La-Z-Boy (LZB) will suspend its quarterly dividend because of the COVID-19 pandemic. Last year the company raised its quarterly dividend by 7.7 percent to $0.14 per share, marking the 7th consecutive year of dividend increases by the furniture manufacturer.

In the company's press release annoucing the COVID-19 action plan LZB announces the elimination of the June quarterly dividend and termination of the share repurchase program indefinitely to prioritize near-term financial flexibility. La-Z-Boy states that it remains committed to paying dividends over the long-term and will seek to resume dividends as business conditions improve. Likewise, the company will reinstate share repurchases when it deems appropriate.

La-Z-Boy Incorporated is a residential furniture producer. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The company-owned Retail segment includes La-Z-Boy Furniture Galleries stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network sells La-Z-Boy Incorporated products and brands, and includes stand-alone La-Z-Boy Furniture Galleries stores and independent Comfort Studio locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Edward M. Knabusch and Edwin J. Shoemaker started Floral City Furniture in 1927, and in 1928 the newly formed company introduced its first recliner. In 1941, the company was incorporated in the state of Michigan as La-Z-Boy Chair Company, and in 1996 the company changed its name to La-Z-Boy Incorporated.