La-Z-Boy

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La-Z-Boy is an American furniture manufacturer and retailer, best known for its signature recliner chair. The company was founded in 1927 in Monroe, Michigan, by cousins Edward M. Knabusch and Edwin J. Shoemaker. Originally called the "La-Z-Boy Chair Company," the company's name was changed to La-Z-Boy in the 1930s.
The company's most popular product, the La-Z-Boy recliner, was invented by Knabusch and Shoemaker in 1928. It was designed to be more than just a place to sit, offering both comfort and support. The original recliner was a big hit and became a staple in American homes.
Today, La-Z-Boy is a leading manufacturer of residential furniture, offering a wide range of seating options including recliners, sofas, loveseats, chairs, and ottomans. They also offer a variety of home furnishings such as tables, rugs, lamps, and accessories.
La-Z-Boy has expanded its product range to include both stationary and motion furniture, as well as customizable options, including fabric and leather choices. The company also offers a warranty on all its products and has a reputation for high-quality craftsmanship and customer service.
In addition to their manufacturing operations, La-Z-Boy has a network of over 350 retail locations in the United States and Canada, offering customers the opportunity to see and try out their furniture in person.
La-Z-Boy is committed to sustainability and has implemented several initiatives to reduce waste and conserve resources in their manufacturing processes. They also support various community and charitable organizations through the La-Z-Boy Foundation.

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The sensitivity of La-Z-Boy’s earnings, cash flow, and valuation to changes in interest rates can be understood through various factors.
1. Earnings Sensitivity: La-Z-Boy’s earnings can be affected by interest rate changes primarily through the impact on consumer spending. Higher interest rates can lead to increased borrowing costs, which might deter consumers from making big-ticket purchases like furniture. Conversely, lower interest rates can stimulate consumer spending, potentially boosting sales. Additionally, if interest rates rise, La-Z-Boy may face higher costs for financing operations or expansion, impacting profitability.
2. Cash Flow Sensitivity: Cash flow for La-Z-Boy can be sensitive to interest rate fluctuations as they affect both consumer credit and the company’s own financing. Increased rates may result in reduced sales, leading to lower cash inflows. At the same time, if the company has variable-rate debt, interest payments could rise, further squeezing cash flow. Stable or declining rates can enhance cash flow by maintaining or increasing consumer expenditures and reducing debt servicing costs.
3. Valuation Sensitivity: The valuation of La-Z-Boy is also impacted by interest rate changes, particularly through the discount rate applied in discounted cash flow models. As interest rates rise, the discount rate increases, which can lower the present value of future cash flows and thus, reduce the company’s valuation. Conversely, lower interest rates can lead to a higher present value due to a lower discount rate, making the company appear more valuable.
In summary, La-Z-Boy’s financial performance is influenced by interest rates through consumer purchasing power, financing costs, and valuation metrics, with rising rates generally creating headwinds for earnings and cash flow, while potentially decreasing overall valuation.

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See Company Q&A