La-Z-Boy Inc 2025年度报告

Dear Stakeholders, I am proud to present our results for Fiscal 2026, our 99th year. We finished the year on a highnote as we continued to strengthen the business, drive near-term results, and strategicallyposition ourselves for sustained growth and profitability. I am pleased with the continuedadvancement of our Century Vision strategy as we expand La-Z-Boy brand reach and enhanceour enterprise capabilities amidst uncertain economic and geopolitical conditions. And weremain committed to honoring the legacy that began in 1927, rooted in our heritage of comfortand quality, while also adapting to delight and inspire consumers for future generations. Ourstrong foundation is instrumental to our ability to continue to outperform the market and issupported by our iconic brand, expanding Retail network, vertically integrated North Americansupply chain, consumer led insights, and pristine balance sheet. Fiscal 2026 Summary Consolidated delivered sales for the year grew to $2.1 billion led by our strategic Retail expansion. During the year, we openeda total of 15 new stores, the highest number of new stores in our company history and we completed our largest ever 15-storeindependent La-Z-Boy store acquisition. Our total store network increased to nearly 380 La-Z-Boy stores across North America,with 230 or over 60% now company-owned La-Z-Boy stores. And we will continue increasing our brand reach as we moveforward, with plans to grow the entire store network to 450 locations, driven primarily by expansion of company-owned storesat a pace of approximately 10 each year. In Wholesale, we continue to expand compatible distribution with strategic partners who help drive the La-Z-Boy brand. We aregrowing organically with partners like Slumberland, Rooms To Go, and Mathis Home as we broaden our brand reach. During theyear, we added 30 new dealers and 100 new stores, including new partnerships with key regional retailers like Living Spaces. Focusing On Our Core La-Z-Boy Incorporated continues to transform with strategic optimizations across our portfolio of businesses, supply chain, andbroader enterprise to best position the company for the next 100 years. We are sharpening our focus on our core, verticallyintegrated North American upholstery operations, where we have a right to win with the consumer. During the last year, thisincluded the exit from our wholesale casegoods businesses, restructuring of our U.K. supply chain, and now we are streamliningour two smallest upholstery plants into our long-standing La-Z-Boy plants during Fiscal 2027. In addition, we are in the secondyear of our distribution and home delivery transformation project, which will shift from 15 distribution centers to 3 centralizedhubs, elevating an already strong end-to-end consumer experience and driving significant efficiencies. Delivering Value for Stakeholders Our outstanding progress, driving near-term results while also building for the future, continues to gain widespread recognition.This year, we were named by Ad Age as one of the top five rebrands of 2025. La-Z-Boy Incorporated was also named toTIME’s 2026 list of America’s Most Iconic Companies and Newsweek’s 2025 list of America’s Best Retailers, ranking No. 1 in thefurniture category. These awards honor the lasting appeal of the iconic La-Z-Boy brand and enduring quality as we deliver thetransformational power of comfort to consumers. Closing As La-Z-Boy Incorporated approaches its centennial anniversary in 2027, we remain focused on executing our Century Visionstrategy to grow sales and market share through strengthening of our consumer brands and sustainably expand our operatingmargin well beyond this milestone year. We will also continue to honor our heritage, rooted in our core values, and ourreputation for personalized comfort, quality, craftsmanship, and customization at speed. Thank you to our employees, customers, suppliers, shareholders, and Board of Directors, for your trust and partnership. Andmost importantly, thank you to our consumers for welcoming us into your homes. I believe the future for La-Z-Boy Incorporatedis brighter than ever. Board Chair, President andChief Executive Officer Capital Allocation: Sales,Operating Margin,and Earnings Per Share Reconciliation ofGAAPto AdjustedFinancial Measures Adjusted Financial Measures In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), this presentation also includesadjusted financial measures. Management uses these adjusted financial measures when assessing our ongoing performance. This presentation contains references to adjustedoperating income (on a consolidated basis and by segment), adjusted operating margin (on a consolidated basis and by segment), and adjusted net income attributable to La-Z-Boy Incorporated per diluted share, adjusted diluted earnings per share (and components thereof, including adjusted income before income