La-Z-Boy's 2024 Impact Report highlights sustainability efforts, emission reductions, community support, and long-term growth strategies.
Quiver AI Summary
La-Z-Boy Incorporated has launched its fiscal year 2024 Impact Report, titled "Preserving Our Heritage, Transforming for Tomorrow," which outlines the company's sustainability efforts embedded in its business strategy and operations. CEO Melinda Whittington emphasized the company's commitment to creating a positive impact on people and the environment, aligning with its core values. The report highlights significant achievements, including validation of emissions reduction targets, a 96% recycling rate for non-hazardous waste, and a 75% renewable energy usage in the U.S. Additionally, the company has engaged in community support through donations and environmental initiatives, such as restoring land around its headquarters and establishing a community garden. The report is part of La-Z-Boy's long-term Century Vision strategy, aimed at promoting sustainable growth and adaptability leading up to its 100th anniversary in 2027.
Potential Positives
- La-Z-Boy Incorporated's 2024 Impact Report highlights significant achievements in sustainability, including SBTi validation for ambitious emissions reduction targets that aim for a 64% reduction in Scope 1 emissions by 2032, reinforcing its leadership in environmental responsibility.
- The company achieved a remarkable 96% recycling rate for non-hazardous waste and a 20% reduction in hazardous waste generation year-over-year, showcasing its commitment to resource efficiency and waste reduction.
- La-Z-Boy's community engagement is evident through its philanthropic contributions of over $1.4 million and the donation of over 16,000 pieces of furniture to Ronald McDonald House Charities®, enhancing its brand reputation and community impact.
- The implementation of the TranZform Initiative across all manufacturing facilities emphasizes a structured approach to sustainability and employee empowerment, indicating potential for a more agile and productive workforce.
Potential Negatives
- The report does not provide specific financial metrics or performance indicators, which could raise concerns about the company's transparency and overall financial health.
- The document emphasizes sustainability and community engagement efforts but may divert attention from potential operational challenges or weaknesses not addressed in the report.
- The ambitious emissions reduction targets and sustainability goals may be viewed as overly optimistic without clear interim milestones to measure progress.
FAQ
What is the focus of La-Z-Boy's 2024 Impact Report?
The report emphasizes sustainability and its integration into La-Z-Boy's corporate strategy and operations.
How does La-Z-Boy plan to achieve net-zero emissions?
La-Z-Boy aims for net-zero by 2050, with near-term targets validated by SBTi for significant emissions reductions by 2032.
What sustainability initiatives did La-Z-Boy implement in 2024?
The TranZform Initiative fosters sustainability and employee empowerment through several core initiatives across manufacturing facilities.
How much did La-Z-Boy donate to charity in 2024?
La-Z-Boy donated over $1.4 million and provided over 16,000 pieces of furniture through its partnership with Ronald McDonald House Charities.
What are La-Z-Boy's future sustainability goals?
La-Z-Boy is focused on reducing emissions, increasing resource efficiency, and preserving biodiversity as part of its long-term strategy.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LZB Congressional Stock Trading
Members of Congress have traded $LZB stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $LZB stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER purchased up to $15,000 on 07/16.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$LZB Insider Trading Activity
$LZB insiders have traded $LZB stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $LZB stock by insiders over the last 6 months:
- JANET KERR sold 3,890 shares.
- JENNIFER LYNN MCCURRY (Chief Accounting Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 4,414 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LZB Hedge Fund Activity
We have seen 105 institutional investors add shares of $LZB stock to their portfolio, and 118 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SILVERCREST ASSET MANAGEMENT GROUP LLC removed 1,608,644 shares (-50.2%) from their portfolio in Q3 2024
- PACER ADVISORS, INC. removed 1,394,677 shares (-100.0%) from their portfolio in Q3 2024
- FULLER & THALER ASSET MANAGEMENT, INC. added 936,694 shares (+inf%) to their portfolio in Q3 2024
- GW&K INVESTMENT MANAGEMENT, LLC added 453,144 shares (+inf%) to their portfolio in Q3 2024
- BALYASNY ASSET MANAGEMENT L.P. added 310,920 shares (+inf%) to their portfolio in Q3 2024
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC removed 259,140 shares (-100.0%) from their portfolio in Q3 2024
- ABRDN PLC added 251,777 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONROE, Mich., Jan. 10, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the manufacture and retail of residential furniture, has released its fiscal year 2024 Impact Report:
Preserving Our Heritage, Transforming for Tomorrow
. Through this report, La-Z-Boy Incorporated details how sustainability is infused into its corporate strategy and operations as a core business principle, bolstered by its human-centered approach and intentional supply chain management practices to leave a positive impact on people, communities, and the planet.
