La-Z-Boy Incorporated (LZB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en constante evolución del diseño y fabricación de muebles, LA-Z-Boy Incorporated se encuentra como un faro de innovación y comodidad, transformando espacios de vida con sus icónicas soluciones de asientos. Con un 90 años Legado de elaboración de muebles premium, este titán de la industria ha desarrollado meticulosamente un modelo de negocio que combina perfectamente el diseño de vanguardia, las asociaciones estratégicas y los enfoques centrados en el consumidor. Desde sus revolucionarios mecanismos reclinables hasta sus expansivas redes de distribución, La-Z-Boy ha perfeccionado el arte de entregar no solo muebles, sino experiencias de comodidad personalizadas que resuenan con los propietarios y entusiastas del diseño en los Estados Unidos.

LA-Z-Boy Incorporated (LZB)-Modelo de negocios: asociaciones clave

Minoristas y distribuidores de muebles en todo el país

LA-Z-Boy mantiene asociaciones con aproximadamente 360 ​​tiendas operadas por la compañía y 170 distribuidores independientes en los Estados Unidos y Canadá a partir de 2023.

Tipo de asociación	Número de ubicaciones	Cobertura geográfica
Tiendas operadas por la empresa	360	Estados Unidos
Distribuidores independientes	170	Estados Unidos y Canadá

Proveedores de fabricación

LA-Z-Boy Fuente materiales de múltiples proveedores estratégicos especializados en componentes clave.

• Componentes de madera procedentes de proveedores forestales sostenibles certificados
• Proveedores de telas que proporcionan rendimiento y textiles decorativos
• Marco de metal y fabricantes de componentes mecánicos

Categoría de proveedor	Valor de adquisición anual	Número de proveedores primarios
Materiales de madera	$ 42.3 millones	12 proveedores
Materiales de tela	$ 35.7 millones	8 proveedores
Componentes de metal	$ 28.5 millones	6 proveedores

Colaboración de diseño

LA-Z-Boy colabora con 15 diseñadores de muebles independientes anualmente para mejorar la innovación de productos.

Asociaciones minoristas

Las asociaciones estratégicas con los principales minoristas de muebles para el hogar incluyen:

• Ashley Homestore
• Habitaciones para ir
• Mart de muebles de nebraska
• Costco al por mayor

Socio minorista	Duración de la asociación	Volumen de ventas anual
Ashley Homestore	Más de 10 años	$ 127.6 millones
Habitaciones para ir	8 años	$ 93.4 millones
Mart de muebles de nebraska	12 años	$ 68.2 millones

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: actividades clave

Diseño de muebles y desarrollo de productos

LA-Z-Boy invirtió $ 19.4 millones en investigación y desarrollo en el año fiscal 2023. La compañía mantiene múltiples centros de diseño en América del Norte.

Ubicación de diseño	Enfoque principal
Monroe, Michigan	Centro de diseño de la sede corporativa
Dayton, Tennessee	Diseño de muebles personalizados
Monterrey, México	Colaboración de diseño internacional

Fabricación de sillones reclinables, sofás y sillas

LA-Z-Boy opera 8 instalaciones de fabricación en los Estados Unidos y México.

• Capacidad de fabricación total: aproximadamente 12,000 unidades de muebles por semana
• Ubicaciones de fabricación: Michigan, Tennessee, Mississippi, México
• Volumen de producción anual: aproximadamente 624,000 unidades de muebles

Distribución minorista y mayorista

La red de distribución incluye 360 ​​tiendas propiedad de la compañía y 1,400 ubicaciones de concesionarios independientes a partir de 2023.

Canal de distribución	Número de ubicaciones	Porcentaje de ventas
Tiendas propiedad de la compañía	360	42%
Distribuidores independientes	1,400	58%

Marketing y gestión de marca

LA-Z-Boy asignó $ 45.2 millones para gastos de marketing en el año fiscal 2023.

• Presupuesto de marketing digital: $ 12.3 millones
• Publicidad de medios tradicional: $ 22.5 millones
• Eventos y patrocinios promocionales: $ 10.4 millones

Servicio al cliente y soporte

LA-Z-Boy mantiene un equipo de servicio al cliente dedicado con múltiples canales de soporte.

