 25, 2020
|
||||||||||||||
(Unaudited, amounts in thousands)
|
|
Wholesale
|
|
Retail
|
|
Corporate
and Other
|
|
Total
|
||||||||
Motion Upholstery Furniture
|
|
$
|
132,264
|
|
|
$
|
53,447
|
|
|
$
|
—
|
|
|
$
|
185,711
|
|
Stationary Upholstery Furniture
|
|
58,314
|
|
|
17,655
|
|
|
16,134
|
|
|
92,103
|
|
||||
Bedroom Furniture
|
|
7,112
|
|
|
1,095
|
|
|
1,231
|
|
|
9,438
|
|
||||
Dining Room Furniture
|
|
4,547
|
|
|
1,818
|
|
|
657
|
|
|
7,022
|
|
||||
Occasional Furniture
|
|
8,110
|
|
|
3,410
|
|
|
729
|
|
|
12,249
|
|
||||
Other (1)
|
|
13,226
|
|
|
13,712
|
|
|
(2,010
|
)
|
|
24,928
|
|
||||
Total
|
|
$
|
223,573
|
|
|
$
|
91,137
|
|
|
$
|
16,741
|
|
|
$
|
331,451
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eliminations
|
|
|
|
|
|
|
|
(45,993
|
)
|
|||||||
Consolidated Net Sales
|
|
|
|
|
|
|
|
$
|
285,458
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Quarter Ended July 27, 2019
|
||||||||||||||
(Unaudited, amounts in thousands)
|
|
Wholesale
|
|
Retail
|
|
Corporate
and Other
|
|
Total
|
||||||||
Motion Upholstery Furniture
|
|
$
|
179,522
|
|
|
$
|
85,184
|
|
|
$
|
—
|
|
|
$
|
264,706
|
|
Stationary Upholstery Furniture
|
|
91,653
|
|
|
29,153
|
|
|
22,952
|
|
|
143,758
|
|
||||
Bedroom Furniture
|
|
8,193
|
|
|
1,447
|
|
|
1,182
|
|
|
10,822
|
|
||||
Dining Room Furniture
|
|
5,405
|
|
|
2,599
|
|
|
394
|
|
|
8,398
|
|
||||
Occasional Furniture
|
|
11,135
|
|
|
5,125
|
|
|
361
|
|
|
16,621
|
|
||||
Other (1)
|
|
24,643
|
|
|
19,488
|
|
|
(4,337
|
)
|
|
39,794
|
|
||||
Total
|
|
$
|
320,551
|
|
|
$
|
142,996
|
|
|
$
|
20,552
|
|
|
$
|
484,099
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eliminations
|
|
|
|
|
|
|
|
(70,466
|
)
|
|||||||
Consolidated Net Sales
|
|
|
|
|
|
|
|
$
|
413,633
|
|
(1)
|
Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts and allowances, rebates and other sales incentives.
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Sales
|
|
|
|
|
||||
Wholesale segment:
|
|
|
|
|
||||
Sales to external customers
|
|
$
|
179,755
|
|
|
$
|
252,773
|
|
Intersegment sales
|
|
43,818
|
|
|
67,778
|
|
||
Wholesale segment sales
|
|
223,573
|
|
|
320,551
|
|
||
|
|
|
|
|
||||
Retail segment sales
|
|
91,137
|
|
|
142,996
|
|
||
|
|
|
|
|
||||
Corporate and Other:
|
|
|
|
|
||||
Sales to external customers
|
|
14,566
|
|
|
17,864
|
|
||
Intersegment sales
|
|
2,175
|
|
|
2,688
|
|
||
Corporate and Other sales
|
|
16,741
|
|
|
20,552
|
|
||
|
|
|
|
|
||||
Eliminations
|
|
(45,993
|
)
|
|
(70,466
|
)
|
||
Consolidated sales
|
|
$
|
285,458
|
|
|
$
|
413,633
|
|
|
|
|
|
|
||||
Operating Income (Loss)
|
|
|
|
|
||||
Wholesale segment
|
|
$
|
17,940
|
|
|
$
|
28,864
|
|
Retail segment
|
|
(6,627
|
)
|
|
8,477
|
|
||
Corporate and Other
|
|
(6,988
|
)
|
|
(13,919
|
)
|
||
Consolidated operating income
|
|
4,325
|
|
|
23,422
|
|
||
Interest expense
|
|
(459
|
)
|
|
(318
|
)
|
||
Interest income
|
|
494
|
|
|
727
|
|
||
Other income (expense), net
|
|
1,474
|
|
|
(760
|
)
|
||
Income before income taxes
|
|
$
|
5,834
|
|
|
$
|
23,071
|
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Numerator (basic and diluted):
|
|
|
|
|
||||
Net income attributable to La-Z-Boy Incorporated
|
|
$
|
4,798
|
|
|
$
|
18,069
|
|
Income allocated to participating securities
|
|
(4
|
)
|
|
(39
|
)
|
||
Net income available to common Shareholders
|
|
$
|
4,794
|
|
|
$
|
18,030
|
|
|
|
|
|
|
||||
Denominator:
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
|
45,909
|
|
|
46,820
|
|
||
Add:
|
|
|
|
|
||||
Contingent common shares
|
|
47
|
|
|
130
|
|
||
Stock option dilution
|
|
9
|
|
|
175
|
|
||
Diluted weighted average common shares outstanding
|
|
45,965
|
|
|
47,125
|
|
||
|
|
|
|
|
||||
Earnings per Share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.10
|
|
|
$
|
0.39
|
|
Diluted
|
|
$
|
0.10
|
|
|
$
|
0.38
|
|
•
|
Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.
