La-Z-Boy Incorporated and its subsidiaries manufacture, market, import, distribute, and retail upholstery furniture products. The company also imports, distributes, and retails accessories and casegoods (wood) furniture products. The company operates as a producer of reclining chairs worldwide and a manufacturer/distributor of residential furniture in the United States. The La-Z-Boy Furniture Galleries stores retail network is a retailer of single-branded furniture in the United States. The company sells its products, primarily in the United States and Canada, to furniture retailers and directly to consumers through stores that its subsidiaries own and operate. The centerpiece of its retail distribution strategy is its network of 315 La-Z-Boy Furniture Galleries stores and 570 Comfort Studios locations, each dedicated to marketing the company’s La-Z-Boy branded products. The company owns 101 of the La-Z-Boy Furniture Galleries stores. The remainder of the La-Z-Boy Furniture Galleries stores, as well as all 570 Comfort Studios locations, are independently owned and operated. La-Z-Boy Furniture Galleries stores help consumers furnish their homes by combining the style, comfort and quality of La-Z-Boy furniture with its available in-home design service. Comfort Studios locations are defined spaces within independent retailers that are dedicated to displaying and selling La-Z-Boy branded products. In addition to the La-Z-Boy Comfort Studios locations, the company’s Kincaid and England operating units have their own dedicated proprietary in-store programs with 500 outlets and 3.8 million square feet of proprietary floor space. In total, its proprietary floor space includes approximately 11.3 million square feet. Segments The company operates through three segments: Upholstery, Casegoods, and Retail. Upholstery This segment consists of two operating units, La-Z-Boy, the company’s major operating unit, and its England subsidiary. This segment manufactures or imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. This segment sells directly to La-Z-Boy Furniture Galleries stores, operators of Comfort Studios locations, major dealers and other independent retailers. Casegoods This segment is an importer, marketer, manufacturer and distributor of casegoods (wood) furniture, such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and some coordinated upholstered furniture. This segment consists of three brands, American Drew, Hammary, and Kincaid. This segment sells primarily to major dealers and other independent retailers. Retail This segment consists of 101 company-owned La-Z-Boy Furniture Galleries stores located in 12 primary markets ranging from southern California to the Midwest to the East Coast. This segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to the end consumer through the company’s retail network. Customers The company’s wholesale customers are furniture retailers located primarily throughout the United States and Canada. Its customers include Art Van Furniture, Berkshire Hathaway, Slumberland Furniture, and Raymour & Flanigan Furniture. Dispositions During 2014, the company sold all of the assets of its Bauhaus U.S.A. business unit. Seasonal Business Historically, all of the company’s segments have normally experienced lower sales during its first fiscal quarter (year ending April 2014). Its Upholstery and Casegoods segments have experienced their highest sales during its fourth fiscal quarter while its Retail segment has experienced its highest sales during its third fiscal quarter. During the year ended April 26, 2014, however, both its Upholstery segment and its Casegoods segment attained their highest sales during its second fiscal quarter while its Retail segment again experienced its highest level of sales during its third fiscal quarter. All of its segments experienced their lowest sales during its first fiscal quarter. Trademarks and Patents The company owns various trademarks, including La-Z-Boy. The La-Z-Boy trademark is essential to the Upholstery and Retail segments of its business. Competition In the Upholstery segment, the company’s major competitors are Ashley, Bassett Furniture, Bernhardt, Ethan Allen, Flexsteel, Heritage Home Group, Klaussner, and Natuzzi. In the Casegoods segment, its major competitors are Ashley, Bernhardt, Ethan Allen, Heritage Home Group, Hooker Furniture, Stanley Furniture, and Lacquer Craft. The company’s competitors include Arhaus, Ashley, Bassett Furniture Direct, Crate and Barrel, Ethan Allen, Restoration Hardware, Thomasville Home Furnishings Stores, Art Van Furniture, Raymour & Flanigan Furniture, and Slumberland Furniture. Companies, such as Costco, Home Depot, IKEA, Sam’s Club, Target, Wal-Mart, Williams Sonoma, QVC, Wayfair, and others offer products that compete with some of the company’s product lines. History The company was founded in 1927. It was incorporated in the state of Michigan in 1941. It was formerly known as La-Z-Boy Chair Company and changed its name to La-Z-Boy Incorporated in 1996.
la-z-boy inc (LZB:New York Consolidated)
1284 North Telegraph Road
Monroe, MI 48162
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