Canal de soporte	Tiempo de respuesta promedio
Soporte telefónico	12 minutos
Soporte por correo electrónico	24 horas
Chat en línea	5 minutos

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

LA-Z-Boy opera múltiples instalaciones de fabricación en los Estados Unidos:

Ubicación	Tipo de instalación	Capacidad de producción anual
Dayton, Tennessee	Planta de tapicería	1,2 millones de unidades
Newton, Mississippi	Fabricación reclinable	1,5 millones de unidades
Monterrey, México	Producción de muebles	0.8 millones de unidades

Reputación de marca fuerte

Valoración de la marca y posicionamiento del mercado:

• Valor de marca estimado en $ 425 millones
• Cuota de mercado en muebles para el hogar: 7.2%
• Reconocimiento de marca en el 90% de los hogares estadounidenses

Tecnología de mecanismo reclinable patentado

Detalles de la cartera de tecnología:

• 23 patentes activas relacionadas con mecanismos reclinables
• Inversión de I + D: $ 18.2 millones en 2023
• Mecanismos de diseño exclusivos en el 65% de la línea de productos

Equipos de diseño e ingeniería calificados

Composición de la fuerza laboral:

Departamento	Total de empleados	Títulos avanzados
Equipo de diseño	142	38 empleados
Equipo de ingeniería	96	52 empleados

Red de distribución extensa

Desglose del canal de distribución:

• Ubicaciones minoristas totales: 360
• Tiendas propiedad de la compañía: 155
• Red de distribuidores independientes: 205
• Cobertura de la plataforma de ventas en línea: 48 estados

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: propuestas de valor

Soluciones de muebles cómodas e innovadoras

LA-Z-Boy reportó ventas netas de $ 2.12 mil millones en el año fiscal 2023. La innovación de muebles de la compañía se centra en tecnologías de confort avanzadas y características de diseño.

Categoría de productos	Ingresos anuales de ventas	Cuota de mercado
Reclinadores	$ 785 millones	42.3%
Muebles estacionarios	$ 612 millones	33.7%
Muebles de cuero	$ 423 millones	24%

Productos de asientos duraderos y de alta calidad

La-Z-Boy mantiene un Garantía de 5 años en marcos y mecanismos de muebles, demostrando el compromiso de durabilidad del producto.

• Vida útil promedio del producto: 15-20 años
• Control de calidad de fabricación: certificado ISO 9001
• Prueba de durabilidad del material: excede los ciclos de desgaste estándar de la industria

Opciones de muebles personalizables

Las ofertas de personalización incluyen más de 200 opciones de tela y múltiples opciones de configuración para reclinadores y sofás.

Característica de personalización	Opciones disponibles
Selecciones de telas	237 telas únicas
Tipos de cuero	48 Variaciones de cuero
Configuraciones de tamaño	6 tamaños estándar

Diseño ergonómico para la comodidad del consumidor

LA-Z-Boy invierte $ 42 millones anuales en investigación y desarrollo para mejoras de diseño ergonómico.

Marca de confianza con más de 90 años de experiencia en fabricación

Fundada en 1928, LA-Z-Boy ha mantenido una presencia de mercado constante con 360 ubicaciones minoristas y distribución en 12 países.

• Reconocimiento de marca: 94% entre los consumidores de muebles
• Tasa de lealtad del cliente: 68%
• Instalaciones de fabricación: 7 ubicaciones de producción

LA-Z-Boy Incorporated (LZB)-Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado en la tienda

LA-Z-Boy opera 360 tiendas minoristas independientes e propiedad de la compañía en los Estados Unidos a partir de 2023. La compañía emplea a aproximadamente 6.500 asociados minoristas capacitados en servicio al cliente personalizado.

Métrica de servicio al cliente	Datos de rendimiento
Tiempo promedio de interacción con el cliente en la tienda	45-60 minutos por cliente
Horas de capacitación representativa de servicio al cliente	40 horas anuales por asociado

Consulta de diseño en línea

LA-Z-Boy lanzó una plataforma integral de consulta de diseño digital en 2022, que admite la planificación de la habitación virtual y la personalización de productos.

• Las sesiones de consulta digital aumentaron en un 68% en 2023
• La herramienta de diseño en línea cubre el 95% del catálogo de productos
• Duración promedio de consulta en línea: 30 minutos

Programas de fidelización para clientes habituales

El programa de lealtad de La-Z-Boy, presentado en 2021, ofrece beneficios exclusivos para los clientes habituales.

Métrica del programa de fidelización	2023 datos
Miembros de lealtad registrados	387,000 miembros
Tasa de compra del cliente repetido	22.5% de las ventas totales

Garantía y soporte postventa

LA-Z-Boy proporciona cobertura de garantía integral para sus productos de muebles.

• Garantía estándar: garantía limitada de 1 año
• Opciones de garantía extendidas disponibles para su compra
• Atención al cliente 24/7 a través de canales telefónicos y de correo electrónico

Compromiso en las redes sociales y canales de comentarios de los clientes

LA-Z-Boy mantiene la presencia activa de las redes sociales en múltiples plataformas.

