LL Flooring Posts Net Loss of $3.8M for Q3, Sales Down 4.8%
Richmond, VA, November 2, 2022-LL Flooring’s Q3 2022 net sales were $268.8 million, a decline of 4.8% from Q3 2021’s $282.2 million, primarily due to continued lower consumer spending versus last year, which more than offset just under double-digit growth in sales to ro customers. During the same period, comparable store sales decreased 7.3% YOY, and the company posted a net loss of $3.8 million, compared to earnings of $8.8 million in Q3 2021.
During Q3 2022, the company opened two new stores, bringing total store count to 439 as of September 30, and in addition in Q3, the company reduced the percent of merchandise receipts subject to Section 301 tariffs to 16% from 22% during Q3 2021
For the first three quarters of 2022, net sales were $846.8 million, a 2.4% decline compared to sales of $867.1 million in the same period last year. For the first nine months of 2022, net earnings were $3 million, a 90% decline compared to net earnings of $31.4 million in first nine months of 2021.
President and chief executive officer Charles Tyson said, “Our third quarter 2022 results were below our expectations, with comparable store sales down 7.3%, primarily due to continued lower spending by consumers versus last year, which we believe largely reflected continued pressure from inflation and higher interest rates. That said, we also delivered just under double-digit year-over-year growth in sales to Pro customers, reflecting our sixth consecutive quarter of Pro sales momentum.”
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