- LL Flooring Holdings Inc (NYSE:LL) reported a third-quarter FY22 sales decline of 4.8% year-on-year to $268.82 million, missing the consensus of $282.20 million.
- Comparable store sales decreased 7.3% versus last year. The company attributed the sales decline to continued lower consumer spending, which more than offset just under double-digit growth in sales to Pro customers.
- Adjusted EPS loss of $(0.14) missed the consensus of $0.16.
- Gross margin contracted 170 basis points Y/Y to 35.6%, and the gross profit fell 9.1% to $95.5 million.
- Operating margin fell 580 basis points to (1.5%), and operating loss for the quarter was ($4.1) million versus a profit of $12 million last year.
- The company held $6.1 million in cash and equivalents as of September 30, 2022.
- Merchandise inventories at September 30, 2022, increased by $111.2 million from December 31, 2021.
- Outlook: LL Flooring did not provide financial guidance for FY22, citing global supply chain disruptions, consumer spending, inflation, and a challenging labor market.
- It sees consumer spending headwinds to persist throughout the remainder of 2022.
- Price Action: LL shares traded lower by 31.80% at $5.77 in premarket on the last check Wednesday.
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Baird Maintains Outperform on PagerDuty, Lowers Price Target to $35
Baird analyst Rob Oliver maintains PagerDuty (NYSE:PD) with a Outperform and lowers the price target from $40 to $35.
