LL Flooring Q3 Sales Rose 12.1% YOY & Earnings Up
Richmond, VA, November 2, 2020-LL Flooring, formerly known as Lumber Liquidators, reported Q3 net sales of $296 million, an increase of 12.1% compared to Q3 2019’s $264 million. Comparable store sales for Q3 2020 increased 10.9%, primarily as a result of continued execution against the company's transformation and healthy consumer demand for home improvement projects.
Net income for Q3 2020 was $15.5 million, compared to $1 million in Q3 2019
The third quarter of 2019 was unfavorably affected by a network security incident in late August, which the company believes negatively impacted total revenue by approximately $6 million to $8 million with an accompanying reduction in gross profit. The company opened one net new store in the third quarter of 2020, bringing total store count to 423 as of September 30, 2020.
For the first nine months of 2020, net sales were $793 million, compared to $819 million in the first nine months of 2019. Net income was $30 million in the first nine months of 2020, compared to a loss of $7 million in the same period last year.
During the third quarter of 2020, the company conducted a comprehensive review of its real estate portfolio. Following the conclusion of this review, the company made the decision to close its Canadian operations, including all eight stores in Canada, and six underperforming US locations by the end of 2020.
"We are very pleased with our strong third quarter results, underscored by our continued execution against our transformation plan and industry strength as we saw customers display a healthy appetite for home improvement projects," said President and Chief Executive Officer Charles Tyson. "Our sales trends strengthened as we saw sequential improvement in our Pro and Install customers from the second to the third quarter, driven by increased willingness from customers to allow contractors into their homes for home improvement and installation projects.”
Related Topics:Lumber Liquidators