|
•
|
Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.
|
•
|
Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
|
At July 25, 2020
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Fair Value Measurements
|
||||||||||||||||||
(Unaudited, amounts in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
NAV(1)
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketable securities
|
|
$
|
—
|
|
|
$
|
20,608
|
|
|
$
|
—
|
|
|
$
|
7,195
|
|
|
$
|
27,803
|
|
Held-to-maturity investments
|
|
2,476
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,476
|
|
|||||
Cost basis investments
|
|
—
|
|
|
—
|
|
|
7,579
|
|
|
—
|
|
|
7,579
|
|
|||||
Total assets
|
|
$
|
2,476
|
|
|
$
|
20,608
|
|
|
$
|
7,579
|
|
|
$
|
7,195
|
|
|
$
|
37,858
|
|
At April 25, 2020
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Fair Value Measurements
|
||||||||||||||||||
(Unaudited, amounts in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
NAV(1)
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketable securities
|
|
$
|
—
|
|
|
$
|
31,691
|
|
|
$
|
—
|
|
|
$
|
6,515
|
|
|
$
|
38,206
|
|
Held-to-maturity investments
|
|
3,337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
|||||
Cost basis investment
|
|
—
|
|
|
—
|
|
|
6,479
|
|
|
—
|
|
|
6,479
|
|
|||||
Total assets
|
|
$
|
3,337
|
|
|
$
|
31,691
|
|
|
$
|
6,479
|
|
|
$
|
6,515
|
|
|
$
|
48,022
|
|
(1)
|
Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.
|
•
|
Our branded distribution channels, which include the La-Z-Boy Furniture Galleries® store network and the La-Z-Boy Comfort Studio® locations, our store-within-a-store format. We expect this initiative to generate growth in our Retail segment through an increased company-owned store count and in our Wholesale segment as our proprietary distribution network expands. We are not only focused on growing the number of locations, but also on upgrading existing store locations to our new concept designs.
|
•
|
Our company-owned retail business. We are growing this business by increasing same-store sales through improved execution at the store level and by acquiring existing La-Z-Boy Furniture Galleries® stores and opening new La-Z-Boy Furniture Galleries® stores, primarily in markets that can be serviced through our regional distribution centers, where we see opportunity for growth, or where we believe we have opportunities for further market penetration.
|
•
|
Our unique multi-channel distribution network. In addition to our branded distribution channels, nearly 2,100 other dealers sell La-Z-Boy products, providing us the benefit of multi-channel distribution. These outlets include some of the best-known names in the industry, including Slumberland, Nebraska Furniture Mart, Mathis Brothers and Raymour & Flanagan. Our other brands in the Wholesale segment, England, American Drew, Hammary, and Kincaid, enjoy distribution through many of the same outlets. We believe there is significant growth potential for our brands through these retail channels.
|
•
|
Our on-trend products including stationary upholstered furniture featured in our Live Life Comfortably® marketing campaign. While we are known for our iconic recliners, they account for less than half of our sales in dollars, and we believe we have the potential to expand sales of our other products. To stimulate growth, our Live Life Comfortably® marketing campaign features celebrity brand ambassador, Kristen Bell, and focuses on expanding our digital marketing and e-commerce capabilities to build traffic across our multiple digital and physical properties. Millennial actress and social media influencer, Kristen, injects youthful style and sensibility into our marketing campaign which enhances the appeal of our brand with a younger customer base. Further, we are driving change throughout our digital platforms to improve the user experience, with a specific focus on the ease by which customers browse through our broad product assortment, customize products to their liking, find stores to make a purchase, or purchase at www.la-z-boy.com.
|
•
|
Our innovative products, including stain-resistant iClean™ and eco-friendly Conserve ™ fabrics and our power products, some of which include a wireless hand held remote, dual mechanisms and articulating headrests. Our innovation, duo®, is a revolutionary product line that features the look of stationary furniture with the power to recline at the push of a button. We are committed to innovation throughout our business, and to support these efforts we opened our new state-of-the-art Innovation Center in January 2019 at our Dayton, Tennessee campus.
