La-Z-Boy Plans Massive Expansion with 100 Comfort Studio Locations and 40 Branded Spaces in 2024

La-Z-Boy Inc (ticker: LZB), the well-known American furniture manufacturer, has revealed ambitious plans for expansion in fiscal 2024. The company has set its sights on opening or updating approximately 100 La-Z-Boy Comfort Studio locations and 40 branded space locations in the upcoming year. Additionally, they plan to open 7 to 9 new La-Z-Boy Furniture Galleries stores and relocate or remodel 20 to 25 existing stores, featuring their latest store designs.

This expansion strategy reflects the company’s dedication to improving its network by focusing on proprietary distribution, which allows them to concentrate their marketing efforts on a dedicated product line across the entire network. Their proprietary La-Z-Boy Furniture Galleries stores, which are independently owned and operated, provide consumers with a seamless and full-service shopping experience that includes a wide variety of products, knowledgeable sales associates, and design service consultants.

La-Z-Boy’s decision to build their upholstery units based on specific orders, either for dealer stock or custom consumer orders, has positioned the company as the second-largest manufacturer and distributor of residential furniture in the United States. The company’s commitment to innovation and customer service has earned it a reputation for quality, comfort, and style. Buyers can easily customize their furniture to suit individual needs and tastes.

The competitive landscape has evolved in recent years, with foreign manufacturers and direct-to-consumer brands entering the United States market, increasing pressure on traditional furniture retailers. In response, La-Z-Boy has reinforced its commitment to maintaining and expanding its proprietary distribution system, working to identify desirable retail locations and remain agile in an ever-changing market.

Their impressive backlog of written orders that have yet to be delivered totaled $223.1 million as of April 29, 2023. This is a decrease from the previous year’s backlog of $697.2 million. This reduction highlights La-Z-Boy’s ability to fulfill orders built in prior periods, streamline production and supply chain efficiencies, and meet rapidly changing consumer demands. The company is optimistic that the backlog volume and lead times will stabilize in fiscal 2024.

Beyond expansions and backlogs, La-Z-Boy is also committed to making a positive social impact. With a focus on sustainability, the company strives to incorporate environmentally sound practices in its operations, invest in employee growth and development, and foster a diverse, inclusive company culture. La-Z-Boy actively supports several employee resource groups, provides inclusive leaders training throughout the organization, and prioritizes workplace safety and health.

Furthermore, La-Z-Boy is dedicated to community giving through its foundation and partnership with the Ronald McDonald House Charities, where it serves as the official furniture provider. The company’s Summer of Caring and Season of Caring initiatives have resulted in over 35,000 hours of employee volunteerism, showcasing their commitment to enhancing the quality of life in the communities where they live and work.

In summary, La-Z-Boy’s ambitious expansion plans for fiscal 2024 signal a new chapter in the company’s growth. Building on its reputation for excellence and a firm understanding of the industry’s competitive landscape, La-Z-Boy is poised to further solidify its position as a leading residential furniture manufacturer and distributor in the United States. Consumers can look forward to new and updated store locations offering a diverse range of quality, customizable products backed by exceptional customer service.

Income Statement

Financials in millions USD. Fiscal year is May – April. source

Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!