La-Z-Boy Incorporated Reports Solid Second Quarter Results; Advances Largest Ever Retail Acquisition And Transformative Strategic Initiatives

Fiscal 2026 Second Quarter Highlights:

• Delivered sales of $522 million, up slightly from prior year period
• Retail segment written sales increased 4%
  • Same-store sales trends improved sequentially
  • Opened five new company-owned stores (and closed three); opened 15 new stores in the last 12 months (and closed five)
• Wholesale segment delivered sales increased 2%
  • Consolidated two additional distribution centers as part of distribution and home delivery transformation
• GAAP operating margin of 6.9% and adjusted⁽¹⁾ operating margin of 7.1%
• GAAP diluted EPS of $0.70 and adjusted⁽¹⁾ diluted EPS of $0.71
• Generated $50 million in operating cash flow for the quarter, triple last year's comparable period
• Quarterly dividend increased 10% to $0.242, the 5^th consecutive year of double-digit increases

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
  
  

MONROE, Mich., Nov. 18, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB), a global leader in the retail and manufacture of residential furniture, today reported second quarter results for the period ended October 25, 2025. For the quarter, sales totaled $522 million, up slightly against the prior year comparable period, reflecting growth in Retail and Wholesale segments, offset by a decline in Joybird sales. Operating margin was 6.9% for the quarter on a GAAP basis and 7.1% on an adjusted⁽¹⁾ basis. Diluted earnings per share totaled $0.70 on a GAAP basis and $0.71 on an adjusted⁽¹⁾ basis.

Second quarter total written sales for the Retail segment (company-owned La-Z-Boy stores) grew 4% versus a year ago and written same-store sales (which exclude the impact of both newly opened stores and newly acquired stores) were down 2%. This represents a continued sequential improvement in written same-store sales trends over the last two quarters against a challenging consumer and macroeconomic environment.

Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "We were pleased to deliver modest sales growth, particularly in our Wholesale segment where we also again delivered margin expansion, continuing to create our own momentum in what remains a choppy landscape. We are investing in the business for the long term, as highlighted by the opening of 15 new company-owned stores in the last 12 months and the advancement of our distribution and home delivery transformation project. Furthermore, in the beginning of our third quarter, we completed the previously announced acquisition of a 15-store network in the southeast U.S. region. Our Century Vision strategy to grow our Retail store footprint and expand brand reach is working and positions us to disproportionately benefit when overall industry volumes rebound."

Whittington added, "In addition to investing in our core, vertically integrated North American upholstery business, we are proactively taking steps to optimize our portfolio. We have announced plans to exit our non-core wholesale casegoods and upholstery businesses in the back half of the fiscal year, announced the proposed closure of our U.K. manufacturing facility, and strategically realigned our commercial leadership and corporate staffing to enhance operating efficiency. On top of this, leveraging our North American manufacturing base with ~90% of finished goods produced in the U.S., we are successfully navigating the current trade and tariff volatility. Our iconic brand, well positioned manufacturing base, strong balance sheet, and talented team provide the foundation for continued growth and margin expansion."

Third Quarter Outlook:

Taylor Luebke, SVP and Chief Financial Officer of La-Z-Boy Incorporated, said, "We expect fiscal third quarter sales to be in the range of $525-545 million (growth of 1-4% year-over-year) and adjusted operating margin⁽²⁾ to be in the range of 5.0-6.5%, reflecting advancement of our Century Vision initiatives, friction costs related to portfolio and supply chain optimizations, and a measured view on the uncertain macroeconomic backdrop."