Plataforma de redes sociales	Conteo de seguidores (2023)
Facebook	218,000 seguidores
Instagram	95,000 seguidores
Pinterest	42,000 seguidores

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: canales

Tiendas minoristas propiedad de la empresa

A partir de 2023, LA-Z-Boy opera 155 tiendas minoristas propiedad de la compañía en los Estados Unidos.

Tipo de tienda	Número de ubicaciones	Tamaño promedio de la tienda
Tiendas minoristas propiedad de la empresa	155	5.500 pies cuadrados.

Minoristas de muebles independientes

LA-Z-Boy mantiene una red de aproximadamente 360 ​​minoristas de muebles independientes en todo el país.

• La red de minoristas cubre los 50 estados de EE. UU.
• Los minoristas independientes representan el 65% de la distribución total de muebles de LA-Z-Boy

Plataforma de comercio electrónico en línea

La plataforma de ventas en línea directa de La-Z-Boy generó $ 187.3 millones en ingresos en el año fiscal 2023.

Métricas de comercio electrónico	2023 datos
Ingresos en línea	$ 187.3 millones
Porcentaje de ventas totales	12.4%

Redes de distribución al por mayor

LA-Z-Boy sirve más de 1.200 cuentas mayoristas en América del Norte.

• La distribución al por mayor cubre mercados comerciales y residenciales
• Presencia al por mayor internacional en Canadá y mercados globales seleccionados

Plataformas de catálogo y marketing digital

El presupuesto de marketing digital para 2023 fue de aproximadamente $ 42.5 millones.

Canal de marketing	Gasto anual
Marketing digital	$ 42.5 millones
Marketing de catálogo tradicional	$ 3.2 millones

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: segmentos de clientes

Propietarios de la clase media a la clase media alta

A partir del cuarto trimestre de 2023, LA-Z-Boy se dirige a los propietarios de viviendas con ingresos familiares anuales que van desde $ 75,000 a $ 150,000. La investigación de mercado indica que este segmento representa el 22.3% de su base de clientes principales.

Rango de ingresos	Porcentaje de la base de clientes	Gasto promedio de muebles
$75,000 - $100,000	12.7%	$3,450
$100,000 - $150,000	9.6%	$4,750

ANTUSADOS DE MUEBLES CON COMOLA Y CALIDAD

El reconocimiento de marca de LA-Z-Boy entre los buscadores de calidad de los muebles es del 78.5% en 2024.

• 87.3% priorizar la comodidad sobre el precio
• 62.4% dispuesto a gastar prima por durabilidad
• Tasa de lealtad del consumidor: 54.2%

Consumidores de decoración del hogar

El segmento representa el 35.6% de la base total de clientes de LA-Z-Boy en 2024.

Preferencia de estilo de decoración	Cuota de mercado
Moderno contemporáneo	42.3%
Tradicional	31.7%
Transicional	26%

Compradores de muebles residenciales y comerciales

El segmento comercial representa el 17.5% de los ingresos totales en 2023.

• Instalaciones de atención médica: 6.2% de las ventas comerciales
• Oficinas corporativas: 5.8% de las ventas comerciales
• Sector de la hospitalidad: 5.5% de las ventas comerciales

Grupos de edad 35-65 con ingresos disponibles

Segmento demográfico primario con poder adquisitivo significativo.

Rango de edad	Porcentaje de la base de clientes	Inversión anual promedio de muebles
35-45	28.6%	$4,200
46-55	33.4%	$5,100
56-65	22.7%	$4,750

LA-Z-Boy Incorporated (LZB)-Modelo de negocio: Estructura de costos

Adquisición de materia prima

Para el año fiscal 2023, LA-Z-Boy informó los siguientes detalles de adquisición de materia prima:

Categoría de material	Gasto anual	Porcentaje de costo total
Madera	$ 42.6 millones	28%
Tela	$ 36.8 millones	24%
Espuma	$ 29.3 millones	19%
Componentes de metal	$ 22.5 millones	15%
Otros materiales	$ 20.9 millones	14%

Gastos de fabricación y producción

Costos de producción para el año fiscal 2023:

• Sobrecoss de fabricación total: $ 153.4 millones
• Costos operativos de fábrica: $ 87.6 millones
• Mantenimiento del equipo: $ 12.3 millones
• Utilidades de la instalación: $ 8.2 millones

Compensación laboral y de empleados

Gastos relacionados con el trabajo para el año fiscal 2023:

Categoría de compensación	Costo total
Salario total de empleados	$ 321.7 millones
Beneficios y seguro	$ 62.4 millones
Contribuciones de jubilación y pensiones	$ 18.9 millones

