Mission Statement, Vision, & Core Values (2024) of La-Z-Boy Incorporated (LZB)

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

General Summary of La-Z-Boy Incorporated

Founded in 1927, La-Z-Boy Incorporated (LZB) is a renowned American furniture manufacturer, best known for its reclining chairs. The company has expanded its product offerings over the years to include sofas, sectionals, and home furnishings. As of 2024, La-Z-Boy operates more than 350 retail locations across the United States and has a growing presence in international markets.

In 2024, La-Z-Boy reported sales of approximately $1.6 billion, reflecting a diverse portfolio that includes both company-owned and franchised stores. The primary product categories driving sales are:

• Recliners: 45% of sales
• Sofas and Sectionals: 30% of sales
• Home Accessories: 15% of sales
• Outdoor Furniture: 10% of sales

Company's Financial Performance in Latest Financial Reports

La-Z-Boy's most recent financial report indicates a record-breaking revenue of $1.6 billion for the fiscal year ending April 2024, representing a growth of 12% year-over-year. The company recorded an operating income of $120 million and a net profit margin of 7.5%. Notably, the sales from recliners experienced an increase of 15%, attributed to strong demand during the post-pandemic home furnishing boom.

Here are some key financial highlights:

La-Z-Boy as a Leader in the Industry

La-Z-Boy stands out as a leader in the home furnishings industry, with a strong market presence and brand recognition. The company is recognized for its innovative designs and commitment to quality, which has established it as a preferred choice among consumers. In 2024, La-Z-Boy holds approximately 21% market share in the U.S. recliner market, demonstrating its competitive edge.

To further understand La-Z-Boy’s success and strategies that contribute to its leadership, delve deeper into its business practices, customer engagement, and product development initiatives.

Mission Statement of La-Z-Boy Incorporated (LZB)

Mission Statement Overview

The mission statement of La-Z-Boy Incorporated (LZB) serves as a foundation for guiding the company towards achieving its long-term objectives. It encapsulates the essence of the brand, reflecting its commitment to quality, customer satisfaction, and innovation in the home furnishings industry. The mission statement is pivotal in aligning the efforts of employees and stakeholders towards a common purpose.

Core Component 1: Customer Commitment

La-Z-Boy's mission emphasizes a strong commitment to understanding and meeting customer needs. This dedication to customer satisfaction manifests in several ways:

• Product customizations: Over 900 fabric and leather options.
• Customer service satisfaction: 90% of customers report satisfaction in post-purchase surveys.
• Retail presence: Approximately 350 company-owned and 500 independently owned stores across North America.

In 2022, La-Z-Boy generated approximately $1.6 billion in net sales, demonstrating the effectiveness of its customer-centric approach.

Core Component 2: Quality of Products

The mission statement further highlights the importance of delivering high-quality products. La-Z-Boy prides itself on its craftsmanship and durable materials.

• Manufacturing standards: All furniture is manufactured under strict quality control standards, ensuring durability and longevity.
• Warranty offerings: Up to 1-year limited warranty on upholstery and 5-year warranty on wood frames.
• Consumer ratings: Average rating of 4.5 out of 5 stars based on customer review data on major furniture retail sites.

In a recent survey, 85% of consumers stated they would recommend La-Z-Boy products based on quality and comfort.

Core Component 3: Innovation and Sustainability

Innovation is a cornerstone of La-Z-Boy's mission statement, reflecting the company's dedication to evolving its product lines and manufacturing processes.

• Investment in R&D: La-Z-Boy invests approximately $15 million annually in research and development for new products.
• Sustainability goals: Targeting a 30% reduction in greenhouse gas emissions by 2030, with progress tracked annually.
• Eco-friendly materials: Over 50% of the wood used is sourced from sustainable forests.

In the fiscal year 2022, La-Z-Boy received the 'Sustainable Furniture Council's Leadership Award,' acknowledging its commitment to sustainable practices.

Vision Statement of La-Z-Boy Incorporated (LZB)

Vision Statement Overview

La-Z-Boy Incorporated (LZB) envisions being the leading global provider of quality furniture that enhances the comfort and lifestyle of customers. This vision drives the company’s strategic initiatives and corporate ethos as of 2024.

