La-Z-Boy Incorporated to Acquire La-Z-Boy Furniture Galleries® Stores in Southeast Region; 15-Store Acquisition Brings Company-Owned Count to 220, 60% of Total Network
La-Z-Boy (NYSE:LZB) has announced a significant acquisition of 15 La-Z-Boy Furniture Galleries® stores in the southeast region from Atlanta Furniture Galleries, LLC. The stores, generating approximately $80 million in annual sales, are located across Georgia, Florida, and Tennessee.
This landmark deal, set to close in October 2025, represents the largest independent La-Z-Boy Furniture Galleries® acquisition in company history. The transaction will increase La-Z-Boy's company-owned store count to 220 locations, representing 60% of the total network. The acquisition is expected to contribute approximately $40 million in additional annual consolidated sales.
Separately, La-Z-Boy warned that fiscal Q1 sales and adjusted operating margin will likely be at the low end of previously issued guidance due to challenging market conditions.
La-Z-Boy (NYSE:LZB) ha annunciato un'importante acquisizione di 15 negozi La-Z-Boy Furniture Galleries® nella regione sud-est, provenienti da Atlanta Furniture Galleries, LLC. I negozi, che generano circa 80 milioni di dollari di vendite annue, sono distribuiti tra Georgia, Florida e Tennessee.
Questa operazione storica, che si concluderà nell'ottobre 2025, rappresenta la più grande acquisizione indipendente di La-Z-Boy Furniture Galleries® nella storia dell'azienda. L'accordo porterà il numero di negozi di proprietà La-Z-Boy a 220 punti vendita, equivalenti al 60% dell'intera rete. Si prevede che l'acquisizione contribuirà con circa 40 milioni di dollari in vendite consolidate annue aggiuntive.
Separatamente, La-Z-Boy ha avvertito che le vendite del primo trimestre fiscale e il margine operativo rettificato saranno probabilmente nella fascia bassa delle previsioni precedentemente fornite, a causa delle difficili condizioni di mercato.
La-Z-Boy (NYSE:LZB) ha anunciado una adquisición significativa de 15 tiendas La-Z-Boy Furniture Galleries® en la región sureste, provenientes de Atlanta Furniture Galleries, LLC. Las tiendas, que generan aproximadamente 80 millones de dólares en ventas anuales, están ubicadas en Georgia, Florida y Tennessee.
Este acuerdo histórico, que se cerrará en octubre de 2025, representa la mayor adquisición independiente de La-Z-Boy Furniture Galleries® en la historia de la compañía. La transacción aumentará el número de tiendas propias de La-Z-Boy a 220 ubicaciones, lo que representa el 60% de toda la red. Se espera que la adquisición aporte aproximadamente 40 millones de dólares adicionales en ventas consolidadas anuales.
Por otro lado, La-Z-Boy advirtió que las ventas del primer trimestre fiscal y el margen operativo ajustado probablemente estarán en el extremo inferior de las previsiones emitidas anteriormente debido a las condiciones desafiantes del mercado.
La-Z-Boy (NYSE:LZB)는 애틀랜타 퍼니처 갤러리즈(Atlanta Furniture Galleries, LLC)로부터 15개의 La-Z-Boy Furniture Galleries® 매장을 미국 동남부 지역에서 인수했다고 발표했습니다. 이 매장들은 조지아, 플로리다, 테네시 전역에 위치해 있으며 연간 약 8천만 달러의 매출을 올리고 있습니다.
이번 중대한 거래는 2025년 10월에 마무리될 예정이며, 회사 역사상 가장 큰 독립 La-Z-Boy Furniture Galleries® 인수입니다. 이 거래로 La-Z-Boy의 직영 매장 수는 220개로 늘어나 전체 네트워크의 60%를 차지하게 됩니다. 인수로 인해 연간 약 4천만 달러의 추가 통합 매출이 기대됩니다.
별도로, La-Z-Boy는 어려운 시장 상황으로 인해 1분기 회계연도 매출과 조정 영업 마진이 이전에 제시한 가이드라인 하단에 머물 가능성이 높다고 경고했습니다.
La-Z-Boy (NYSE:LZB) a annoncé l'acquisition importante de 15 magasins La-Z-Boy Furniture Galleries® dans la région sud-est auprès d'Atlanta Furniture Galleries, LLC. Ces magasins, générant environ 80 millions de dollars de ventes annuelles, sont situés en Géorgie, en Floride et au Tennessee.