Key Results:

(Unaudited, amounts in thousands, except per share data and percentages)		Quarter Ended
		10/25/2025				10/26/2024				Change
Sales		$	522,480			$	521,027			0.3	%
GAAP operating income			36,179				38,772			(7	)%
Adjusted operating income			37,147				39,028			(5	)%
GAAP operating margin			6.9	%			7.4	%		(50) bps
Adjusted operating margin			7.1	%			7.5	%		(40) bps
GAAP net income attributable to La-Z-Boy Incorporated			28,858				30,037			(4	)%
Adjusted net income attributable to La-Z-Boy Incorporated			29,568				30,226			(2	)%
Diluted weighted average common shares			41,387				42,154
GAAP diluted earnings per share		$	0.70			$	0.71			(1	)%
Adjusted diluted earnings per share		$	0.71			$	0.71			—	%

Liquidity Measures:

		Six Months Ended										Six Months Ended
(Unaudited, amounts in thousands)		10/25/2025				10/26/2024				(Unaudited, amounts in thousands)		10/25/2025			10/26/2024
Free Cash Flow										Cash Returns to Shareholders
Operating cash flow		$	86,324			$	68,253			Share repurchases		$	13,314		$	53,144
Capital expenditures			(38,927	)			(32,769	)		Dividends			18,129			16,731
Free cash flow		$	47,397			$	35,484			Cash returns to shareholders		$	31,443		$	69,875

(Unaudited, amounts in thousands)		10/25/2025			10/26/2024
Cash and cash equivalents		$	338,506		$	303,062

Fiscal 2026 Second Quarter Results versus Fiscal 2025 Second Quarter:

• Consolidated sales in the second quarter of fiscal 2026 increased slightly to $522 million versus last year, as modest growth in our Retail and Wholesale business were offset by lower delivered volume in our Joybird business
• Consolidated GAAP operating margin was 6.9% versus 7.4%
  • Consolidated adjusted⁽¹⁾ operating margin was 7.1% versus 7.5% last year, with change due to deleverage in Retail delivered same-store sales and investment in new stores, partially offset by 110 basis point benefit of lower warranty expense due to a change in our dealer warranty arrangements during the quarter
• GAAP diluted EPS was $0.70 versus $0.71 in the prior year period, and adjusted⁽¹⁾ diluted EPS was flat at $0.71 versus $0.71 last year in the comparable period

Retail Segment:

• Sales:
  • Written sales for the Retail segment (company-owned La-Z-Boy stores) increased 4% compared to the year ago period driven by new and acquired stores
    • Written same-store sales decreased 2%, a sequential improvement versus the last two quarters, as lower traffic and conversion were partially offset by higher average ticket and design sales
  • Delivered sales increased slightly to $222 million
• Operating Margin:
  • GAAP operating margin was 10.7% versus 12.6%
    • Adjusted⁽¹⁾ operating margin was 10.7% versus 12.6%, with change due to fixed cost deleverage on lower delivered same-store sales and investment in new stores
      
      

Wholesale Segment:

• Sales:
  • Sales increased 2% to $369 million versus last year, driven by growth in our core North America La-Z-Boy branded wholesale business
• Operating Margin:
  • GAAP operating margin was 7.9% versus 6.7%
    • Adjusted⁽¹⁾ operating margin was 8.1% versus 6.8%, with improvement driven by 160 basis point benefit of lower warranty expense due to a change in our dealer warranty arrangements during the quarter, partially offset by incremental expenses related to our distribution and home delivery transformation and increased advertising expenses
      
      

Corporate & Other:

• Joybird written sales increased 1%, improving sequentially from last two quarters, and driven by strength in retail store performance
• Joybird delivered sales decreased 10% to $35 million primarily due to lower delivered volume
• Corporate & Other operating loss increased versus the prior year, primarily due to expense deleverage on lower Joybird delivered sales
  
  

Balance Sheet and Cash Flow, Fiscal 2026 Second Quarter:

• Ended the quarter with $339 million in cash⁽³⁾ and no external debt
• Generated $50 million in cash from operating activities in the quarter, more than triple last year's comparable period, and generated $86 million in cash year-to-date
• Invested $20 million in capital expenditures, primarily related to new stores and remodels, and manufacturing investments
• Returned approximately $10 million to shareholders, including $9 million in dividends

Dividend:

On November 18, 2025, the Board of Directors declared a quarterly cash dividend of $0.242 per share on the common stock of the company, a 10% increase over the previous dividend. This represents the 5^th consecutive year of double-digit increases to the dividend. The dividend will be paid on December 15, 2025, to shareholders of record on December 4, 2025.



