LL Flooring Sales Increased 30% in Q2, Net Income Up 354%
Richmond, VA, August 4, 2021-LL Flooring (formerly Lumber Liquidators) reported net sales of $301.4 million for Q2 2021, an increase of 30.9% compared to the same period last year. For Q2, total comparable store sales increased 31.3% versus the same period last year.
Net income for Q2 2021 was $11,989,000, a 354% increase compared to $2,639,000 in Q2 2020.
During the second quarter, the company repaid all $101.0 million of outstanding debt and opened four new stores, bringing total stores to 416 as of June 30.
For the first six months of 2021, net sales were $509,585,000, a 14% increase compared to $448,837,000 in the first half of 2020. Net income was $22,611,000, a 52% increase compared to $14,874,000 in the first half of 2020.
“As we look ahead, we are encouraged by the increasing traction we are gaining on our transformation that will position us well for sustainable long-term growth,” said President and Chief Executive Officer Charles Tyson. “In the near term, we are cautious about the potential impact of continued supply chain disruptions as well as related higher transportation and materials costs. To minimize the impact of these headwinds, we are keenly focused on rebuilding inventory to drive sales, executing our pricing and promotion strategies to optimize gross margin, and maintaining disciplined expense management as we continue to invest in our growth strategies.”
Related Topics:Lumber Liquidators