LA-Z-Boy Incorporated (LZB): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde en constante évolution de la conception et de la fabrication de meubles, LA-Z-Boy Incorporated est un phare d'innovation et de confort, transformant les espaces de vie avec ses solutions de sièges emblématiques. Avec un 90 ans Héritage de fabrication de meubles premium, ce titan de l'industrie a méticuleusement développé un modèle commercial qui mélange de manière transparente la conception de pointe, les partenariats stratégiques et les approches centrées sur le consommateur. De ses mécanismes allongés révolutionnaires à ses vastes réseaux de distribution, La-Z-Boy a perfectionné l'art de livrer non seulement des meubles, mais des expériences de confort personnalisées qui résonnent avec les propriétaires et les amateurs de conception à travers les États-Unis.

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: Partenariats clés

Détaillants et distributeurs de meubles à l'échelle nationale

LA-Z-Boy maintient des partenariats avec environ 360 magasins opérés par l'entreprise et 170 concessionnaires indépendants aux États-Unis et au Canada en 2023.

Type de partenariat	Nombre d'emplacements	Couverture géographique
Magasins opérés de l'entreprise	360	États-Unis
Concessionnaires indépendants	170	États-Unis et Canada

Fabrication des fournisseurs

LA-Z-Boy s'approvisionne en matériaux de plusieurs fournisseurs stratégiques spécialisés dans les composants clés.

• Composants en bois provenant de fournisseurs forestiers certifiés durables
• Fournisseurs de tissus fournissant des performances et des textiles décoratifs
• Fabricants de composants en métal et de composants mécaniques

Catégorie des fournisseurs	Valeur d'achat annuelle	Nombre de fournisseurs primaires
Matériaux en bois	42,3 millions de dollars	12 fournisseurs
Matériaux de tissu	35,7 millions de dollars	8 fournisseurs
Composants métalliques	28,5 millions de dollars	6 fournisseurs

Collaboration de conception

LA-Z-Boy collabore avec 15 concepteurs de meubles indépendants chaque année pour améliorer l'innovation des produits.

Partenariats de vente au détail

Les partenariats stratégiques avec les principaux détaillants d'ameublement à domicile comprennent:

• Ashley Homestore
• Chambres à partir
• Nebraska Furniture Mart
• Costco en gros

Partenaire de vente au détail	Durée du partenariat	Volume des ventes annuelles
Ashley Homestore	Plus de 10 ans	127,6 millions de dollars
Chambres à partir	8 ans	93,4 millions de dollars
Nebraska Furniture Mart	12 ans	68,2 millions de dollars

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: Activités clés

Conception de meubles et développement de produits

La-Z-Boy a investi 19,4 millions de dollars dans la recherche et le développement au cours de l'exercice 2023. La société maintient plusieurs centres de conception à travers l'Amérique du Nord.

Emplacement de conception	Focus principal
Monroe, Michigan	Centre de conception du siège social de l'entreprise
Dayton, Tennessee	Conception de meubles personnalisés
Monterrey, Mexique	Collaboration internationale de conception

Fabrication de fauteuils inclinables, de canapés et de chaises

La-Z-Boy exploite 8 installations de fabrication à travers les États-Unis et le Mexique.

• Capacité de fabrication totale: environ 12 000 unités de meubles par semaine
• Lieux de fabrication: Michigan, Tennessee, Mississippi, Mexique
• Volume de production annuel: environ 624 000 unités de meubles

Distribution de la vente au détail et en gros

Le réseau de distribution comprend 360 magasins appartenant à l'entreprise et 1 400 emplacements de concessionnaires indépendants à partir de 2023.

Canal de distribution	Nombre d'emplacements	Pourcentage de ventes
Magasins appartenant à l'entreprise	360	42%
Concessionnaires indépendants	1,400	58%

Marketing et gestion de la marque

LA-Z-Boy a alloué 45,2 millions de dollars pour les dépenses de marketing au cours de l'exercice 2023.

