LL Flooring’s Net Sales Declined 20.9% in Q2, Earnings Down 17.8%

August 09, 2023 from Floor Focus FloorDaily News

 

Roanoke, VA, August 9, 2023 – LL Flooring reported net sales of $236.4 million for Q2 2023, a decrease of 20.9% from Q2 2022’s $299 million, driven by a decrease in transaction count reflecting by lower spending by consumers and pros.

Total comparable store sales decreased 22.2% versus the same period last year.

For the first half of 2023, the company had net sales of $412.7 million, a 17.8% decline compared to net sales of $501.8 million in the first half of 2022.

The business reported a loss of $20.5 million for Q2 2023, compared to income of $4.7 million in the same quarter last year.

For the first half of 2023, the company reported a loss of $33.7 million, compared to income of $9.7 million in the same period last year.

“Our second quarter performance primarily reflected the continued impact of the difficult macro backdrop that has impacted big ticket discretionary purchases as well as the demand for home remodeling projects. We also continued to experience pressure from low brand awareness as we continue on our transition to LL Flooring. We are actively pursuing operational opportunities to improve our performance including 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 intently working to reduce costs while focusing investments on our top growth priorities,” said president and chief executive officer Charles Tyson.