Conference Call:

La-Z-Boy will hold a conference call with the investment community on Wednesday, November 19, 2025, at 8:30 a.m. ET. The toll-free dial-in number is (888) 506-0062; international callers may use (973) 528-0011. Enter Participant Access Code: 973736.

The call will be webcast live, with corresponding slides, and archived on the internet. It will be available at https://lazboy.gcs-web.com/. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at (877) 481-4010 and to international callers at (919) 882-2331. Enter Replay Passcode: 53154. The webcast replay will be available for one year.

Investor Relations Contact:

Mark Becks, CFA, (734) 457-9538

[email protected] 

Media Contact:

Cara Klaer, (734) 598-0652

[email protected] 

About La-Z-Boy:

La-Z-Boy Incorporated (NYSE:LZB) is a leading vertically integrated retailer and manufacturer of high-quality, custom furniture that transforms the home. Founded on American heritage, the iconic La-Z-Boy brand has been synonymous with comfort, quality, and craftsmanship for nearly 100 years. As an end-to-end enterprise, the company manages every aspect of its business—from retail, manufacturing, and design to distribution and after-service care.

La-Z-Boy Incorporated brings timeless and modern furniture to life through a retail network of 370 La-Z-Boy stores, including 222 company-owned locations (including its most recent acquisition), and its digital platform at La-Z-Boy.com. Within the Wholesale segment, the company manufactures comfortable, high quality, custom furniture, with approximately 90% of its products produced in North America. Its Joybird^® brand is an omnichannel retailer and manufacturer of modern, custom upholstered furniture, operating 15 U.S. stores (including recently opened Easton Town Center location). With a global team of about 11,000 employees, La-Z-Boy Incorporated was named No. 1 in the furniture category on Newsweek's 2025 list of America's Best Retailers and continues to shape the way people live by delivering the transformational power of comfort.

Notes:

⁽¹⁾Adjusted amounts for the second quarter of fiscal 2026 exclude:

• $0.8 million pre-tax, or $0.01 per diluted share, charges related to the distribution and home delivery transformation
• purchase accounting charges related to acquisitions completed in prior periods totaling $0.2 million pre-tax, or less than $0.01 per diluted share, all included in operating income

Adjusted amounts for the second quarter of fiscal 2025 exclude:

• purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or less than $0.01 per diluted share, all included in operating income
  
  

Please refer to the accompanying "Reconciliation of GAAP to adjusted Financial Measures" and "Reconciliation of GAAP to adjusted Financial Measures: Segment Information" for detailed information on calculating the adjusted financial measures used in this press release and a reconciliation to the most directly comparable GAAP measure.

⁽²⁾This reference to adjusted operating margin for a future period is an adjusted financial measure. We have not provided a reconciliation of adjusted operating margin for future periods in this press release because such reconciliation cannot be provided without unreasonable efforts.

⁽³⁾Cash includes cash and cash equivalents.

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.

Adjusted Financial Measures:

In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), this press release also includes adjusted financial measures. Management uses these adjusted financial measures when assessing our ongoing performance. This press release contains references to adjusted operating income (on a consolidated basis and by segment), adjusted operating margin (on a consolidated basis and by segment), and adjusted net income attributable to La-Z-Boy Incorporated per diluted share, adjusted diluted earnings per share (and components thereof, including adjusted income before income taxes and adjusted net income attributable to La-Z-Boy Incorporated), each of which may exclude, as applicable, distribution and home delivery transformation charges and purchase accounting charges. The distribution and home delivery transformation charges in fiscal 2026 include accelerated lease expense, severance costs, and costs associated with exiting former distribution centers to establish a new centralized hub in the western United States. The purchase accounting charges include the amortization of intangible assets and incremental expense upon the sale of inventory acquired at fair value. These adjusted financial measures are not meant to be considered superior to or a substitute for La-Z-Boy Incorporated's results of operations prepared in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. Reconciliations of such adjusted financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Management believes that presenting certain adjusted financial measures will help investors understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. Management excludes purchase accounting charges because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions consummated and the success with which we operate the businesses acquired. While the company has a history of acquisition activity, it does not acquire businesses on a predictable cycle, and the impact of purchase accounting charges is unique to each acquisition and can vary significantly from acquisition to acquisition. Similarly, distribution and home delivery transformation charges are dependent on the timing, size, number and nature of the operations being opened or closed, consolidated or centralized, and the charges may not be incurred on a predictable cycle. Management believes that exclusion of these items facilitates more consistent comparisons of the company's operating results over time. Where applicable, the accompanying "Reconciliation of GAAP to Adjusted Financial Measures" tables present the excluded items net of tax calculated using the effective tax rate from operations for the period in which the adjustment is presented.

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF INCOME

		Quarter Ended								Six Months Ended
(Unaudited, amounts in thousands, except per share data)		10/25/2025				10/26/2024				10/25/2025				10/26/2024
Sales		$	522,480			$	521,027			$	1,014,709			$	1,016,559
Cost of sales			291,342				290,379				574,374				572,568
Gross profit			231,138				230,648				440,335				443,991
Selling, general and administrative expense			194,959				191,876				382,169				372,849
Operating income			36,179				38,772				58,166				71,142
Interest expense			(110	)			(99	)			(230	)			(309	)
Interest income			3,549				3,730				6,657				8,154
Other income (expense), net			(54	)			(1,879	)			(639	)			(2,497	)
Income before income taxes			39,564				40,524				63,954				76,490
Income tax expense			10,574				10,671				16,667				19,833
Net income			28,990				29,853				47,287				56,657
Net (income) loss attributable to noncontrolling interests			(132	)			184				(225	)			(461	)
Net income attributable to La-Z-Boy Incorporated		$	28,858			$	30,037			$	47,062			$	56,196
Basic weighted average common shares			41,227				41,708				41,127				41,880
Basic net income attributable to La-Z-Boy Incorporated per share		$	0.70			$	0.72			$	1.14			$	1.34
​
Diluted weighted average common shares			41,387				42,154				41,325				42,316
Diluted net income attributable to La-Z-Boy Incorporated per share		$	0.70			$	0.71			$	1.14			$	1.33

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

(Unaudited, amounts in thousands, except par value)		10/25/2025				4/26/2025
Current assets
Cash and equivalents		$	338,506			$	328,449
Receivables, net of allowance of $5,124 at 10/25/2025 and $5,042 at 4/26/2025			138,308				139,533
Inventories, net			225,566				255,285
Assets held for sale			29,436				—
Other current assets			91,443				82,421
Total current assets			823,259				805,688
Property, plant and equipment, net			348,777				339,212
Goodwill			205,556				205,590
Other intangible assets, net			49,581				51,161
Deferred income taxes – long-term			6,805				7,349
Right of use lease asset			461,172				452,848
Other long-term assets, net			63,608				60,314
Total assets		$	1,958,758			$	1,922,162
Current liabilities
Accounts payable		$	103,992			$	95,984
Lease liabilities, short-term			82,661				80,592
Accrued expenses and other current liabilities			237,068				244,215
Total current liabilities			423,721				420,791
Lease liability, long-term			420,257				410,265
Other long-term liabilities			63,323				59,130
Shareholders' Equity
Preferred shares – 5,000 authorized; none issued			—				—
Common shares, $1.00 par value – 150,000 authorized; 41,249 outstanding at 10/25/2025 and 41,164 outstanding at 4/26/2025			41,249				41,164
Capital in excess of par value			393,315				385,601
Retained earnings			608,344				597,432
Accumulated other comprehensive loss			(3,318	)			(3,574	)
Total La-Z-Boy Incorporated shareholders' equity			1,039,590				1,020,623
Noncontrolling interests			11,867				11,353
Total equity			1,051,457				1,031,976
Total liabilities and equity		$	1,958,758			$	1,922,162