Costos de marketing y publicidad

Gastos de marketing para el año fiscal 2023:

• Presupuesto total de marketing: $ 45.6 millones
• Publicidad digital: $ 12.3 millones
• Publicidad de medios tradicional: $ 22.1 millones
• Feria comercial y eventos promocionales: $ 11.2 millones

Inversiones de investigación y desarrollo

Gasto de I + D para el año fiscal 2023:

Categoría de I + D	Monto de la inversión
Gastos totales de I + D	$ 22.7 millones
Diseño e innovación de productos	$ 15.4 millones
Integración tecnológica	$ 7.3 millones

LA-Z-Boy Incorporated (LZB)-Modelo de negocios: flujos de ingresos

Venta de muebles minoristas

Para el año fiscal 2023, LA-Z-Boy reportó ventas netas totales de $ 2.15 mil millones. Los ingresos por segmento minorista fueron de $ 1.46 mil millones, lo que representa el 67.9% de los ingresos totales de la compañía.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ventas totales
Venta de muebles minoristas	$ 1.46 mil millones	67.9%

Ingresos de distribución al por mayor

Los ingresos al por mayor del segmento para el año fiscal 2023 fueron de $ 688.4 millones, lo que representa el 32.1% de las ventas totales de la compañía.

Desglose de ingresos al por mayor	Cantidad (2023)
Distribución de muebles al por mayor	$ 688.4 millones

Servicios de diseño de muebles personalizados

LA-Z-Boy ofrece servicios de diseño personalizados a través de sus canales minoristas, generando ingresos adicionales a través de opciones de muebles personalizados.

• Selección de telas personalizada
• Modificaciones de tamaño personalizado
• Configuraciones de cuero personalizadas

Venta de productos en línea y en la tienda

Las ventas de comercio electrónico han estado creciendo, con un aumento de los ingresos en línea en un 12,3% en el año fiscal 2023 en comparación con el año anterior.

Canal de ventas	Crecimiento de ingresos
Ventas en línea	Aumento de 12.3% año tras año
Ventas en la tienda	Canal de ventas primario restante

Mantenimiento de muebles y ventas de accesorios

Las ventas de productos de accesorios y mantenimiento contribuyen con flujos de ingresos adicionales, aunque los detalles financieros específicos no se divulgan públicamente.

• Planes de protección de muebles
• Productos de limpieza y mantenimiento
• Cojines y piezas de reemplazo

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose La-Z-Boy Incorporated over competitors, especially now, as the industry navigates a complex market. These aren't abstract ideas; they are backed by nearly a century of operation and recent financial performance.

Uncompromising quality and comfort from a trusted, nearly 100-year-old brand

The foundation of the value proposition is the brand's legacy, which started when the founders invented the iconic recliner in 1927. This history translates into a commitment to quality that resonates with consumers, evidenced by external validation, such as being named one of Forbes' 2025 List of America's Best Large Employers. This recognition, based on surveys of over 217,000 U.S. employees, speaks to the internal culture supporting the external product promise.

The company's financial stability further underpins this trust. For the fiscal year ending April 26, 2025, La-Z-Boy Incorporated ended the year with $328 million in cash and zero external debt, giving them significant operational resilience. Also, the company generated $187 million in cash from operating activities in Fiscal 2025.

Here are some key financial and operational figures from the Fiscal Year 2025:

Metric	Amount/Value
Consolidated Delivered Sales (FY 2025)	Approximately $2.1 billion
Cash on Hand (End of FY 2025)	$328 million
External Debt (End of FY 2025)	$0
Cash from Operating Activities (FY 2025)	$187 million
Q4 FY2025 Consolidated Sales	$571 million

High degree of customization on upholstery and style options

La-Z-Boy Incorporated directly addresses the growing consumer demand for personalization. This is a key differentiator supported by their vertically integrated North American manufacturing base. The focus on customization is clear in segment performance; for instance, in the third quarter of Fiscal 2025, the Retail segment's written sales rose 15%, with same-store sales up 7%, showing customers are engaging with personalized offerings.

The product development roadmap is informed by consumer insights to deliver specific functionality and options. This is evident in the launch of collections designed to capitalize on these insights, such as the Maddox Modular and Motion collections, and the Neo Recliner.

Faster speed-to-market (4-6 weeks) via North American supply chain

The North American supply chain is engineered for agility, supporting a speed-to-market of as little as 4-6 weeks for custom orders. This is a direct result of manufacturing and assembly being primarily based in the United States, which provides the ability for customization at scale. This agility is a critical point of differentiation, especially when compared to competitors facing longer lead times.