• Budget de marketing numérique: 12,3 millions de dollars
• Publicité médiatique traditionnelle: 22,5 millions de dollars
• Événements promotionnels et parrainages: 10,4 millions de dollars

Service client et assistance

LA-Z-Boy maintient une équipe de service client dédiée avec plusieurs canaux de support.

Canal de support	Temps de réponse moyen
Support téléphonique	12 minutes
Assistance par e-mail	24 heures
Chat en ligne	5 minutes

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

La-Z-Boy exploite plusieurs installations de fabrication à travers les États-Unis:

Emplacement	Type d'installation	Capacité de production annuelle
Dayton, Tennessee	Plante d'adhésion	1,2 million d'unités
Newton, Mississippi	Fabrication inclinable	1,5 million d'unités
Monterrey, Mexique	Production de meubles	0,8 million d'unités

Grande réputation de marque

Évaluation de la marque et positionnement du marché:

• Valeur de la marque estimée à 425 millions de dollars
• Part de marché dans les meubles de maison: 7,2%
• Reconnaissance de la marque dans 90% des ménages américains

Technologie de mécanisme d'inclinaison propriétaire

Détails du portefeuille technologique:

• 23 brevets actifs liés aux mécanismes inclinables
• Investissement en R&D: 18,2 millions de dollars en 2023
• Mécanismes de conception exclusifs dans 65% de la gamme de produits

Équipes de conception et d'ingénierie qualifiées

Composition de la main-d'œuvre:

Département	Total des employés	Diplômes avancés
Équipe de conception	142	38 employés
Équipe d'ingénierie	96	52 employés

Réseau de distribution étendu

Répartition du canal de distribution:

• Total des lieux de vente au détail: 360
• Magasins appartenant à l'entreprise: 155
• Réseau indépendant des concessionnaires: 205
• Couverture de la plate-forme de vente en ligne: 48 États

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: propositions de valeur

Solutions de meubles confortables et innovantes

LA-Z-Boy a déclaré des ventes nettes de 2,12 milliards de dollars au cours de l'exercice 2023. L'innovation de meubles de l'entreprise se concentre sur les technologies de confort avancées et les fonctionnalités de conception.

Catégorie de produits	Revenus de ventes annuels	Part de marché
Fauteuil	785 millions de dollars	42.3%
Meubles stationnaires	612 millions de dollars	33.7%
Meubles en cuir	423 millions de dollars	24%

Produits de sièges durables de haute qualité

La-Z-Boy maintient un Garantie de 5 ans Sur les cadres et mécanismes de meubles, démontrant l'engagement de durabilité des produits.

• Durée de vie du produit moyen: 15-20 ans
• Contrôle de la qualité de fabrication: certifié ISO 9001
• Test de durabilité des matériaux: dépasse les cycles d'usure standard de l'industrie

Options de meubles personnalisables

Les offres de personnalisation incluent plus de 200 options de tissu et plusieurs choix de configuration pour les fauteuils inclinables et les canapés.

Fonction de personnalisation	Options disponibles
Sélections de tissus	237 tissus uniques
Types de cuir	48 Variations en cuir
Configurations de taille	6 tailles standard

Conception ergonomique pour le confort des consommateurs

LA-Z-Boy investit 42 millions de dollars par an dans la recherche et le développement pour les améliorations de la conception ergonomique.

Marque de confiance avec plus de 90 ans d'expertise manufacturière

Fondée en 1928, LA-Z-Boy a maintenu une présence cohérente sur le marché avec 360 emplacements de détail et une distribution dans 12 pays.

• Reconnaissance de la marque: 94% parmi les consommateurs de meubles
• Taux de fidélisation de la clientèle: 68%
• Installations de fabrication: 7 emplacements de production

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: relations avec les clients

Service client personnalisé en magasin

LA-Z-Boy exploite 360 ​​magasins de détail appartenant à l'entreprise et indépendants aux États-Unis à partir de 2023. La société emploie environ 6 500 associés de vente au détail formés au service client personnalisé.