Cette opération majeure, qui devrait se finaliser en octobre 2025, représente la plus grande acquisition indépendante de La-Z-Boy Furniture Galleries® dans l'histoire de l'entreprise. La transaction portera le nombre de magasins détenus par La-Z-Boy à 220 sites, soit 60 % du réseau total. L'acquisition devrait apporter environ 40 millions de dollars de ventes consolidées annuelles supplémentaires.
Par ailleurs, La-Z-Boy a averti que les ventes du premier trimestre fiscal et la marge opérationnelle ajustée seront probablement situées dans la fourchette basse des prévisions précédemment émises, en raison de conditions de marché difficiles.
La-Z-Boy (NYSE:LZB) hat eine bedeutende Übernahme von 15 La-Z-Boy Furniture Galleries®-Geschäften in der Südostregion von Atlanta Furniture Galleries, LLC angekündigt. Die Geschäfte, die jährlich etwa 80 Millionen US-Dollar Umsatz generieren, befinden sich in Georgia, Florida und Tennessee.
Dieser wegweisende Deal, der im Oktober 2025 abgeschlossen wird, stellt die größte eigenständige Übernahme von La-Z-Boy Furniture Galleries® in der Firmengeschichte dar. Die Transaktion wird die Anzahl der firmeneigenen La-Z-Boy-Filialen auf 220 Standorte erhöhen, was 60 % des gesamten Netzwerks entspricht. Von der Übernahme wird ein zusätzlicher konsolidierter Jahresumsatz von etwa 40 Millionen US-Dollar erwartet.
Separat warnte La-Z-Boy, dass die Umsätze und die bereinigte operative Marge im ersten Quartal des Geschäftsjahres aufgrund herausfordernder Marktbedingungen wahrscheinlich am unteren Ende der zuvor veröffentlichten Prognosen liegen werden.
- Largest independent La-Z-Boy Furniture Galleries® acquisition in company history
- Immediate accretion to sales and profits expected
- Strategic expansion in high-growth southeast region
- Acquisition to be funded with existing cash on hand
- Adds $40 million in additional consolidated annual sales
- Company expects Q1 sales and adjusted operating margin at low end of guidance
- Challenging consumer and macro environment noted
- Integration risks associated with large acquisition
Insights
La-Z-Boy's 15-store acquisition strengthens retail presence in strategic southeast markets, adding $40M to consolidated sales with immediate profit accretion.
This strategic acquisition of Atlanta Furniture Galleries represents a significant expansion of La-Z-Boy's direct retail footprint, increasing company-owned stores to 220, or
The deal is particularly valuable for three key reasons:
- It secures prime market presence in high-growth southeastern markets including Atlanta, Orlando, Jacksonville, and Knoxville
- It creates immediate sales and profit accretion with no additional debt (cash-funded)
- It enhances La-Z-Boy's vertically integrated model, capturing both wholesale and retail margins
This acquisition of the second-largest independent operator in their network demonstrates La-Z-Boy's commitment to their "Century Vision" strategy of growing direct-to-consumer channels despite current market headwinds. Management's acknowledgment that Q1 performance will be at the low end of guidance suggests they're making this long-term investment despite near-term consumer spending challenges.
The timing is strategic - by acquiring a well-established operation with existing infrastructure (15 stores and 4 warehouses), La-Z-Boy gains immediate scale without the slower ramp-up period of new store development. This positions the company for additional expansion opportunities in the southeast region, which has favorable population and economic growth trends.
Key Highlights:
- Significant acquisition of 15-store network in GA, FL, and TN with ~
$80 million in annual sales, expected to close in late October - Adds designated market areas (DMAs) that will enable further new store growth in highly desirable southeast region
- Largest independently owned La-Z-Boy Furniture Galleries® acquisition in La-Z-Boy Incorporated history
- Separately, La-Z-Boy Incorporated updates fiscal first quarter sales and adjusted operating margin outlook(1)
MONROE, Mich., July 14, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today announced the signing of an asset purchase agreement to acquire a La-Z-Boy Furniture Galleries® store network in the southeast region of the United States from Atlanta Furniture Galleries, LLC, owned by Tom and Amy DeGoey. The DeGoey business is the second-largest independent operator within the entire La-Z-Boy Furniture Galleries® store network, with 15 stores, four warehouses, and approximately
The acquisition will provide continuity for the highly successful southeast-based business. Once complete, the 15 stores will become part of La-Z-Boy Incorporated's Retail reporting segment, will be immediately accretive to sales and profits, and will bring the total company-owned store count to 220,
Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, “We are pleased to acquire this business in the rapidly growing and strategic southeast region. These stores are in core markets for us, including Atlanta, Orlando, Jacksonville, and Knoxville, and will pave the way for additional growth. We are grateful to Tom and Amy for their commitment to the company over the last two decades, developing one of the most successful independent La-Z-Boy licensee businesses. As strong stewards of our La-Z-Boy brand, they have made meaningful contributions, including innovative retail practices, an updated store network, and a strong group of employees. I would like to personally take the opportunity to thank Tom, who has led the business since 2004 and, along with Amy, was recognized in 2024 as our Retail Partner of the Year for the second time. We wish Tom, Amy, and their family all the best in their next phase of life.”
