LL Flooring Sales Declined 13.7% in Q1
May 08, 2023 from Floor Focus FloorDaily News
Richmond, VA, May 8, 2023 – LL Flooring reported net sales of $240.7 million for Q1 2023, a 13.7% decline compared to Q1 2022’s $279 million, driven by lower spending by consumers versus last year combined with a decline in Pro sales.
Total comparable store sales decreased 15.4% versus the same period last year.
The company reported a loss of $13.2 million for Q1 2023, compared to income of $5.1 million in Q1 2022.
During the first quarter, the company opened one new store, bringing total stores to 443 as of March 31, 2023.
“As expected, the first quarter was very challenging, and our performance reflected the impact the difficult macro backdrop had on discretionary home improvement spending. In addition, we continue to experience pressure from brand awareness and operational challenges that impacted first quarter results. Despite the near-term volatility, we remain focused on areas of improvement that will help stabilize our results and drive long-term growth opportunities. These include further broadening and growing our brand awareness among consumers to drive traffic; ensuring a consistent customer experience across our omnichannel network to improve conversion; and improving operating efficiencies by actively working to reduce costs while focusing investments on our top growth priorities,” said president and chief executive officer Charles Tyson.
The company also reports that, “Additionally, in response to customer feedback, we have launched a new category pilot in carpet in four stores with plans to be in 20 additional stores by the end of the second quarter as we serve as the comprehensive flooring solution provider for our customers. We are also pleased to announce we are opening a third distribution center in Dallas in the third quarter which will further optimize our supply chain network.”