La-Z-Boy Announces Planned Exit Of Non-Core Businesses, Kincaid And American Drew Casegoods And Kincaid Upholstery; Proposes Closure Of UK Manufacturing Facility

Additional Strategic Initiatives:

• Completed 15-store acquisition in southeast U.S. region; adding an estimated $80 million in annual Retail sales (approximately $40 million net to enterprise)
• Announced planned exit of non-core businesses (Kincaid and American Drew casegoods and Kincaid upholstery)
• Announced proposed closure of UK manufacturing facility
• Strategically realigned leadership and corporate staffing to focus on core businesses
• To be substantially completed by the end of the fiscal year, these initiatives combined will reduce sales by approximately $30 million, net, and increase margins by 75-100 bps