Ll Flooring Holdings, Inc. (LL) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

EXHIBIT 99.1

For Immediate Release

LL FLOORING REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

RICHMOND, Va., August 9, 2023 – LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE: LL), a leading specialty retailer of hard-surface flooring in the U.S., today announced financial results for the quarter ended June 30, 2023.

"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.

Tyson continued, "While our near-term results have been challenged, we remain confident in our ability to deliver the high-touch service of an independent flooring retailer combined with the value, assortment and convenience of a national brand. To that end, we continue to focus on our five strategic initiatives that will improve sales productivity and profitability. We have fortified our executive leadership team with new leaders that bring a wealth of financial, retail, brand building, and consultative selling experience and ideas to drive these initiatives, focusing on implementing our CRM platform to drive Pro sales, improving store execution to remove friction and enhance the customer experience, increasing our brand awareness, executing on our carpet initiative which provides a meaningful expansion of our addressable market and aligning our cost structure to our run-rate of revenues. We are very proud of the entire LL Flooring team and all that they accomplished across our stores and supply chain, while navigating an uncertain and dynamic environment this quarter."

Tyson concluded, “As we look to the second half of 2023, we expect the challenging macro environment to persist, continuing to limit sales visibility. As a result, we will focus to operate the business with discipline from an expense and capital management standpoint, including further leveraging our inventory management practices to yield continued improvements in our overall working capital. This, combined with the strength of our balance sheet, and the work we are doing on our initiatives give us confidence that we will return to growth and drive long-term shareholder value."

Second Quarter Financial Highlights

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