Métrique du service client	Données de performance
Temps d'interaction client moyen en magasin	45 à 60 minutes par client
Heures de formation des représentants du service à la clientèle	40 heures par an par association

Consultation en conception en ligne

LA-Z-Boy a lancé une plate-forme complète de consultation de conception numérique en 2022, soutenant la planification des salles virtuelles et la personnalisation des produits.

• Les séances de consultation numérique ont augmenté de 68% en 2023
• L'outil de conception en ligne couvre 95% du catalogue de produits
• Durée moyenne de consultation en ligne: 30 minutes

Programmes de fidélité pour les clients réguliers

Le programme de fidélité de LA-Z-Boy, introduit en 2021, offre des avantages exclusifs pour les clients réguliers.

Métrique du programme de fidélité	2023 données
Membres de fidélité enregistrés	387 000 membres
Taux d'achat client répété	22,5% du total des ventes

Garantie et support après-vente

La-Z-Boy offre une couverture de garantie complète pour ses produits de meuble.

• Garantie standard: garantie limitée à 1 an
• Options de garantie étendue disponibles à l'achat
• Assistance client 24/7 via des chaînes de téléphone et de messagerie

Engagement des médias sociaux et canaux de rétroaction des clients

La-Z-Boy maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plateforme de médias sociaux	Nombre de suiveurs (2023)
Facebook	218 000 abonnés
Instagram	95 000 abonnés
Pinterest	42 000 abonnés

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: canaux

Magasins de détail appartenant à l'entreprise

En 2023, LA-Z-Boy exploite 155 magasins de détail appartenant à l'entreprise à travers les États-Unis.

Type de magasin	Nombre d'emplacements	Taille moyenne du magasin
Magasins de détail appartenant à l'entreprise	155	5 500 pieds carrés.

Détaillants de meubles indépendants

La-Z-Boy maintient un réseau d'environ 360 détaillants de meubles indépendants à l'échelle nationale.

• Le réseau de détaillants couvre les 50 États américains
• Les détaillants indépendants représentent 65% de la distribution totale de meubles de LA-Z-Boy

Plateforme de commerce électronique en ligne

La plate-forme de vente en ligne directe de LA-Z-Boy a généré 187,3 millions de dollars de revenus au cours de l'exercice 2023.

Métriques du commerce électronique	2023 données
Revenus en ligne	187,3 millions de dollars
Pourcentage des ventes totales	12.4%

Réseaux de distribution en gros

La-Z-Boy dessert plus de 1 200 comptes de gros à travers l'Amérique du Nord.

• La distribution de gros couvre les marchés commerciaux et résidentiels
• Présence internationale en gros au Canada et sélectionnant les marchés mondiaux

Catalogue et plateformes de marketing numérique

Le budget du marketing numérique pour 2023 était d'environ 42,5 millions de dollars.

Canal de marketing	Dépenses annuelles
Marketing numérique	42,5 millions de dollars
Marketing de catalogue traditionnel	3,2 millions de dollars

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: segments de clientèle

Les propriétaires de maison moyenne à supérieur intermédiaire

Au quatrième trimestre 2023, LA-Z-Boy cible les propriétaires avec un revenu annuel des ménages allant de 75 000 $ à 150 000 $. Les études de marché indiquent que ce segment représente 22,3% de leur clientèle principale.

Gamme de revenus	Pourcentage de clientèle	Dépenses moyennes de meubles
$75,000 - $100,000	12.7%	$3,450
$100,000 - $150,000	9.6%	$4,750

Les amateurs de meubles à la recherche de confort et de qualité

La reconnaissance de la marque de LA-Z-Boy parmi les demandeurs de qualité de meubles est de 78,5% en 2024.

• 87,3% de prioriser le confort sur le prix
• 62,4% disposés à dépenser des primes pour la durabilité
• Taux de fidélité des consommateurs: 54,2%

Consommateurs de décoration intérieure

Le segment représente 35,6% de la clientèle totale de LA-Z-Boy en 2024.

Préférence de style de décoration	Part de marché
Contemporain moderne	42.3%
Traditionnel	31.7%
De transition	26%

Acheteurs de meubles résidentiels et commerciaux

Le segment commercial représente 17,5% des revenus totaux en 2023.

