La-Z-Boy (LZB) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Company overview and strategic vision

• Celebrating 98 years, the business has evolved from a branded manufacturer to a vertically integrated retailer, focusing on the iconic recliner and expanding its product range.

• Century Vision strategy aims to build on brand strength, expand D2C presence, and prepare for the next 100 years.

• Investments in consumer insights and product innovation target a broader demographic, leveraging strong brand recognition.

• The company is the second largest in its industry, with a 90% U.S.-based consumer profile and significant growth potential.

• Despite industry headwinds, growth continues by strengthening the foundation for future upturns.

Key strategic pillars and growth initiatives

• Century Vision focuses on brand building, retail expansion, and supply chain agility.

• Retail presence is expanding with 10-15 new stores annually, aiming for 400 stores by fiscal 2027, mostly company-owned.

• Actively acquiring independent galleries to control the consumer experience and drive financial benefits.

• Supply chain remains U.S.-centric, enabling rapid customization and delivery, with half of sales being custom products.

• Goal to grow sales at 2X the market rate and achieve double-digit margins long term.

Marketing, product innovation, and consumer focus

• The "Long Live the Lazy" campaign targets upper-middle-income consumers seeking comfort and quality.

• Product innovation includes sleeker, on-trend lines while maintaining traditional offerings.

• Retail productivity has improved, with average store sales rising from $3-4M to $5M.

• Emphasis on omnichannel experience, especially for younger, urban consumers through Joybird.

• Joybird partnership with Pantone highlights a focus on color-forward, expressive customization.