The company is actively working to make this supply chain even leaner, kicking off a redesign of its distribution network in the spring of 2025 to optimize routes and reduce inventory levels. The goal is to support this speed while driving toward consistent double-digit operating margins.

Diverse product portfolio across multiple price points and styles

The portfolio extends well beyond the iconic recliner, incorporating multiple brands and styles to capture a broader consumer base. This strategy is reflected in the sales mix across segments. For example, in Q3 of Fiscal 2025, Wholesale sales grew 2%, led by the core North American La-Z-Boy brand, while the Joybird business saw a 10% rise in written sales.

The product ecosystem includes:

• La-Z-Boy core upholstered furniture and casegoods.
• England Furniture Co. for custom upholstered pieces.
• Casegoods brands like Kincaid®, American Drew®, and Hammary®.
• Joybird®, an e-commerce retailer focused on modern upholstered furniture.

End-to-end comfort experience in dedicated galleries

The physical retail footprint is central to delivering the end-to-end experience. La-Z-Boy Incorporated operates a branded distribution network that includes company-owned stores and independent locations. As of Q3 Fiscal 2025, the company operated 362 stores and is planning expansion toward over 400 locations. The company-owned Retail segment delivered sales growth of 8% in Q4 Fiscal 2025, driven by new stores and acquisitions.

These dedicated galleries, such as the new Experiential Store format, are designed to showcase this breadth. The Chicago Lincoln Park location, for instance, features distinct vignettes catering to different lifestyles:

• Heritage Section: Reinforces the legacy designs.
• Player One: Dedicated gaming seating for ergonomic demand.
• Modern Urban: Sleek looks for city living aesthetics.
• La-Z-Girl: Styles curated specifically for female shoppers.

These galleries also emphasize design services, offering free, personalized design consultations to help customers style their homes, directly linking the physical space to the customization value proposition.

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Customer Relationships

The focus on controlling the end-to-end consumer experience is evident in the expansion of company-owned retail locations.

Personal, high-touch in-store design consultation

• The company is actively increasing its company-owned store presence, aiming for 60% of its total network to be company-owned by the end of fiscal 2025.
• La-Z-Boy ended the third quarter of fiscal 2025 with 362 stores.
• By the fourth quarter of fiscal 2025, the company-owned store footprint grew to over 200 stores, representing 55% of the total network.
• The Retail segment delivered sales increased 8% in the fourth quarter of fiscal 2025.
• Retail segment written sales increased 5% in the first quarter of fiscal 2026 (period ended July 26, 2025).
• Written same-store sales for the Retail segment were down 4% in the first quarter of fiscal 2026.

Dedicated after-sales service and warranty support

• For all manufacturer warranties, the warranty period begins when the consumer receives the product.
• The Wholesale segment warranties cover labor costs relating to parts for one year.
• La-Z-Boy Outdoor pays for shipping of replacement product for a period of one year from the date of purchase.
• The La-Z-Boy mattress Limited Warranty covers defects for a period of ten (10) years from the date of purchase.
• Warranties are for repair, replacement, or substitution only, in La-Z-Boy's sole discretion; refunds are not available.

Digital engagement and personalized marketing for the Joybird brand

The digitally native Joybird brand experienced sales fluctuations in late 2025, showing sensitivity to macro trends.

Metric	Q3 Fiscal 2025 (Ended Jan 25, 2025)	Q4 Fiscal 2025 (Ended Apr 26, 2025)	Q1 Fiscal 2026 (Ended Jul 26, 2025)
Joybird Written Sales Change (YoY)	Up 10%	Decreased 21%	Decreased 14%
Joybird Delivered Sales (Amount)	$37 million (Up 9% YoY)	$36 million (Decreased 2% YoY)	$28 million (Decreased 20% YoY)
Joybird Adjusted Operating Margin	Not specified	Positive, relatively flat vs. prior year	Operating loss increased vs. prior year

Marketing efforts include brand activations like the 'Ban Reclining' campaign and the 'Confidently Comfortable' messaging targeting Millennial and Gen Z demographics, informed by consumer insights research.

Loyalty programs and repeat customer engagement

While specific loyalty program metrics aren't detailed, the commitment to returning capital to shareholders, which often correlates with long-term customer retention focus, is clear.

• The quarterly cash dividend was raised by 10% to $0.22 in the third quarter of fiscal 2025, marking the fourth consecutive annual dividend increase.
• On November 18, 2025, the Board declared a quarterly cash dividend of $0.242 per share, a 10% increase over the previous dividend, representing the 5 consecutive year of double-digit increases.

