Lumber Liquidators Q2 Sales Inch Down, Income Declines More

Richmond, VA, August 3, 2022-Lumber Liquidators has reported Q2 2022 net sales of $299 million, a 0.8% decline from Q2 2021’s $301 million. The company reported record sales to Pro customers, which partially offset a decrease in sales to consumers and a 1.1% decrease in net services sales.

In Q2 2022, comparable store sales decreased 3.1% from Q2 2021. The year-over-year decrease in comparable store sales primarily reflected the same drivers as the change in net sales.

Net income for Q2 2022 was $2.7 million, a 77.5% decline compared to Q2 2021’s $12 million.

During Q2 2022, the company opened six new stores, bringing total store count to 437 as of June 30.

During Q2 2022, the company reduced the percent of merchandise receipts subject to Section 301 tariffs to 12% from 22% during Q2 2021.

For the first half of 2022, net sales were $578 million, a 1.2% decline compared to $585 million in the same period last year.

Net income for the first half of 2022 was $6.8 million, down 70% compared to $22.6 million in the first half of 2021.

President and chief executive officer Charles Tyson said, “While we are cautious about the near-term consumer spending environment, we feel good about the strength in home remodel trends as well as the demand for hard-surface flooring over the medium to long term. We remain committed to investing in our six strategic pillars that will position us for long-term growth. Our balance sheet is strong. We had total liquidity of $187 million at the end of the second quarter. During the second quarter, we repurchased $7 million under the share repurchase authorization approved by the Board earlier this year, underscoring our confidence in our long-term net sales and profitability growth.”