2022-07-18 | NYSE:LZB | Press release

MONROE, Mich., July 18 28, 2022 (GLOBE NEWSWIRE) — La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential furniture, today announced that it is finalizing the planned closure of its upholstery manufacturing facility in Newton, Mississippi. facility, which is expected to be effective September 16, 2022. In June 2020, the company announced that it would be closing the Newton facility as part of its plan to strengthen and realign the business to thrive in what was a new external environment marked by COVID -19. However, with stronger than expected demand following immediately after, the company temporarily reactivated part of the Newton plant in October 2020. Over the past two years, La-Z-Boy has added capacity to its manufacturing footprint and rebalanced its production. over 5 million square feet of manufacturing space in North America to take advantage of efficiencies and manage its backlog.

The company’s Newton assembly plant, built in 1960, currently accounts for less than 5% of the La-Z-Boy brand’s total upholstery production. Approximately 180 employees will be affected by the closure; Newton-based integrated internal sourcing and other functions will remain in operation and approximately 235 people work in these areas and will remain with the company.

Caution Regarding Forward-Looking Statements

This press release contains ” ” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Generally, forward-looking statements include information regarding expectations, projections or trends with respect to our results of operations, financial results, financial condition, strategic initiatives and plans, expenses, dividends, stock repurchases, liquidity, use cash and cash requirements, borrowing capacity, investments, future economic performance, business and industry and the effect of the novel coronavirus (“COVID-19”) pandemic on our business operations and our financial results.

The forward-looking statements contained in this press release are based on certain assumptions and currently available information and are subject to various risks and uncertainties, many of which are unforeseeable and beyond our control, such as the continuing and developing impact of, and the uncertainty caused by the COVID-19 pandemic. Other risks and uncertainties not currently known to us or that we currently believe to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially based on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our Fiscal Year 2022 Annual Report on Form 10-K and other identified factors. in our reports filed with securities. and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not rely on forward-looking statements to predict actual results. Some or all of the forward-looking statements contained in this press release may prove to be incorrect. We include this cautionary statement to enforce and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.

Further information

This press release is only a portion of La-Z-Boy’s financial information/sec-filings. Investors and others interested in being notified of future La-Z-Boy press releases, SEC filings, and quarterly investor conference calls can register at: https://lazboy.gcs- web.com/.

Background information

La-Z-Boy Incorporated is one of the world’s leading producers of residential furniture, marketing furniture for every room in the house. Wholesale segment includes England, La-Z-Boy, American Drew®Hammar®Kincaid® and the company’s international wholesale and manufacturing operations. Company-owned retail segment includes 161 of 348 La-Z-Boy Furniture Galleries® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture.

The Company’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 348 stand-alone La-Z-Boy Furniture Galleries.® stores and 531 independent comfort studios® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/.

Contact: Kathy Liebmann (734) 241-2438 [email protected]

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