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

		Six Months Ended
(Unaudited, amounts in thousands)		10/25/2025				10/26/2024
Cash flows from operating activities
Net income		$	47,287			$	56,657
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal and impairment of assets			(76	)			40
(Gain)/loss on sale of investments			(214	)			(113	)
Provision for doubtful accounts			330				477
Depreciation and amortization			23,099				23,644
Amortization of right-of-use lease assets			40,650				41,817
Equity-based compensation expense			8,243				9,047
Change in deferred taxes			3,713				2,377
Change in receivables			929				10,000
Change in inventories			6,563				(22,625	)
Change in other assets			(5,913	)			(9,626	)
Change in payables			9,325				12,380
Change in lease liabilities			(40,282	)			(42,721	)
Change in other liabilities			(7,330	)			(13,101	)
Net cash provided by operating activities			86,324				68,253
Cash flows from investing activities
Proceeds from disposals of assets			240				176
Capital expenditures			(38,927	)			(32,769	)
Purchases of investments			(213	)			(5,317	)
Proceeds from sales of investments			717				10,225
Acquisitions			(627	)			(17,841	)
Net cash used for investing activities			(38,810	)			(45,526	)
Cash flows from financing activities
Payments on finance lease liabilities			(457	)			(291	)
Payments for debt issuance costs			(784	)			—
Stock issued for stock and employee benefit plans, net of shares withheld for taxes			(4,871	)			9,887
Repurchases of common stock			(13,314	)			(53,144	)
Dividends paid to shareholders			(18,129	)			(16,731	)
Dividends paid to minority interest joint venture partners (1)			—				(1,414	)
Net cash used for financing activities			(37,555	)			(61,693	)
Effect of exchange rate changes on cash and equivalents			98				930
Change in cash and cash equivalents			10,057				(38,036	)
Cash and cash equivalents at beginning of period			328,449				341,098
Cash and cash equivalents at end of period		$	338,506			$	303,062
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables		$	5,875			$	4,420

^{(1)   _{Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.}}

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

		Quarter Ended								Year Ended
(Unaudited, amounts in thousands)		10/25/2025				10/26/2024				10/25/2025				10/26/2024
Sales
Wholesale segment:
Sales to external customers		$	263,556			$	258,983			$	518,901			$	515,003
Intersegment sales			105,883				104,914				203,495				199,794
Wholesale segment sales			369,439				363,897				722,396				714,797
Retail segment sales			222,043				221,564				429,193				423,934
Corporate and Other:
Sales to external customers			36,881				40,480				66,615				77,622
Intersegment sales			1,808				1,607				3,309				3,173
Corporate and Other sales			38,689				42,087				69,924				80,795
Eliminations			(107,691	)			(106,521	)			(206,804	)			(202,967	)
Consolidated sales		$	522,480			$	521,027			$	1,014,709			$	1,016,559
Operating Income (Loss)
Wholesale segment		$	29,056			$	24,529			$	54,231			$	48,528
Retail segment			23,821				27,897				36,941				48,546
Corporate and Other			(16,698	)			(13,654	)			(33,006	)			(25,932	)
Consolidated operating income		$	36,179			$	38,772			$	58,166			$	71,142

