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Segment Information
 12 Months Ended
Apr. 29, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable operating segments include the Wholesale segment and the Retail segment.

Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale segment also includes our international wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 171 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments, including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.
The accounting policies of the operating segments are the same as those described in Note 1, Accounting Policies. We account for intersegment revenue transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the Wholesale segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, other income (expense), net and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), and various other assets. Sales are attributed to countries on the basis of the customer's location.
The following table presents sales and operating income (loss) by segment:
Fiscal Year Ended
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
Sales
Wholesale segment:
Sales to external customers$1,215,429 $1,371,602 $1,006,377 
Intersegment sales474,819 397,236 294,921 
Wholesale segment sales1,690,248 1,768,838 1,301,298 
Retail segment sales982,043 804,394 612,906 
Corporate and Other:
Sales to external customers151,961 180,815 114,961 
Intersegment sales14,229 15,144 12,409 
Corporate and Other sales166,190 195,959 127,370 
Eliminations(489,048)(412,380)(307,330)
Consolidated sales$2,349,433 $2,356,811 $1,734,244 
Operating Income (Loss)
Wholesale segment$115,215 $134,013 $134,312 
Retail segment161,571 109,546 46,724 
Corporate and Other(65,347)(36,803)(44,300)
Consolidated operating income211,439 206,756 136,736 
Interest expense(536)(895)(1,390)
Interest income6,670 1,338 1,101 
Other income (expense), net(11,784)(1,708)9,466 
Income before income taxes$205,789 $205,491 $145,913 
The following tables present additional financial information by segment and location.
Fiscal Year Ended
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
Depreciation and Amortization
Wholesale segment$23,327 $24,520 $19,029 
Retail segment7,922 6,320 4,894 
Corporate and Other8,944 8,931 9,098 
Consolidated depreciation and amortization$40,193 $39,771 $33,021 
Capital Expenditures
Wholesale segment$38,491 $49,373 $27,303 
Retail segment22,285 19,426 8,958 
Corporate and Other8,036 7,781 1,699 
Consolidated capital expenditures$68,812 $76,580 $37,960 
Sales by Country
United States89%89%91%
Canada6%6%5%
Other5%5%4%
Total100%100%100%

(Amounts in thousands)4/29/20234/30/2022
Assets
Wholesale segment$688,238 $741,150 
Retail segment615,752 587,083 
Unallocated assets562,273 603,856 
Consolidated assets$1,866,263 $1,932,089 
Long-Lived Assets by Geographic Location
Domestic$865,556 $798,089 
International73,674 89,385 
Consolidated long-lived assets$939,230 $887,474