La-Z-Boy Incorporated reported a consolidated revenue of $2.11 billion for the fiscal year ending April 26, 2025, marking a 3% increase from $2.05 billion in the previous fiscal year. The company's operating income, however, decreased by 9.9% to $135.8 million, resulting in an operating margin of 6.4%, down from 7.4% in fiscal 2024. The decline in profitability was attributed to a $20.6 million non-cash impairment charge related to goodwill associated with its operations in the United Kingdom, as well as increased selling, general, and administrative (SG&A) expenses driven by retail acquisitions and store expansions.
The Retail segment experienced a 5.1% increase in sales, reaching $898.4 million, primarily due to acquisitions and new store openings. However, same-store sales declined by 1%, reflecting lower consumer demand amid a challenging macroeconomic environment. In contrast, the Wholesale segment's sales rose by 2.2% to $1.48 billion, driven by increased volume in the North American La-Z-Boy branded upholstery business. The company also reported a decrease in its backlog, which fell to $119.5 million, a 13% decline from the previous year, attributed to improved delivery lead times.
Strategically, La-Z-Boy has focused on expanding its retail footprint, opening 15 new La-Z-Boy Furniture Galleries® stores and remodeling 29 existing locations during fiscal 2025. The company plans to continue this trend in fiscal 2026, with expectations to open an additional 13 to 18 stores and remodel 20 to 25 stores. Additionally, La-Z-Boy aims to enhance its online presence through its Joybird brand, which generated $146.1 million in sales, reflecting a 5% increase from the previous year.
Operationally, La-Z-Boy employed approximately 10,600 full-time equivalent employees at the end of fiscal 2025, an increase from 10,200 in the prior year, driven by growth in manufacturing and retail operations. The company continues to manage its supply chain effectively, with 90% of upholstered units sold in North America produced domestically, which helps mitigate tariff impacts. Looking ahead, La-Z-Boy anticipates stable sales growth and plans to invest in its supply chain and retail operations to support its long-term strategic goals.
About LA-Z-BOY INC
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