|
•
|
Our multi-faceted online strategy to participate in and leverage the growth of online furniture sales. On July 30, 2018, we purchased Joybird, a leading e-commerce retailer and manufacturer of upholstered furniture, which positions us for growth in the ever-changing online selling environment and allows us to better reach millennial and Gen X consumers and leverage our supply chain assets. In addition, we continue to increase online sales of La-Z-Boy furniture through la-z-boy.com and other digital players, such as Wayfair.
|
•
|
Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary®, and Kincaid®. The Wholesale segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.
|
•
|
Retail Segment. Our Retail segment consists of one operating segment comprising our 155 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to the end consumer through these stores.
|
•
|
Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments including our global trading company in Hong Kong, and Joybird, an e-commerce retailer. Joybird manufactures and sells upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports and sells casegoods (wood) furniture, such as occasional tables and other accessories. Joybird sells to end consumers primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments at this time.
|
|
|
Quarter Ended
|
|
|
|||||||
(Unaudited, amounts in thousands, except percentages)
|
|
07/25/20
|
|
07/27/19
|
|
%
Change
|
|||||
Sales
|
|
$
|
285,458
|
|
|
$
|
413,633
|
|
|
(31.0
|
)%
|
Operating income
|
|
4,325
|
|
|
23,422
|
|
|
(81.5
|
)%
|
||
Operating margin
|
|
1.5
|
%
|
|
5.7
|
%
|
|
|
●
|
Gross margin, which is calculated as gross profit as a percentage of sales, increased 20 basis points in the first quarter of fiscal 2021, compared with the same period a year ago primarily due to targeted cost reduction actions relative to lower sales volume and gross margin improvements in our Joybird business.
|
●
|
Selling, general and administrative ("SG&A") expenses as a percentage of sales increased 440 basis points in the first quarter of fiscal 2021, compared with the same period a year ago primarily due to lower sales volume relative to fixed costs as well as an increase in expenses resulting from our business realignment plan, which included a reduction in workforce and the shut down of our Newton manufacturing location. These increases in SG&A expenses as a percentage of sales were partially offset by cost reductions in response to the lower sales volume driven by the COVID-19 closures.
|
|
|
Quarter Ended
|
|
|
|||||||
(Unaudited, amounts in thousands, except percentages)
|
|
7/25/20
|
|
7/27/19
|
|
%
Change
|
|||||
Sales
|
|
$
|
223,573
|
|
|
$
|
320,551
|
|
|
(30.3
|
)%
|
Operating income
|
|
17,940
|
|
|
28,864
|
|
|
(37.8
|
)%
|
||
Operating margin
|
|
8.0
|
%
|
|
9.0
|
%
|
|
|
●
|
Gross margin decreased 90 basis points in the first quarter of fiscal 2021, compared with the same period a year ago.
|
•
|
The decrease in sales volume resulted in a 130 basis point decrease in gross margin, due to lower absorption of overhead costs, partially offset by manufacturing cost reduction actions.
|
•
|
The change in product mix resulted in a 100 basis point decrease in gross margin.
|
•
|
Higher selling prices, net of discounts, resulted in a 70 basis point increase in gross margin.
|
•
|
Lower raw material commodity prices provided a 50 basis point benefit to the segment’s gross margin.
|
•
|
Costs associated with our business realignment plan in the first quarter of fiscal 2021, which primarily included severance related expenses associated with the closure of our Newton manufacturing location, were largely offset by similar costs from our supply chain initiative in the first quarter of fiscal 2020 resulting from the closure of our Redlands manufacturing facility.
|
●
|
SG&A expense as a percentage of sales was essentially flat, increasing 10 basis points in the first quarter of fiscal 2021, compared with the same period a year ago. The increase in SG&A expenses resulting from the business realignment actions in the first quarter of fiscal 2021, which included the reduction in workforce and the shut down of our Newton manufacturing location, were largely offset by expense reductions in response to lower sales volume.
|
|
|
Quarter Ended
|
|
|
|||||||
(Unaudited, amounts in thousands, except percentages)
|
|
7/25/20
|
|
7/27/19
|
|
%
Change |
|||||
Sales
|
|
$
|
91,137
|
|
|
$
|
142,996
|
|
|
(36.3
|
)%
|
Operating income
|
|
(6,627
|
)
|
|
8,477
|
|
|
(178.2
|
)%
|
||
Operating margin
|
|
(7.3
|
)%
|
|
5.9
|
%
|
|
|
●
|
Gross margin was relatively flat in the first quarter, compared with the same period a year ago.
|
●
|
SG&A expense as a percentage of sales increased 1310 basis points in the first quarter of fiscal 2021, compared with the same periods a year ago, primarily due to lower delivered sales relative to fixed costs (primarily occupancy and selling expenses).
