LL Flooring Reports Q2 Sales Down 20.2%, Income Up
Roanoke, VA, August 5, 2020-LL Flooring, formerly Lumber Liquidators, announced net sales for Q2 2020 decreased 20.2% to $230 million, compared to Q2 2019.
Comparable store sales for Q2 2020 were down 21.3% driven by the impact of COVID-19.
Net income for Q2 2020 increased $5.5 million to $2.6 million, compared to a net loss of $2.9 million for Q2 2019.
The company opened two net new stores in Q2 2020, bringing total store count to 422 as of June 30.
Says CEO Charles Tyson, "We were encouraged by improving sales trends through the quarter as markets reopened and consumers began to more fully engage in home improvement projects. I am confident that our continued focus on our transformation plan and strategic pillars, including developing a strong people-centric, diverse and collaborative culture, will position us well for long-term success."
In this mornings conference call, Tyson stressed the company's focus on digital with online visualization tools, video chat, omni-channel (buy online - pick up in store), and a new installation portal that enables sub-contracting installers to pick the jobs they want to service.
From a product mix perspective, the company is adding more vinyl products as well as expanding its Bellawood solid hardwood flooring offering.
In respect to the Chinese tariffs, LL Flooring has recovered $9 million of the $27 million that it expects to get back from the Section 301 tariffs that LL paid for products that were later exempted. It was also mentioned LL management has still not heard the decision on the August 7 deadline as to whether the exemptions would be extended.
Thanks to Covid 19, any decision to extend the open format store layout that was being tested in 5 stores has been put on hold.
Related Topics:Lumber Liquidators