Tom DeGoey, Chief Executive Officer of Atlanta Furniture Galleries, LLC, said, “I am grateful to my family and colleagues for helping grow this business over the years. It has been a privilege to work with this incredible team of talented, passionate, and hard-working individuals. La-Z-Boy will have an excellent team of leaders to continue the management of day-to-day operations. I am proud of the company we have built together and I am confident that our long-time partner, La-Z-Boy Incorporated, will propel the business to new heights. It has been a pleasure to work with the La-Z-Boy Incorporated team over the years, as we have expanded the La-Z-Boy brand together.”
Whittington added, “This significant acquisition is another example of creating our own momentum in an increasingly challenging macro environment and investing for our next 100 years despite current headwinds. This is another proof point of La-Z-Boy Incorporated continuing to deliver on its Century Vision objectives and growing Retail and direct to consumer. Our vertically integrated model is a key differentiator, and we have the opportunity to further leverage the combined margin associated with earning sales and profit on both Wholesale and Retail sales. We expect a smooth and seamless transition and look forward to continuing to inspire and delight our consumers.”
The transaction is expected to be funded with cash on hand. Additional terms of the deal were not disclosed. La-Z-Boy Incorporated will provide additional financial information relating to the transaction in its fiscal year 2026 second-quarter results in November 2025. As La-Z-Boy Incorporated is already manufacturing for the acquired business and therefore, recording a portion of the annual sales in its Wholesale segment, the acquisition is currently expected to contribute approximately
Separately, in light of the increasingly challenging consumer and macro environment, the company now expects its fiscal first quarter sales and adjusted operating margin(1) to be around the low end of the ranges in the previously-issued outlook for the period ending July 26, 2025.
Investor Relations Contact:
Mark Becks, CFA, (734) 457-9538
mark.becks@la-z-boy.com
Media Contact:
Cara Klaer, (734) 598-0652
cara.klaer@la-z-boy.com
About La-Z-Boy:
La-Z-Boy Incorporated brings the transformational power of comfort to people, homes, and communities around the world - a mission that began when its founders invented the iconic recliner in 1927. Today, the company operates as a vertically integrated furniture retailer and manufacturer, committed to uncompromising quality and compassion for its consumers.
The Retail segment consists of over 200 company-owned La-Z-Boy Furniture Galleries® stores and is part of a broader network of nearly 370 La-Z-Boy Furniture Galleries® that, with La-Z-Boy.com, serve customers nationwide. Joybird®, an e-commerce retailer and manufacturer of modern upholstered furniture, has 13 stores in the U.S. In the Wholesale segment, La-Z-Boy manufactures comfortable, custom furniture for Furniture Galleries® and a variety of retail channels, England Furniture Co. offers custom upholstered furniture, and casegoods brands Kincaid®, American Drew®, and Hammary® provide pieces that make every room feel like home. To learn more, please visit: https://www.la-z-boy.com/.
Notes:
(1)This reference to adjusted operating margin for a future period is an adjusted financial measure. In this press release, we have not provided a reconciliation of adjusted operating margin for a future period to the most directly comparable GAAP financial measure because such reconciliation cannot be provided without unreasonable efforts.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains “forward-looking” 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 concerning expectations, projections or trends relating to our results of operations, financial results, financial condition, strategic initiatives and plans, acquisitions, expenses, dividends, share repurchases, liquidity, use of cash and cash requirements, borrowing capacity, investments, future economic performance, and our business and industry.
The forward-looking statements 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. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our Fiscal 2025 Annual Report on Form 10-K and other factors identified in our reports filed with the 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 as a prediction of actual results. We are including this cautionary note to make applicable 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.
FAQ
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When will La-Z-Boy complete the Southeast stores acquisition?
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