La-Z-Boy is the largest reclining-chair manufacturer in the world and one of North Americas largest manufacturers of upholstered furniture. Its selected 2019 comparative financial statements and notes are provided. All numbers in the statements and in the problems are in ($thousands) unless otherwise noted. Watch the dates on the statements. Round any decimals in your final answer to the nearest 100th.

Calculate the gross margin (otherwise know as gross profit percentage) for fiscal year 2019.

Note 3: Restricted Cash We have cash on deposit with a bank as collateral for certain letters of credit. All of our letters of credit have maturity dates within the next 12 months, but we expect to renew some of these letters of credit when they mature. 4/27/2019 4/28/2018 (Amounts in thousands) Cash and cash equivalents Restricted cash Total cash, cash equivalents and restricted cash. $ 129,819 $ 134,515 1,968 2,356 $ 131,787 $ 136,871 Note 4: Inventories 4/27/2019 4/28/2018 (Amounts in thousands) Raw materials Work in process Finished goods. FIFO inventories Excess of FIFO over LIFO Total inventories 90,359 86,214 13,728 12,254 114,478 109,183 218,565 207,651 (21,666) (22,810) $ 196,899 $ 184,841 The increase in our FIFO inventories was primarily a result of our fiscal 2019 acquisitions. Note 5: Property, Plant and Equipment Estimated Useful Lives 3 - 40 years $ 3 - 15 years 3- 10 years (Amounts in thousands) Buildings and building fixtures Machinery and equipment Information systems and software Land.. Land improvements Transportation equipment. Furniture and fixtures Construction in progress 3 - 30 years 3 - 10 years 3 - 15 years 4/27/2019 223,505 $ 148,760 86,400 14,323 17,454 13,598 22,826 20,722 547,588 (347,065) 200,523 $ 4/28/2018 200,370 147,542 84,881 14,626 15,362 13,929 20,812 23,250 520,772 (339,890) 180,882 Accumulated depreciation .. Net property, plant and equipment $ Depreciation expense for the fiscal years ended April 27, 2019, April 28, 2018, and April 29, 2017, was $27.5 million, $27.5 million, and $25.4 million, respectively. (52 weeks) 4/27/2019 Fiscal Year Ended (52 weeks) 4/28/2018 (52 weeks) 4/29/2017 $ 70,141 $ 81,595 $ 86,984 (325) (224) (2,108) (2,204) (770) 17,261 276 31,767 9,474 (471) 569 (291) 29,131 8,864 (656) (1,668) 502 31,147 10,981 32,671 (7,000) 7,195 3,135 (7,737) (2,388) 14,747 150,745 (2,000) (2,801) (8,009) (3,245) 6,602 (10,088) 115,750 (2,300) (7,850) 12,517 (1,211) 4,541 17,731 147,990 (Amounts in thousands) Cash flows from operating activities Net income Adjustments to reconcile net income to cash provided by operating activities Gain on disposal of assets ... Gain on conversion of investment Gain on sale of investments Change in deferred taxes Change in provision for doubtful accounts Depreciation and amortization .. Stock-based compensation expense Pension termination charge Pension plan contributions Change in receivables Change in inventories Change in other assets Change in accounts payable Change in other liabilities Net cash provided by operating activities Cash flows from investing activities Proceeds from disposals of assets Proceeds from property insurance Capital expenditures. Purchases of investments Proceeds from sales of investments Acquisitions, net of cash acquired. Net cash used for investing activities Cash flows from financing activities Payments on debt Payments for debt issuance costs Stock issued for stock and employee benefit plans, net of shares withheld for taxes Excess tax benefit on stock option exercises Purchases of common stock Dividends paid ... Net cash used for financing activities Effect of exchange rate changes on cash and equivalents. Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period ... 761 1,941 184 (48,433) (20,698) 20,944 (76,505) (122,567) 1,440 2,087 (36,337) (28,593) 22,674 (16,495) (55,224) (20,304) (29,763) 19,954 (35,878) (65,230) (223) (288) (262) (231) 13,901 2,977 (22,957) (23,508) (32,787) (475) (5,084) (56,730) (22,009) (76,255) 1,741 (13,988) 1.749 1,737 (35,957) (20,655) (53,414) 178 29,524 136,871 131,787 150,859 $ 136,871 121,335 $ 150,859 $ Supplemental disclosure of non-cash investing activities Capital expenditures included in accounts payable ........ $ 3,250 $ 5,667 $ 1,795 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. (Amounts in thousands, except per share data) Sales Cost of sales. Gross profit Selling, general and administrative expense Operating income Interest expense Interest income Pension termination charge Other expense Income before income taxes Income tax expense Net income. Net income attributable to noncontrolling interests Net income attributable to La-Z-Boy Incorporated Basic weighted average common shares Basic net income attributable to La-Z-Boy Incorporated per share Diluted weighted average common shares Diluted net income attributable to La-Z-Boy Incorporated per share Fiscal Year Ended (52 weeks) (52 weeks) (52 weeks) 4/27/2019 4/28/2018 4/29/2017 $ 1,745,401 $ 1,583,947 $ 1,520,060 1,042,831 961,200 910,757 702,570 622,747 609,303 572,896 493,378 475,961 129,674 129,369 133,342 (1,542) (538) (1,073) 2,103 1,709 981 (32,671) (2,237) (1,650) (2,510) 95,327 128,890 130,740 25,186 47,295 43,756 70,141 81,595 86,984 (1,567) (729) (1,062) $ 68,574 $ 80,866 $ 85,922 46,828 47,621 48,963 $ 1.46 $ 47,333 1.69 $ 48,135 1.75 49,470 $ 1.44 $ 1.67 $ 1.73 (Amounts in thousands, except par value) 4/27/2019 4/28/2018 Current assets Cash and equivalents . Restricted cash Receivables, net of allowance of $2,180 at 4/27/19 and $1,956 at 4/28/18 Inventories, net . Other current assets Total current assets Property, plant and equipment, net Goodwill Other intangible assets, net Deferred income taxeslong-term Other long-term assets, net Total assets $ 129,819 $ 134,515 1,968 2,356 143,288 154,055 196,899 184,841 69,144 42,451 541,118 518,218 200,523 180,882 185,867 75,254 29,907 18,190 20,670 21,265 81,705 79,158 $ 1,059,790 $ 892,967 $ 180 $ 65,365 173,091 238,636 19 124,159 223 62,403 118,721 181,347 199 86,205 Current liabilities Current portion of long-term debt Accounts payable Accrued expenses and other current liabilities Total current liabilities Long-term debt Other long-term liabilities Contingencies and commitments Shareholders' equity Preferred shares5,000 authorized; none issued Common shares, $1 par value150,000 authorized; 46,955 outstanding at 4/27/19 and 46,788 outstanding at 4/28/18 Capital in excess of par value. Retained earnings Accumulated other comprehensive loss . Total La-Z-Boy Incorporated shareholders' equity Noncontrolling interests Total equity Total liabilities and equity 46,955 46,788 313,168 298,948 325,847 291,644 (3,462) (25,199) 682,508 612,181 14,468 13,035 696,976 625,216 $ 1,059,790 $ 892,967