- 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.
- Photo Via Company
Impac Mortgage Holdings, Inc. Announces Acceptance Of Plan To Regain Compliance With Nyse American Continued Listing Standards By February 26, 2024 And Receipt Of Noncompliance Notice From NYSE American
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