• Installations de soins de santé: 6,2% des ventes commerciales
• Bureaux d'entreprise: 5,8% des ventes commerciales
• Secteur de l'hôtellerie: 5,5% des ventes commerciales

Groupes d'âge 35 à 65 avec un revenu disponible

Segment démographique primaire avec un pouvoir d'achat important.

Tranche d'âge	Pourcentage de clientèle	Investissement annuel moyen des meubles
35-45	28.6%	$4,200
46-55	33.4%	$5,100
56-65	22.7%	$4,750

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Pour l'exercice 2023, LA-Z-Boy a rapporté les détails des achats de matières premières suivants:

Catégorie de matériel	Dépenses annuelles	Pourcentage du coût total
Bois	42,6 millions de dollars	28%
Tissu	36,8 millions de dollars	24%
Mousse	29,3 millions de dollars	19%
Composants métalliques	22,5 millions de dollars	15%
Autres matériaux	20,9 millions de dollars	14%

Frais de fabrication et de production

Coûts de production pour l'exercice 2023:

• Total des frais généraux de fabrication: 153,4 millions de dollars
• Coûts opérationnels d'usine: 87,6 millions de dollars
• Entretien de l'équipement: 12,3 millions de dollars
• Utilitaires des installations: 8,2 millions de dollars

Travail de main-d'œuvre et d'employée

Dépenses liées au travail pour l'exercice 2023:

Catégorie de compensation	Coût total
Salaire total des employés	321,7 millions de dollars
Avantages et assurance	62,4 millions de dollars
Contributions de retraite et de retraite	18,9 millions de dollars

Coûts de marketing et de publicité

Dépenses de commercialisation pour l'exercice 2023:

• Budget marketing total: 45,6 millions de dollars
• Publicité numérique: 12,3 millions de dollars
• Publicité médiatique traditionnelle: 22,1 millions de dollars
• Salon du commerce et événements promotionnels: 11,2 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour l'exercice 2023:

Catégorie de R&D	Montant d'investissement
Dépenses totales de R&D	22,7 millions de dollars
Conception et innovation des produits	15,4 millions de dollars
Intégration technologique	7,3 millions de dollars

LA-Z-Boy Incorporated (LZB) - Modèle d'entreprise: Strots de revenus

Ventes de meubles au détail

Pour l'exercice 2023, LA-Z-Boy a déclaré des ventes nettes totales de 2,15 milliards de dollars. Les revenus du segment de détail étaient de 1,46 milliard de dollars, ce qui représente 67,9% du total des revenus de l'entreprise.

Catégorie de revenus	Montant (2023)	Pourcentage des ventes totales
Ventes de meubles au détail	1,46 milliard de dollars	67.9%

Revenus de distribution de gros

Le chiffre d'affaires du segment de gros pour l'exercice 2023 était de 688,4 millions de dollars, représentant 32,1% du total des ventes d'entreprises.

Répartition des revenus en gros	Montant (2023)
Distribution de meubles en gros	688,4 millions de dollars

Services de conception de meubles personnalisés

LA-Z-Boy propose des services de conception personnalisés via ses canaux de vente au détail, générant des revenus supplémentaires grâce à des options de meubles personnalisées.

• Sélection de tissu personnalisé
• Modifications de taille personnalisée
• Configurations en cuir personnalisé

Ventes de produits en ligne et en magasin

Les ventes de commerce électronique ont augmenté, les revenus en ligne augmentant de 12,3% au cours de l'exercice 2023 par rapport à l'année précédente.

Canal de vente	Croissance des revenus
Ventes en ligne	Augmentation de 12,3% en glissement annuel
Ventes en magasin	Autre canal de vente principal

Entretien des meubles et ventes d'accessoires

Les ventes de produits accessoires et de maintenance contribuent à des sources de revenus supplémentaires, bien que les détails financiers spécifiques ne soient pas divulgués publiquement.

• Plans de protection des meubles
• Produits de nettoyage et d'entretien
• Coussins et pièces de remplacement

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.