LL Flooring Net Sales Declined 4.6% in Q3, Income Declined
Richmond, VA, November 4, 2021-Lumber Liquidators/LL Flooring announced Q3 2021 net sales of $282.2 million, a decrease of 4.6% compared to Q3 2020’s $295.8. Double-digit growth in pro and services sales partially offset a decrease in DIY sales.
Total comparable store sales decreased 4.5% in Q3 2021 versus the same period last year.
Net income for Q3 2021 was $8.8 million, a 43% decline compared to $15.5 million in Q3 2020.
During Q3, the company opened six new stores, bringing total stores to 422 as of September 30.
For the first nine months of 2021, the company had sales of $867.1, a 9.3% increase compared to sales of $793.5 in the first nine months of 2020.
Net income was $31.4 million, a 3.3% increase over $30.4 million in the first nine months of 2020.
resident and Chief Executive Officer Charles Tyson said, “Our strong net sales and profitability growth on a two-year basis underscore the continued traction we are gaining on our strategic initiatives. These are truly unprecedented times from a global supply chain perspective. Notwithstanding the volatile operating environment, we are focused on furthering our competitive advantages and positioning LL Flooring as customers’ first choice in hard-surface flooring. With more than 500 varieties of hard-surface floors featuring a range of quality styles and on-trend designs, we offer our customers quality choices and provide high-touch service and advice to help them achieve their flooring project needs. Our team’s agility in launching new innovative products sourced from expanded locations across our vast network of global sourcing partners further strengthens our unique competitive position.
“As we see the opportunity to expand the LL Flooring brand and drive our accelerated growth, we are increasing our investment in our long-term strategies, initially in two key areas: We plan to increase the number of new stores we open each year to improve our omnichannel convenience, and to expand investments in our multi-pronged strategy to grow sales to Pro customers. The capabilities we are building and the investments we are making in these multi-year strategies will position LL Flooring to grow faster and gain market share.”
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