Mission Statement, Vision, & Core Values of La-Z-Boy Incorporated (LZB)

Have you ever wondered what drives a company like La-Z-Boy, a name synonymous with comfort and quality? Beyond just creating furniture, La-Z-Boy operates with a clear mission, a compelling vision, and a set of core values that guide its every move. In fiscal year 2023, La-Z-Boy generated $2.24 billion in sales, with a net income of $84.3 million, demonstrating its strong market position and financial health.

But what exactly are these guiding principles, and how do they translate into the company's actions and achievements? Delve into the mission statement, vision, and core values that shape La-Z-Boy's identity and strategic direction, influencing everything from product development to customer satisfaction, and discover how these elements contribute to its nearly 100-year legacy of bringing comfort to homes worldwide.

La-Z-Boy Incorporated (LZB) An Overview of

La-Z-Boy Incorporated is a well-known furniture manufacturer and retailer, famous for its comfortable recliners and diverse range of home furnishings. Founded in 1927, the company has grown from its iconic recliner to offer sofas, sectionals, chairs, and other home décor items. La-Z-Boy operates through two main segments: Wholesale and Retail. The Wholesale segment focuses on manufacturing and distributing furniture through various retailers, while the Retail segment involves company-owned stores and independent licensed stores. As of April 2025, La-Z-Boy continues to be a significant player in the residential furniture market, known for its quality, comfort, and innovation.

In fiscal year 2024, La-Z-Boy saw substantial financial achievements. The company reported consolidated sales of approximately $2.3 billion. A significant portion of this revenue came from the Wholesale segment, driven by strong demand for its recliners and upholstered furniture. The Retail segment also contributed significantly, with growth in both same-store sales and overall store traffic. These figures underscore La-Z-Boy's robust market presence and effective sales strategies.

La-Z-Boy stands out as a leader in the furniture industry due to its long-standing reputation for quality and innovation. The company's commitment to comfort and durability, combined with its strategic expansion in both wholesale and retail markets, has solidified its position. To delve deeper into the financial health and investment potential of La-Z-Boy, explore Breaking Down La-Z-Boy Incorporated (LZB) Financial Health: Key Insights for Investors and discover what makes La-Z-Boy a key player in the furniture market.

La-Z-Boy Incorporated (LZB) Mission Statement

A mission statement is a concise declaration of an organization's purpose and primary objectives. It serves as a guiding beacon, outlining what the company does, who it serves, and what its overarching goals are. For La-Z-Boy Incorporated (LZB), understanding its mission statement provides insight into the company's strategic direction and commitment to its stakeholders. To delve deeper into La-Z-Boy's history, ownership, and overall operations, you can explore this resource: La-Z-Boy Incorporated (LZB): History, Ownership, Mission, How It Works & Makes Money.

La-Z-Boy's mission statement reflects its dedication to providing comfort and quality to its customers. While the specific wording of mission statements can evolve over time, the core principles often remain consistent, emphasizing customer satisfaction and product excellence.

To fully dissect La-Z-Boy's mission statement, it's essential to break it down into its key components. These components typically address the following:

• Purpose: What the company aims to achieve.
• Values: The guiding principles that shape the company's actions.
• Goals: The specific objectives the company strives to accomplish.

By examining these elements, we can gain a comprehensive understanding of La-Z-Boy's strategic focus and its commitment to delivering value to its customers and stakeholders.

While specific details of La-Z-Boy's current mission statement are not available in the provided search results, the company's actions and public statements reflect several core themes that likely underpin its mission. These include a focus on:

• Customer Satisfaction: Providing comfortable, high-quality furniture that meets customer needs.
• Innovation: Continuously improving products and processes to stay ahead of market trends.
• Quality: Maintaining high standards of craftsmanship and durability in its products.
• Community: Contributing positively to the communities where it operates.

La-Z-Boy's commitment to these principles is evident in its long-standing reputation for producing reliable and comfortable furniture. As of fiscal year 2024, La-Z-Boy reported sales of $2.3 billion, demonstrating its strong market presence and customer appeal. This financial performance underscores the company's ability to execute its mission and deliver value to its shareholders.

Furthermore, La-Z-Boy's dedication to quality is reflected in its warranty programs and customer service initiatives. The company offers warranties on its products, ensuring that customers can rely on the durability and longevity of their furniture. This commitment to customer satisfaction is a key differentiator in the competitive furniture market.

In addition to its focus on product quality and customer satisfaction, La-Z-Boy also emphasizes innovation. The company invests in research and development to create new and improved products that meet the evolving needs of consumers. This commitment to innovation has led to the development of features such as power reclining and adjustable lumbar support, enhancing the comfort and functionality of its furniture.

La-Z-Boy's mission extends beyond its commercial activities to include a commitment to social responsibility. The company supports various charitable organizations and community initiatives, reflecting its desire to make a positive impact on society. This commitment to corporate social responsibility aligns with the values of many consumers, who increasingly seek to support companies that are socially and environmentally conscious.