|
|
|
Quarter Ended
|
|
|
|||||||
(Unaudited, amounts in thousands, except percentages)
|
|
07/25/20
|
|
07/27/19
|
|
%
Change |
|||||
Sales
|
|
$
|
16,741
|
|
|
$
|
20,552
|
|
|
(18.5
|
)%
|
Intercompany eliminations
|
|
(45,993
|
)
|
|
(70,466
|
)
|
|
34.7
|
%
|
||
Operating loss
|
|
(6,988
|
)
|
|
(13,919
|
)
|
|
49.8
|
%
|
|
|
Quarter Ended
|
||||||
(Unaudited, amounts in thousands)
|
|
7/25/20
|
|
7/27/19
|
||||
Cash Flows Provided By (Used For)
|
|
|
|
|
||||
Net cash provided by operating activities
|
|
$
|
106,300
|
|
|
$
|
19,340
|
|
Net cash provided by (used for) investing activities
|
|
811
|
|
|
(18,301
|
)
|
||
Net cash used for financing activities
|
|
(35,269
|
)
|
|
(19,889
|
)
|
||
Exchange rate changes
|
|
1,310
|
|
|
655
|
|
||
Change in cash, cash equivalents and restricted cash
|
|
$
|
73,152
|
|
|
$
|
(18,195
|
)
|
(Unaudited, amounts in thousands, except per share data)
|
|
Total number of shares purchased (1)
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plan (2)
|
|
Maximum number of shares that may yet be purchased under the plan
|
|||||
Fiscal May (April 26 – May 30, 2020)
|
|
1
|
|
|
$
|
21.74
|
|
|
—
|
|
|
4,524
|
|
Fiscal June (May 31 – June 27, 2020)
|
|
62
|
|
|
$
|
27.59
|
|
|
—
|
|
|
4,524
|
|
Fiscal July (June 28 – July 25, 2020)
|
|
1
|
|
|
$
|
27.35
|
|
|
—
|
|
|
4,524
|
|
Fiscal First Quarter of 2021
|
|
64
|
|
|
$
|
27.55
|
|
|
—
|
|
|
4,524
|
|
(1)
|
There were no shares purchased during the quarter as part of our publicly announced, board-authorized plan described above. Amount includes 63.506 shares purchased from employees to satisfy their withholding tax obligations upon vesting of restricted and performance-based shares.
|
(2)
|
On October 28, 1987, our board of directors announced the authorization of the plan to repurchase company stock. The plan originally authorized 1.0 million shares, and since October 1987, 27.0 million shares have been added to the plan for repurchase. The authorization has no expiration date.
|
Exhibit
Number
|
|
Description
|
(10.1)
|
*
|
|
(31.1)
|
|
|
(31.2)
|
|
|
(32)
|
|
|
(101.INS)
|
|
Inline XBRL Instance Document
|
(101.SCH)
|
|
Inline XBRL Taxonomy Extension Schema Document
|
(101.CAL)
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
(101.LAB)
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
(101.PRE)
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
(101.DEF)
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
(104)
|
|
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 25, 2020, formatted in Inline XBRL (included in Exhibit 101)
|
*
|
Indicates a management contract or compensatory plan or arrangement under which a director or executive officer may receive benefits.
|
|
LA-Z-BOY INCORPORATED
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date: August 18, 2020
|
|
|
|
|
|
|
|
|
|
BY:/s/Lindsay A. Barnes
|
|
|
Lindsay A. Barnes
Vice President, Corporate Controller, Chief Accounting Officer and Treasurer
|
La-Z-Boy Incorporated
|
|
Employee
|
|
|
|
|
|
|
|
|
|
|
|
|
Kurt Darrow
|
|
|
|
|
Chairman, President and Chief Executive Officer
|
|
Date
|
|
|
|
|
|
|
|
1.
|
Stock Options
|
2.
|
Stock Appreciation Rights
|
3.
|
Restricted Stock and Stock Units
|
4.
|
Performance Shares and Performance Units
|
5.
|
Short-Term Cash Incentive (Management Incentive Program)
|
6.
|
Forfeiture or Return of Awards
|
7.
|
Notices
|
Date: August 18, 2020
|
/s/ Kurt L. Darrow
|
|
Kurt L. Darrow
|
|
Chairman, President and Chief Executive Officer
|
Date: August 18, 2020
|
/s/ Melinda D. Whittington
|
|
Melinda D. Whittington
|
|
Senior Vice President and Chief Financial Officer
|
/s/ Kurt L. Darrow
|
|
Kurt L. Darrow
|
|
Chairman, President and Chief Executive Officer
|
|
August 18, 2020
|
|
/s/ Melinda D. Whittington
|
|
Melinda D. Whittington
|
|
Senior Vice President and Chief Financial Officer
|
|
August 18, 2020
|
|