LL Flooring Sales & Income Declined in Q4
Richmond, VA, February 23, 2022-LL Flooring reported net sales of $285.3 million for Q4 2021, a decrease of 6.2% compared to the prior year period’s $304.2 million. In Q4, double-digit growth in sales to Pro customers and a 6.4% increase in net services sales partially offset a decrease in DIY sales. Total comparable store sales decreased 6.7% versus the same period last year.
Net income for Q4 2021 was $10.3 million, compared to $31 million in Q4 2020.
Net sales for 2021 were $1.2 billion, an increase of 9% compared to $1.1 billion in 2020.
For 2021, net income was $41 million, a decline of 33% compared to $61.4 million in fiscal year 2020.
Said president and chief executive officer Charles Tyson, “In 2021, we delivered record sales to Pro customers and record net services sales. Our merchant and sourcing teams broadened our network of global sourcing partners to launch new, innovative product and deployed effective pricing and promotion strategies to partially mitigate substantially higher material and transportation costs.”
Tyson continued, “We are excited to share today our target for $1.5 billion in net revenue with expanded operating margin by 2024. Our balance sheet is strong, with no debt and total liquidity of $227.2 million at year end, which enables us to invest in our organic growth. In addition, our Board has increased our share repurchase program authorization to $50 million, underscoring strong confidence in the long-term growth potential for our business as well as the financial flexibility we have created to invest in growth and return capital to our shareholders.”
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