• The KitchenAid of comfortable living room furniture.
• The Sleep Number for recliners and sofas.
• The Levi's of durable, comfortable furniture.

• Recliners: Comfortable upholstered chairs designed with various mechanisms to recline the back and elevate the feet.
• Sofas & Sectionals: A wide range of upholstered seating options, including multi-seat sofas and modular sectional pieces, often featuring reclining capabilities.
• Chairs: A selection of stationary accent, occasional, and office chairs designed for various rooms and purposes.
• Sleepers: Multi-functional furniture pieces, such as sofas or sectionals, that can be converted into beds for overnight guests.
• Ottomans: Upholstered footrests or storage pieces designed to complement seating furniture and provide additional functionality.

La-Z-Boy (LZB) - Major Customers

La-Z-Boy, Inc. (symbol: LZB) operates a hybrid business model, generating revenue through both a wholesale segment (selling to other companies) and a retail segment (selling directly to individuals). While its wholesale segment historically accounts for a larger portion of its overall revenue by supplying numerous independent furniture retailers, the company's financial disclosures indicate that no single customer accounts for 10% or more of consolidated net sales. This implies a highly fragmented business-to-business customer base, without a few identifiable "major customer companies" in the traditional sense.

Given that the ultimate end-users of all La-Z-Boy products are individuals, and there are no dominant corporate customers to list, this response will focus on describing the categories of individual customers that La-Z-Boy serves.

Here are up to three categories of customers that La-Z-Boy primarily serves:

• Homeowners and Families Seeking Comfort and Durability: This broad category includes individuals and families across various age groups who are furnishing their homes, including living rooms, family rooms, and dens. These customers prioritize the comfort, quality, and long-lasting nature of furniture. La-Z-Boy's strong brand recognition for comfortable recliners, sofas, and upholstered pieces appeals to those looking for functional, durable, and reliable furniture for everyday living.
• Seniors and Individuals with Mobility Needs: La-Z-Boy is particularly well-known for its range of recliners, including power recliners and specialized lift chairs. This customer segment often includes older adults or individuals with physical limitations who seek ease of use, supportive comfort, and therapeutic benefits from their furniture. The brand's focus on ergonomic design and features that assist with mobility directly caters to this demographic.
• Customers Seeking Specific Design and Customization: Beyond basic comfort, many La-Z-Boy customers are looking for furniture that aligns with their personal style and home decor preferences. La-Z-Boy offers a wide variety of styles, fabrics, finishes, and customization options (e.g., various recline mechanisms, power options, trim, leg styles). These customers value the ability to personalize their furniture to fit their specific aesthetic tastes and functional requirements, often viewing their purchase as a significant investment in their home's comfort and design.

null

Melinda Whittington, President and Chief Executive Officer

Melinda Whittington was appointed President and Chief Executive Officer of La-Z-Boy in April 2021 and has served as Board Chair since 2025. Prior to her current role, she held the position of Chief Financial Officer and Senior Vice President for La-Z-Boy starting in 2018. Before joining La-Z-Boy, Ms. Whittington was the Chief Financial Officer of Allscripts Healthcare Solutions, Inc. from 2016 to 2017. She also served as Senior Vice President, Corporate Controller, and Chief Accounting Officer at Kraft Foods Group, Inc. (now The Kraft Heinz Company) in 2015. Her career also includes various finance director roles at The Procter & Gamble Company from 1993 to 2014.

Taylor Luebke, Senior Vice President and Chief Financial Officer

Taylor Luebke has served as Senior Vice President and Chief Financial Officer of La-Z-Boy since January 2025. Before this, he was the Vice President, Finance and Treasurer for the company. Mr. Luebke also held several financial leadership positions at The Procter & Gamble Company.

