LL Flooring’s Net Sales Down 21.7% in Q1, Net Loss of $29 Million

May 09, 2024, from Floor Focus FloorDaily News

Richmond, VA, May 9, 2024 – LL Flooring reported net sales of $188.5 million for Q1 2024, a decline of 21.7% compared to Q1 2023’s $240.7 million.

Total comparable store sales decreased 21.5% versus the same period last year.

The net loss for Q1 2024 was $29 million, compared to a loss of $10.6 million in the prior year period.

The company closed two stores during Q1 2024, bringing it’s total store portfolio to 435 stores.

“First quarter business conditions remain difficult as we continue to experience the impact of weaker home sales, elevated interest rates and inflation, which have led to softness in home improvement, remodel and big-ticket discretionary spending. We reported comparable store sales down 21.5% as we saw continued declines in traffic and lower average project sizes from our consumer and Pro customers. Despite external headwinds, we are focused on our ability to deliver the high-touch service of an independent flooring retailer combined with the value, assortment, and convenience of a national brand,” said president and chief executive officer Charles Tyson.

Tyson continued, “The challenging macroeconomic factors have pushed home improvement spend per housing unit below its 50-year average, impacting the remodel industry. The leading indicators continue to predict that spending on remodel activity will remain challenged through the full year. However, the long-term tailwinds regarding home improvement spending remain driven by aging housing stock, increased household formation and rising home values. To that end, we remain focused on executing on our strategic initiatives that we believe will have LL Flooring well positioned in the marketplace when the cycle for home improvement spending normalizes.”