Direct-to-consumer (DTC) control over the entire customer journey

La-Z-Boy Incorporated is executing its 'Century Vision' strategy by expanding its company-owned retail footprint to own the entire end-to-end consumer experience.

Retail Metric	FY 2024 End / Context	FY 2025 Q4 Result (As of Apr 26, 2025)	FY 2025 Investment
Company-Owned Stores Percentage of Network	Not specified	55%	Aiming for 60% by end of FY25
Company-Owned Store Count Milestone	Not specified	Over 200 stores (nearly double in 10 years)	Acquired 11 independent stores in FY24; added 3 new company-owned stores and 2 acquisitions by Q2 FY25
Capital Expenditures (CapEx)	$53.6 million	$74 million (primarily new stores/remodels)	Expected $90 million to $100 million for FY2026
Acquisition Example (July 2025)	Not specified	Acquired 15-store network in Southeast U.S.	Acquisition generates approximately $80 million in annual sales

Consolidated delivered sales for the Retail segment in Q4 FY2025 were not explicitly broken out, but the total consolidated delivered sales were $571 million for that quarter.

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Channels

You're looking at how La-Z-Boy Incorporated gets its products to the customer, which is a mix of direct retail, wholesale partnerships, and digital storefronts. This vertically integrated approach means they control a lot of the journey, which is a key part of their strategy, especially when the macro environment is a bit shaky.

The physical footprint is anchored by the La-Z-Boy Furniture Galleries network. As of the end of fiscal year 2025, the company-owned count was reported at 203 stores. This represented 55% of the total La-Z-Boy Furniture Galleries network at that time. The total network size, including independent dealers, was nearly 370 stores as of the first quarter of fiscal 2026. La-Z-Boy Incorporated made a move to consolidate this further, signing an agreement in July 2025 to acquire a 15-store network, which, upon closing in late October 2025, is projected to bring the company-owned store count to 220, capturing 60% of the entire network.

The wholesale channel remains critical for broad market reach. This channel involves selling to independent dealers who carry the La-Z-Boy brand, along with other La-Z-Boy Incorporated brands like England Furniture Co., Kincaid, American Drew, and Hammary. For instance, the wholesale segment recorded delivered sales of $353 million in the first quarter of fiscal 2026, marking a 1% increase year-over-year. A significant data point here is the acquisition of the Atlanta Furniture Galleries network, a major independent operator, which had annual sales of approximately $80 million.

The digital channels involve both the core brand site and the digitally native brand, Joybird. La-Z-Boy.com saw significant traffic in October 2025, with 2,003,684 sessions resulting in $18,518,500 in online sales. The Average Order Value (AOV) on La-Z-Boy.com ranged from $700 to $725 in that month. For the full year 2025, La-Z-Boy.com revenue was expected to decline by 10-20% from 2024's $252.4M.

Joybird, the modern furniture e-commerce retailer, is also expanding its physical presence, though it remains small compared to the main brand's retail footprint. While one report mentioned 13 stores as of July 2025, the latest data indicates the network has grown to 15 retail stores nationwide, supporting in-showroom experiences. Joybird's delivered sales performance has been more volatile; they were $36 million in the fourth quarter of fiscal 2025 (a 2% decrease), and then fell 10% year-over-year to $35 million in the third quarter of fiscal 2026.

Here's a quick look at the scale across the primary channels based on recent reporting periods:

Channel Type	Specific Channel/Metric	Latest Reported Figure (FY25/Q1 FY26 Context)
Company-Owned Retail	Company-Owned La-Z-Boy Furniture Galleries Stores (FY25 End)	203 stores
Company-Owned Retail	Projected Company-Owned Stores (Post-Oct 2025 Acquisition)	220 stores
Total Network	Total La-Z-Boy Furniture Galleries Network Size	Nearly 370 stores
E-commerce (Core)	La-Z-Boy.com October 2025 Revenue	$18,518,500
E-commerce (Joybird)	Joybird Delivered Sales (Q3 FY26)	$35 million
E-commerce (Joybird)	Joybird Retail Locations (Latest)	15 stores
Wholesale	Wholesale Segment Delivered Sales (Q1 FY26)	$353 million

The company uses these channels to serve different customer needs, which is why the mix is so important. The direct retail segment, which includes both company-owned and independent Galleries, is where the high-touch, custom-order experience happens. The wholesale channel relies on strategic partners to maintain brand reach, and the e-commerce platforms cater to different buying behaviors, especially with the modern aesthetic of Joybird.

You can see the different focuses in the segment performance data:

• Retail segment written sales grew 15% in Q3 FY25, with same-store sales up 7%.
• Joybird written sales saw a decrease of 21% in Q4 FY25.
• The Retail segment delivered sales reached $228 million in Q3 FY25.
• Wholesale sales grew 2% to $363 million in Q3 FY25.

