Last $21.47 USD
Change Today +0.20 / 0.94%
Volume 504.8K
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Company Description

Contact Info

1284 North Telegraph Road

Monroe, MI 48162

United States

Phone: 734-242-1444

Fax:

La-Z-Boy Incorporated manufactures, markets, imports, distributes, and retails upholstery products, accessories, and casegoods (wood) furniture products. The company operates as a producer of reclining chairs and manufacturer/distributor of residential furniture in the United States. The La-Z-Boy Furniture Galleries stores retail network is a primary retailer of single-branded upholstered furniture in North America. It sells its products, primarily in the United States and Canada, to furniture retailers and directly to consumers through stores owned and operated by the company’s subsidiaries. The centerpiece of the company’s retail distribution strategy is its network of 313 La-Z-Boy Furniture Galleries stores and 565 Comfort Studios locations, each dedicated to marketing its La-Z-Boy branded products. The company owns 94 of the La-Z-Boy Furniture Galleries stores. The remainder of the La-Z-Boy Furniture Galleries stores, as well as all 565 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, England and Lea operating units have their own dedicated proprietary in-store gallery programs with approximately 730 outlets and 4.3 million square feet of proprietary floor space. In total, its proprietary floor space includes approximately 11.7 million square feet. Segments The company operates through three segments: Upholstery, Casegoods, and Retail. Upholstery This segment consists of three operating units, such as La-Z-Boy, Bauhaus, and England. 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 two operating units, one consisting of American Drew, Lea, and Hammary; and the second being Kincaid. This segment primarily sells to major dealers and other independent retailers. Retail This segment consists of 94 company-owned La-Z-Boy Furniture Galleries stores located in 11 markets ranging from southern California to the Midwest to the east coast of the United States. During the year ended April 27, 2013, the company acquired nine La-Z-Boy Furniture Galleries stores in the southern Ohio market that were previously independently owned and operated. This segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to the end consumer through the retail network. Foreign Operations The company has a manufacturing joint venture in Thailand, which distributes furniture in Australia, New Zealand, Thailand, and other countries in Asia. In addition, it has a sales and marketing joint venture in Asia, which sells and distributes furniture in Korea, Taiwan, Japan, India, Malaysia, and other Asian countries. Customers The company’s customers are furniture retailers located primarily throughout the United States and Canada, though it sells to various furniture retailers outside of North America. Its customers include Art Van Furniture, Berkshire Hathaway, Havertys Furniture, and Raymour & Flanigan Furniture. Seasonal Business During the year ended April 27, 2013, the company’s Upholstery segment and Retail segment experienced their highest level of sales during its fourth fiscal quarter (year ending April 2013) while its Casegoods segment experienced its highest level of sales during its first fiscal quarter. The company’s Upholstery and Retail segments both experienced their lowest level of sales for fiscal 2013 during its first fiscal quarter while its Casegoods segment experienced its lowest level of sales in its fourth fiscal quarter of fiscal 2013. Trademarks, Licenses, 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. To protect its trademarks, the company has registered them in the United States and various other countries where its products are sold. These trademarks have a perpetual life, subject to renewal every 10 years. The company licenses the use of the La-Z-Boy trademark to its major international partners and dealers outside of North America. It also licenses the use of the La-Z-Boy trademark on contract office furniture, outdoor furniture, and non-furniture products. In addition, the company licenses to its branded dealers the right to use its La-Z-Boy trademark in connection with the sale of its products and related services, on their signs, and in other ways, which it considers to be a major part of its marketing strategies. Competition Upholstery: The company’s major competitors include Ashley, Bassett Furniture, Bernhardt, Ethan Allen, Flexsteel, Furniture Brands International, Klaussner, and Natuzzi. Casegoods: The company’s major competitors include Ashley, Bernhardt, Ethan Allen, Furniture Brands International, Hooker Furniture, Stanley Furniture, and Lacquer Craft. The La-Z-Boy Furniture Galleries stores’ 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 Havertys Furniture. History The company was founded in 1927. It was incorporated as La-Z-Boy Chair Company in the state of Michigan in 1941. In 1996, the company changed its name to La-Z-Boy Incorporated.

 

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