LA-Z-BOY INCORPORATED

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES

		Quarter Ended								Six Months Ended
(Amounts in thousands, except per share data)		10/25/2025				10/26/2024				10/25/2025				10/26/2024
GAAP gross profit		$	231,138			$	230,648			$	440,335			$	443,991
Purchase accounting charges (1)			—				—				—				140
Distribution transformation (2)			768				—				2,077				—
Adjusted gross profit		$	231,906			$	230,648			$	442,412			$	444,131
GAAP SG&A		$	194,959			$	191,876			$	382,169			$	372,849
Purchase accounting charges (3)			(200	)			(256	)			(399	)			(510	)
Adjusted SG&A		$	194,759			$	191,620			$	381,770			$	372,339
GAAP operating income		$	36,179			$	38,772			$	58,166			$	71,142
Purchase accounting charges			200				256				399				650
Distribution transformation charges			768				—				2,077				—
Adjusted operating income		$	37,147			$	39,028			$	60,642			$	71,792
GAAP income before income taxes		$	39,564			$	40,524			$	63,954			$	76,490
Purchase accounting charges			200				256				399				650
Distribution transformation charges			768				—				2,077				—
Adjusted income before income taxes		$	40,532			$	40,780			$	66,430			$	77,140
GAAP net income attributable to La-Z-Boy Incorporated		$	28,858			$	30,037			$	47,062			$	56,196
Purchase accounting charges			200				256				399				650
Tax effect of purchase accounting			(53	)			(67	)			(104	)			(168	)
Distribution transformation charges			768				—				2,077				—
Tax effect of distribution transformation			(205	)			—				(542	)			—
Adjusted net income attributable to La-Z-Boy Incorporated		$	29,568			$	30,226			$	48,892			$	56,678
GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS")		$	0.70			$	0.71			$	1.14			$	1.33
Purchase accounting charges, net of tax, per share			—				—				—				0.01
Distribution transformation charges, net of tax, per share			0.01				—				0.04				—
Adjusted net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS")		$	0.71			$	0.71			$	1.18			$	1.34

<sub>⁽¹⁾   Includes incremental expense upon the sale of inventory acquired at fair value.

⁽²⁾   Includes accelerated lease expense, severance costs, and costs associated with exiting former distribution centers to establish a new centralized hub in the western United States.

⁽³⁾   Includes amortization of intangible assets.</sub>

LA-Z-BOY INCORPORATED

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES

SEGMENT INFORMATION

		Quarter Ended														Six Months Ended
(Amounts in thousands)		10/25/2025				% of sales			10/26/2024				% of sales			10/25/2025				% of sales			10/26/2024				% of sales
GAAP operating income (loss)
Wholesale segment		$	29,056			7.9	%		$	24,529			6.7	%		$	54,231			7.5	%		$	48,528			6.8	%
Retail segment			23,821			10.7	%			27,897			12.6	%			36,941			8.6	%			48,546			11.5	%
Corporate and Other			(16,698	)		N/M				(13,654	)		N/M				(33,006	)		N/M				(25,932	)		N/M
Consolidated GAAP operating income		$	36,179			6.9	%		$	38,772			7.4	%		$	58,166			5.7	%		$	71,142			7.0	%
Adjusted items affecting operating income
Wholesale segment		$	768						$	57						$	2,077						$	112
Retail segment			—							—							—							140
Corporate and Other			200							199							399							398
Consolidated adjusted items affecting operating income		$	968						$	256						$	2,476						$	650
Adjusted operating income (loss)
Wholesale segment		$	29,824			8.1	%		$	24,586			6.8	%		$	56,308			7.8	%		$	48,640			6.8	%
Retail segment			23,821			10.7	%			27,897			12.6	%			36,941			8.6	%			48,686			11.5	%
Corporate and Other			(16,498	)		N/M				(13,455	)		N/M				(32,607	)		N/M				(25,534	)		N/M
Consolidated adjusted operating income		$	37,147			7.1	%		$	39,028			7.5	%		$	60,642			6.0	%		$	71,792			7.1	%
N/M - Not Meaningful