Rob Sundy, President, Retail

Rob Sundy was appointed President, Retail for La-Z-Boy in October 2025, where he leads the company's Retail segment, including company-owned La-Z-Boy Furniture Galleries stores and sales to independently owned stores, while also overseeing the company's marketing function. He previously served as President, La-Z-Boy Brand and Chief Commercial Officer, responsible for global sales, merchandising, marketing, and consumer insights for the La-Z-Boy brand. Prior to La-Z-Boy, Mr. Sundy held leadership roles at Whirlpool Corporation, including Head of Brand Marketing, Licensing and Creative Studios for the North American region. He also spent nine years at General Mills in various roles, including Regional Marketing Manager for Kids Cereal in Latin America and the Caribbean. Mr. Sundy served as an officer in the United States Army for five years.

Tj Linz, President, Wholesale Brands

Tj Linz was named President of Wholesale Brands for La-Z-Boy in October 2025. In this role, he oversees merchandising, wholesale sales, and a consolidated digital transformation organization for both the La-Z-Boy and Joybird brands. Mr. Linz has a decade of experience with La-Z-Boy, having previously served as President of the Portfolio Brands division and President of the Retail division.

Michael Leggett, Senior Vice President and Chief Supply Chain Officer

Michael Leggett serves as the Senior Vice President and Chief Supply Chain Officer for La-Z-Boy Incorporated.

Key Business Risks for La-Z-Boy (LZB)

1. Economic Sensitivity and Consumer Discretionary Spending: The furniture industry, including La-Z-Boy, is highly susceptible to economic downturns, elevated inflation, and rising interest rates. These macroeconomic factors directly influence consumer discretionary spending, which can lead to reduced demand for non-essential, big-ticket items like furniture. A persistent weakness in the housing market, a key driver of furniture sales, further exacerbates this risk by impacting demand for new home furnishings. Analysts have noted that consumer uncertainty leads to choppy sales and traffic, and the company's own guidance reflects modest growth in a challenged consumer environment.

2. Intense Competition and Evolving Consumer Preferences: La-Z-Boy operates in a highly competitive market with numerous established furniture manufacturers and agile online retailers vying for market share. To maintain its position, the company must continually innovate and differentiate its product offerings. There is also a risk that changing consumer tastes, such as a potential shift towards minimalism or multifunctional furniture, could threaten traditional product lines and impact demand. The struggles of its Joybird brand, which experienced a 20% year-over-year revenue decline, highlight challenges in adapting to certain market segments and consumer preferences.

3. Supply Chain Disruptions and Cost Pressures: La-Z-Boy's reliance on a global supply chain exposes it to various risks, including political instability, trade disputes, and pandemics. Such disruptions can lead to production delays, increased costs, and inventory shortages, negatively impacting sales and customer satisfaction. Furthermore, the company faces ongoing cost pressures from logistics, materials, and potential tariffs, which can compress operating margins. The long-term strategy of redesigning its distribution network, while necessary, also creates near-term financial friction and impacts adjusted operating margins.

The increasing market share and sophistication of direct-to-consumer (DTC) online-native furniture brands. These companies leverage digital-first strategies to offer modern designs, often with modularity and faster shipping, directly appealing to consumers who are comfortable making large purchases online. This challenges La-Z-Boy's traditional retail model and established brand perception by shifting consumer expectations for furniture purchasing towards convenience, speed, and contemporary aesthetics without the primary reliance on a physical showroom visit.

La-Z-Boy (symbol: LZB) operates in the residential furniture market, with its main products encompassing upholstered recliners, sofas, stationary chairs, lift chairs, sleeper sofas, and a broader range of home furnishings including casegoods through its portfolio of brands such as La-Z-Boy, Joybird, Hammary, England Furniture Co., Kincaid Furniture, and American Drew.