“Our 2024 Impact Report is more than a reflection of our progress — it’s a testament to what we can achieve when we stay true to our values,” said Melinda Whittington, La-Z-Boy Incorporated Board Chair, President and Chief Executive Officer. “Together, we share a continued commitment to transforming our world through comfort, and this purpose is reflected in everything we do. From our consumer focus to our human-centered approach in development of our employees, to the care we bring to our manufacturing processes and our communities, we are intentional about our impact and what it means for the future.”
Key highlights for the fiscal year 2024 report include:
Received SBTi validation of our near-term targets, which include a 64 percent reduction in Scope 1 emissions, a 62 percent reduction in Scope 2 emissions, and a 51 percent reduction in Scope 3 emissions by fiscal year 2032, advancing the company toward its 2050 net-zero goal.
Reached a 96 percent recycling rate for all non-hazardous waste and a 20 percent year-over-year reduction in the generation of hazardous waste.
Renewable energy portfolio covered 75 percent of U.S. and 64 percent of global electricity consumption.
Company-wide adoption of the TranZform Initiative across all La-Z-Boy Incorporated manufacturing facilities, highlighting six core initiatives intended to foster sustainability and employee empowerment, such as Problem-Solving Culture and Waste Walks.
The La-Z-Boy Foundation donated over $1.4 million and, as the official furniture partner for the Ronald McDonald House Charities
®
, La-Z-Boy Incorporated gifted over 16,000 pieces globally.
Preserved, restored, and rewilded the 120-acre plot surrounding the company’s World Headquarters in Monroe, Michigan, contributing to the health and enjoyment of employees and area wildlife. Additionally, the planting of a community garden led to 283 pounds of produce harvested as part of an investment in biodiversity.
The report is grounded in Century Vision, the company’s long-term business strategy that aims to elevate brand reach, strengthen enterprise capabilities, and drive profitable, sustainable growth in the lead-up to its 100th anniversary in 2027. Through this strategy, La-Z-Boy Incorporated is focused on creating a more agile, efficient, and people-centered business to ensure the company not only adapts to an evolving market but also leads the way in delivering meaningful, lasting impact for its shareholders, customers, employees, and communities.
“Our 2024 Impact Report highlights the measurable progress we’ve made across key areas — reducing emissions, increasing resource efficiency, and strengthening our supply chain,” said Tim McCurry, Vice President of Environmental Health & Safety, Facilities, & Sustainability at La-Z-Boy Incorporated. “We are mindful of the ways our manufacturing operations, product sourcing, and other business practices impact our environment and our industry, and every step we take brings us closer to a more sustainable future.”
Explore the highlights, visuals, and inspiring stories that demonstrate how La-Z-Boy Incorporated is transforming for tomorrow. Read the full report at
https://www.la-z-boy.com/News/Sustainability/2024/
.
Media Contacts
:
Cara Klaer, Corporate Communications: (734) 598-0652;
Cara.Klaer@la-z-boy.com
Mark Becks, Investor Relations: (734) 457-9538;
Mark.Becks@la-z-boy.com
About La-Z-Boy Incorporated
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 193 company-owned La-Z-Boy Furniture Galleries® stores and is part of a broader network of over 350 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 12 stores in the U.S. In the Wholesale segment, La-Z-Boy manufactures comfortable, custom furniture for its 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
.
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