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Customer Segments

You're looking at the customer base for La-Z-Boy Incorporated as of late 2025, which is a blend of core legacy customers and newer, digitally-focused demographics across its various brands.

The overall consolidated delivered sales for the quarter ended October 25, 2025, were $522 million. For the full fiscal year ending April 26, 2025, consolidated sales reached $2.11B.

Residential homeowners seeking premium, long-lasting comfort

This segment is primarily served by the core La-Z-Boy brand, heavily represented in the Retail segment, which focuses on the end-to-end consumer experience.

• Retail segment delivered sales for the quarter ending October 25, 2025, were slightly up at $222 million.
• Retail segment written sales for the quarter ending July 26, 2025, grew 5% year-over-year.
• The company-owned store footprint grew to over 200 stores, representing 55% of the total network as of fiscal 2025.

Value-conscious buyers (served by England Furniture Co.)

England Furniture Co., acquired by La-Z-Boy Incorporated in 1995, targets customers looking for upholstered furniture, often through its Custom Comfort Centers across America and Canada. The company employs over 1,000 people.

Younger, digitally-native consumers seeking modern furniture (Joybird)

Joybird targets a millennial or millennial-influenced customer interested in customized selections, often with quick deliveries, sometimes as fast as seven to 10 days. The business model is B2C, offering custom-made and curated furniture.

• Joybird delivered sales in the third quarter of fiscal 2025 were $37 million.
• Joybird sales declined in the quarters ending July 26, 2025, and October 25, 2025.
• Monthly revenue for Joybird in November 2025 was reported at $11m on its domain joybird.com.
• The company operates 13 physical retail locations as of July 2025.

Major national and regional third-party furniture retailers

This group is captured by the Wholesale segment, which serves compatible strategic partners. The core North America La-Z-Boy wholesale business is a key driver here.

• Wholesale segment delivered sales for the quarter ending October 25, 2025, increased 2% to $369 million.
• Wholesale segment delivered sales for the quarter ending July 26, 2025, increased 1% to $353 million.
• Wholesale segment delivered sales for the quarter ending April 26, 2025, increased 2% to $402 million.

Home renovators and interior design professionals

This group interacts with La-Z-Boy Incorporated through its Retail segment, which emphasizes design sales, and through Joybird, which is shopped by interior designers.

Here's a quick look at the segment performance data for recent quarters:

Segment	Period Ending	Delivered Sales Amount	Year-over-Year Change (Delivered Sales)
Retail	October 25, 2025 (Q2 FY26)	$222 million	Slightly up
Wholesale	October 25, 2025 (Q2 FY26)	$369 million	2% increase
Retail	April 26, 2025 (Q4 FY25)	Not explicitly stated, but sales increased 8% (Delivered)	8% increase (Delivered Sales)
Wholesale	April 26, 2025 (Q4 FY25)	$402 million	2% increase

The Retail segment saw its written same-store sales decrease by 2% for the quarter ending October 25, 2025. Still, the company completed a 15-store acquisition in the southeast U.S. region, adding an estimated $80 million in annual Retail sales, approximately $40 million net to the enterprise.

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Cost Structure

The Cost Structure for La-Z-Boy Incorporated in late 2025 is heavily influenced by its vertically integrated model, balancing manufacturing, wholesale distribution, and company-owned retail expansion. You need to watch the fixed cost leverage, especially as the Retail segment carries a higher inherent SG&A load.

Cost of Goods Sold (COGS) and Manufacturing Base

The Cost of Goods Sold directly relates to the production of upholstery, casegoods, and accessories. For the fiscal year ending April 26, 2025 (FY2025), the company reported total Sales of $2,109,207 thousand. The Gross Profit for the same period was $926,418 thousand, which aligns with the required Gross Margin of 43.9% for FY2025. This margin saw an 80 basis point increase compared to the prior year, driven by a slight shift in product mix toward higher margin items.

Key components of the Cost of Sales for the full year ended April 26, 2025, were:

• Cost of sales: $1,182,789 thousand.
• Gross profit: $926,418 thousand.

Selling, General, and Administrative (SG&A) Expenses

SG&A expenses reflect the costs of operating the growing Retail segment, which includes acquisitions of independently owned La-Z-Boy Furniture Galleries® stores and new store openings. Total SG&A expense for FY2025 was $770,000 thousand. This resulted in SG&A expenses as a percentage of sales increasing by 150 basis points in FY2025 compared to the prior year, primarily due to higher selling expenses and fixed costs associated with this retail growth strategy.