The addressable markets for La-Z-Boy's main products and services are as follows:

• U.S. Upholstered Furniture Market: This market was estimated at USD 20 billion in 2024 and is projected to reach USD 26.80 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of over 5.5% during the forecast period. Another estimate indicates the U.S. upholstered furniture market reached USD 21.15 billion in 2025 and is forecast to reach USD 27.64 billion by 2030, advancing at a 5.5% CAGR.
• North America Home Furniture Market: The North America Home Furniture Market was valued at USD 233.38 billion in 2024 and is projected to reach USD 432.08 billion by 2031, demonstrating a CAGR of 8.00%. Another report values the North America home furniture market at USD 202.25 billion in 2025, on track to reach USD 255.78 billion by 2030, with a 4.81% CAGR.
• U.S. Furniture Market (Overall Residential): The overall U.S. furniture market size was estimated at USD 172.33 billion in 2024 and is expected to grow at a CAGR of 6.2% from 2025 to 2033, reaching USD 292.26 billion by 2033. Another source valued the U.S. furniture market at USD 189.8 billion in 2024, with an estimate to reach USD 250.9 billion by 2033, exhibiting a CAGR of 3.1% from 2025-2033. The residential segment contributed to the largest revenue share of 60.33% in the U.S. furniture market in 2024.

Here are 3-5 expected drivers of future revenue growth for La-Z-Boy (LZB) over the next 2-3 years:

1. Expansion of Company-Owned Retail Stores and Furniture Galleries Network: La-Z-Boy is actively pursuing growth through its direct-to-consumer business by expanding its company-owned La-Z-Boy Furniture Galleries network and investing in new store openings and remodels. This strategy aims to boost direct customer interactions and profitability through integrated operations. The company recently announced the acquisition of a 15-store La-Z-Boy Furniture Galleries network in the Southeast region of the United States, expected to add approximately $40 million in annual sales on a consolidated basis.
2. Growth in Core North America La-Z-Boy Wholesale Business: The core North America La-Z-Boy wholesale business has shown growth and is expected to continue contributing to revenue expansion.
3. Strategic Acquisitions: Beyond organic store expansion, La-Z-Boy is pursuing strategic acquisitions of independent La-Z-Boy Furniture Galleries networks. The recent 15-store acquisition exemplifies this approach to increase its direct-to-consumer reach and sales.
4. Redesign of Distribution Network: The company is engaged in redesigning its distribution network to enhance efficiency, which, while an investment, is expected to support future sales growth and improve profitability by optimizing delivery and logistics.

Share Repurchases

• La-Z-Boy returned approximately $78 million to shareholders through share repurchases in Fiscal 2025.
• The company executed approximately $53 million in share repurchases during Fiscal 2024.
• As of April 27, 2024, 5.7 million shares remained available for repurchase under the company's authorization, with expectations to continue repurchasing stock in fiscal 2025.

Share Issuance

• In fiscal 2023, shareholders approved the La-Z-Boy Incorporated 2022 Omnibus Incentive Plan, which allows for the issuance of up to 2.8 million common shares through various awards.

Outbound Investments

• In Fiscal 2025, La-Z-Boy acquired seven independent La-Z-Boy Furniture Galleries® stores.
• The company announced the acquisition of a 15-store La-Z-Boy Furniture Galleries® network in the southeast region, with approximately $80 million in annual sales, expected to close in late October 2025.
• This 15-store acquisition in fiscal 2026 is the largest independently owned La-Z-Boy Furniture Galleries® acquisition in the company's history and is expected to be immediately accretive to sales and profits.

Capital Expenditures

• Capital expenditures totaled $74 million in Fiscal 2025, primarily focused on new stores and remodels for La-Z-Boy Furniture Galleries®.
• In Fiscal 2024, the company invested $54 million in capital expenditures, primarily for La-Z-Boy Furniture Galleries® (new stores and remodels) and projects at manufacturing and distribution facilities.
• For Fiscal 2026, capital expenditures are expected to range from $90 million to $100 million, primarily directed towards La-Z-Boy Furniture Galleries® investments, distribution network redesign, and manufacturing operations.