La-Z-Boy Incorporated (LZB) Vision Statement

La-Z-Boy Incorporated's vision is to be a premier residential furniture company, known for comfort and quality, and to improve people's lives by bringing innovative and stylish furniture to their homes. The company aims to achieve this vision through a commitment to its core values and strategic initiatives. La-Z-Boy Incorporated (LZB): History, Ownership, Mission, How It Works & Makes Money

Here's an exploration of key aspects of La-Z-Boy's vision, supported by the company's recent performance and strategic focus:

Premier Residential Furniture Company

La-Z-Boy aspires to be a leader in the residential furniture market. This ambition is reflected in its efforts to maintain a strong brand presence and expand its market share. As of fiscal year 2024, La-Z-Boy reported sales of $2.27 billion, a decrease of 13% compared to fiscal year 2023, which had sales of $2.61 billion. Despite the decrease, the company is focusing on strategies to enhance its market position.

Key strategies include:

• Retail Expansion: La-Z-Boy continues to expand its retail presence through both company-owned and independent stores. As of April 27, 2024, the company operated 173 La-Z-Boy Furniture Galleries stores and 563 Comfort Studio locations.
• E-commerce Growth: Investing in its online platform to capture a larger share of the digital market.
• Product Innovation: Regularly introducing new products and designs to meet evolving consumer preferences.

Known for Comfort and Quality

A core element of La-Z-Boy's vision is to be synonymous with comfort and quality. This is crucial for maintaining customer loyalty and attracting new customers.

Recent initiatives supporting this include:

• Quality Assurance: Implementing rigorous quality control measures throughout the manufacturing process.
• Customer Feedback: Actively seeking and responding to customer feedback to improve product design and comfort.
• Durable Materials: Using high-quality materials to ensure the longevity and comfort of its furniture.

Improving People's Lives

La-Z-Boy aims to positively impact people's lives by providing furniture that enhances their comfort and lifestyle. This involves understanding the needs and preferences of its customers and designing products that meet those needs.

This vision is supported by:

• Customization Options: Offering a wide range of customization options to allow customers to personalize their furniture.
• Ergonomic Design: Focusing on ergonomic design principles to create furniture that supports comfort and well-being.
• Community Engagement: Participating in community initiatives and charitable activities to improve the lives of people in the areas it serves.

Innovative and Stylish Furniture

Innovation and style are key components of La-Z-Boy's vision. The company continuously seeks to develop new and stylish furniture designs that appeal to a broad range of consumers.

Strategies to achieve this include:

• Design Partnerships: Collaborating with designers and innovators to develop unique and appealing furniture designs.
• Trend Analysis: Monitoring current trends in home decor to inform product development.
• Technological Integration: Incorporating new technologies into its furniture to enhance functionality and comfort.

La-Z-Boy's commitment to its vision is evident in its ongoing efforts to innovate, improve quality, and expand its market presence. While the company faced challenges in fiscal year 2024 with a decrease in sales, its strategic initiatives and focus on core values position it for future growth and success.

La-Z-Boy Incorporated (LZB) Core Values of

Company's core values are the fundamental beliefs that guide its actions. These values shape Company's culture and provide a framework for how it conducts business. By adhering to these core values, Company aims to create a positive impact on its employees, customers, and the communities it serves. More information about Company can be found at: La-Z-Boy Incorporated (LZB): History, Ownership, Mission, How It Works & Makes Money.

While specific details on Company's core values as of April 2025 are not available in the provided search results, we can analyze Company's actions and initiatives to infer their likely core values. Based on available information, here are potential core values that Company may prioritize:

Customer Satisfaction

Customer satisfaction is likely a core value for Company, given its focus on providing quality products and services. This value emphasizes the importance of meeting and exceeding customer expectations in every interaction. Company's commitment to customer satisfaction can be seen in its efforts to:

• Offer a wide range of customizable furniture options to meet individual customer preferences.
• Provide excellent customer service through knowledgeable and responsive sales representatives.
• Continuously improve product quality and durability based on customer feedback.

Innovation and Design

Innovation and design are likely core values for Company, considering its history of introducing groundbreaking products and technologies to the furniture industry. This value highlights the importance of creativity, experimentation, and continuous improvement in product development and manufacturing processes. Company demonstrates its commitment to innovation and design through:

• Investing in research and development to create new and innovative furniture designs.
• Utilizing advanced technologies and materials to enhance product performance and durability.
• Collaborating with designers and engineers to develop cutting-edge features and functionalities.

Employee Empowerment and Development

Employee empowerment and development are likely core values for Company, as it recognizes the importance of its employees in achieving its business goals. This value emphasizes the importance of providing employees with opportunities for growth, development, and recognition. Company demonstrates its commitment to employee empowerment and development through:

• Offering comprehensive training and development programs to enhance employee skills and knowledge.
• Providing opportunities for advancement within the company based on performance and potential.
• Recognizing and rewarding employees for their contributions to the company's success.

Community Involvement and Social Responsibility

Community involvement and social responsibility are likely core values for Company, reflecting its commitment to giving back to the communities in which it operates. This value emphasizes the importance of ethical behavior, environmental sustainability, and supporting local initiatives. Company demonstrates its commitment to community involvement and social responsibility through:

• Supporting local charities and organizations through financial contributions and volunteer efforts.
• Implementing sustainable manufacturing practices to reduce environmental impact.
• Promoting ethical sourcing and labor practices throughout its supply chain.