Capital Expenditures (CapEx)

Investment in physical assets supports the retail footprint and manufacturing base. Cash used for capital expenditures in FY2025 totaled $74.3 million. This spending was primarily allocated to the La-Z-Boy Furniture Galleries® network for new stores and remodels, alongside necessary manufacturing-related investments and market showroom upgrades.

Labor Costs and Scale

Labor is a significant cost driver across both North American production and the retail sales force. While specific dollar amounts for total labor costs aren't isolated in the top-line summaries, the scale of the workforce provides context. Estimates place the total employee count around 10,600 to 12,800 individuals. Based on the TTM revenue of $2.11 billion, the implied revenue per employee is approximately $489,691, which helps benchmark the efficiency of this large labor pool.

The structure of these costs can be summarized:

Cost Category	FY2025 Financial Amount (in thousands, unless noted)	Context/Driver
Sales (Revenue)	$2,109,207	Consolidated delivered sales for FY2025.
Cost of Sales (COGS)	$1,182,789	Direct cost to produce goods sold.
Gross Margin Percentage	43.9%	Required figure; up 80 basis points year-over-year.
SG&A Expense	$770,000	Increased 150 basis points as a percentage of sales due to retail expansion.
Capital Expenditures (CapEx)	$74.3 million	Primarily for La-Z-Boy Furniture Galleries® new stores and remodels.
Estimated Employees	12,800	Scale of North American production and retail staff base.

Manageable Costs Associated with Supply Chain Redesign

The company is actively managing costs related to supply chain transformation, including distribution network redesign, which is expected to be a focus for CapEx in FY2026. For FY2025, specific charges related to supply chain optimization were recorded as adjustments, with one period showing $3,247 thousand in such charges. Management has characterized the friction costs related to these ongoing portfolio and supply chain optimizations as manageable, despite them being a factor in near-term margin pressure.

• Supply chain optimization charges (Q4 FY2025 adjustment): $3,247 thousand.
• Supply chain redesign is a key expected CapEx driver for fiscal 2026.
• Friction costs are being incurred to achieve long-term efficiency gains.

La-Z-Boy Incorporated (LZB) - Canvas Business Model: Revenue Streams

You're looking at how La-Z-Boy Incorporated actually brings in the money, which is a mix of making it and selling it directly. This vertically integrated approach is key to their model.

The total picture for the full Fiscal Year 2025 shows consolidated delivered sales totaled $2.1 billion. That's the top-line number for the year ending April 26, 2025.

The revenue streams are clearly segmented across their different channels. Here are the main ways La-Z-Boy Incorporated generates that $2.1 billion:

• Wholesale sales of La-Z-Boy and England branded furniture.
• Retail sales from company-owned La-Z-Boy Furniture Galleries.
• E-commerce sales from Joybird and La-Z-Boy.com.

For the full fiscal year 2025, the retail segment sales increased 5% in FY2025, outpacing wholesale growth of 2%. That tells you where the momentum was for the year.

To give you a clearer view of the components, here's a look at the most recent quarterly sales figures we have, which helps illustrate the relative size and growth of these streams:

Revenue Stream Component	FY2025 Q4 Delivered Sales Amount	FY2025 Full Year Growth Rate
Consolidated Delivered Sales	$571 million	3% (Year-over-year)
Retail Segment Delivered Sales	$247 million	5%
Wholesale Segment Delivered Sales	$402 million	2%
Joybird Delivered Sales Growth	Not specified for Q4	5%

The Retail segment is a significant driver, not just through its existing footprint but also through expansion. As of the end of Fiscal Year 2025, the company-owned La-Z-Boy Furniture Galleries® network stood at 203 stores, representing 55% of the total network. The growth in the retail channel is fueled by both organic growth and acquisitions; for instance, the Retail segment delivered sales increased 8% in the fourth quarter, primarily from new and acquired stores.

The Wholesale segment still moves a lot of product, manufacturing for the Furniture Galleries® and other retail channels, with its core North America La-Z-Boy wholesale business showing growth. Even with a significant customer transition impacting international wholesale, the segment still managed a 2% increase in delivered sales for the full year.

E-commerce is captured across these segments, notably through Joybird, which saw its delivered sales increase by 5% in Fiscal Year 2025, and La-Z-Boy.com, which supports the Retail segment.

You should note the following about the revenue generation:

• Wholesale sales include England Furniture Co. products.
• Retail segment growth in FY2025 was driven by new and acquired stores.
• The company is focused on its core North America La-Z-Boy wholesale business.
• The company returned $113 million to shareholders through dividends and repurchases in FY2025.

Finance: draft 13-week cash view by Friday.