Customer-Centric Focus

The primary component of La-Z-Boy's vision statement revolves around a strong customer focus. The company aims to deliver exceptional value, innovation, and service to its customers. This commitment is reflected in the following statistics:

Innovation and Quality

Innovation is a key aspect of La-Z-Boy's vision. The company strives to maintain a leading edge in design and technology while ensuring quality manufacturing processes. As of 2024, La-Z-Boy has allocated substantial resources to research and development:

Sustainability Initiatives

La-Z-Boy is committed to sustainable practices in its operations. The vision includes reducing environmental impact and promoting sustainability in production:

Global Expansion

The vision of La-Z-Boy includes a plan for global expansion to increase market share in international markets. Key figures in this regard include:

Employee Engagement and Culture

An integral part of La-Z-Boy’s vision is fostering a positive corporate culture and enhancing employee engagement. The company’s 2024 objectives include:

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

Customer Focus

Customer Focus is a core value that emphasizes prioritizing customer needs and satisfaction in all business operations.

In 2023, La-Z-Boy Incorporated (LZB) achieved a customer satisfaction score of 89%, reflecting its commitment to understanding and fulfilling customer expectations.

• La-Z-Boy launched the 'Design Your Own' program, allowing customers to personalize furniture with over 900 fabric options and various styles.
• The Net Promoter Score (NPS) for La-Z-Boy was recorded at 63 in FY 2023, showcasing strong customer loyalty.

In the first quarter of 2024, La-Z-Boy reported over 75,000 customer interactions via online chat and social media, indicating a robust engagement strategy.

Integrity

Integrity involves maintaining transparency, honesty, and ethical standards in all business dealings.

La-Z-Boy operates with a Code of Conduct that mandates adherence to ethical practices and compliance with all applicable laws and regulations.

• In 2023, La-Z-Boy was recognized as one of the World's Most Ethical Companies by the Ethisphere Institute for the third consecutive year.
• The Company conducted over 14,000 employee training sessions on ethics and compliance, ensuring a well-informed workforce.

La-Z-Boy's annual report highlighted a 100% completion rate for mandatory compliance training among employees in FY 2023.

Innovation

Innovation drives La-Z-Boy to enhance product offerings and improve operational efficiencies.

In FY 2023, La-Z-Boy invested $15 million in research and development to introduce new products, including environmentally sustainable materials.

• La-Z-Boy launched 45 new furniture products in 2023, utilizing advanced technology for better design and functionality.
• The Company implemented a digital prototyping tool, reducing product development time by 25%.

As of 2024, La-Z-Boy reported a 12% increase in sales attributed to innovative product lines introduced over the past year.

Excellence

Excellence is a commitment to delivering the highest quality products and services.

La-Z-Boy achieved a 95% quality rating from customer feedback surveys in 2023, underscoring its dedication to craftsmanship.

• In FY 2023, the Company implemented a Six Sigma quality control program across its manufacturing facilities, resulting in a 20% reduction in defects.
• La-Z-Boy has received multiple awards for product design excellence, including the Good Design Award for 2023.

Additionally, La-Z-Boy reported a 10% increase in production efficiency due to its continuous improvement initiatives.

Accountability

Accountability ensures that employees take responsibility for their actions and decisions.

La-Z-Boy established clear performance metrics and KPIs for all departments, leading to improved performance tracking.

• In 2023, employee performance reviews were completed for 100% of staff, reinforcing accountability at all organizational levels.
• The Company launched an internal initiative that recognized over 300 employees for outstanding accountability and performance.

Financially, La-Z-Boy reported a 15% increase in overall employee productivity in 2023 as a result of enhanced accountability measures.

Teamwork

Teamwork is essential for fostering a collaborative and supportive workplace environment.

In 2023, La-Z-Boy conducted team-building exercises that resulted in a 30% improvement in cross-departmental collaboration.

• The Company reported a 40% increase in employee engagement scores following the implementation of collaborative projects.
• La-Z-Boy has established over 20 internal committees to address various workplace issues, enhancing employee involvement.

The Company also noted a 25% reduction in project turnaround time associated with enhanced teamwork initiatives in FY 2023.