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

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Lumber Liquidators Holdings, Inc.

HISTORY TOOLS
CIK: 1396033 Ticker: LL

Exhibit 99.1

 

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For Immediate Release

LL FLOORING REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS

RICHMOND, Va., November 8, 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 September 30, 2023.

"We continue to navigate uncertainty in the macroeconomic environment due to low consumer confidence, inflation, an elevated interest and mortgage rate environment and lower existing home sales. Despite external headwinds, 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," said President and Chief Executive Officer Charles Tyson.

"We are disappointed in our third quarter results, which continued to be negatively impacted by the macroeconomic environment, as well as internal challenges that we are focused on as we execute against our strategic initiatives. To that end, we remain committed and continue to execute on our brand transformation strategy and our five strategic initiatives, which include: focusing investments on our top growth priorities; growing our brand awareness; enhancing our product offerings by innovating products; ensuring a consistent customer experience across our omnichannel network; and improving operating efficiencies. We believe each initiative will improve sales productivity and profitability long term."

"I believe that we are seeing promising signs that our strategic initiatives are starting to improve our capabilities, and this gives us confidence that we will return to growth as the economic environment improves and, in the long term, regain share in what we believe will be a growing industry that is driven by long-term tailwinds for hard surface flooring and remodels such as aging housing stock, increased household formation, and rising home values."

Third Quarter Financial Highlights

•
Net sales of $215.8 million decreased $53.0 million, or 19.7%, versus the third quarter of 2022, driven by a decrease in transaction count reflecting lower spending by consumers and Pros.
•
Total comparable store sales decreased 20.5% versus the same period last year.
•
During the third quarter, the Company opened one store, bringing total stores to 443 as of September 30, 2023.
•
Gross profit of $68.5 million decreased 28.3%, or $27.1 million, and gross margin of 31.7% decreased 390 basis points. The decrease in gross profit and margin was driven by an unfavorable $10.7 million 2012-2013 antidumping duty rate change and $1.6 million in incremental costs related to U.S. Customs ("CBP") detentions on certain vinyl flooring products from Asia that contain PVC as a consequence of the Uyghur Forced Labor Prevention Act ("UFLPA"). Excluding the 2023 charges related to antidumping duties and vinyl delays, adjusted gross profit1 of $80.9 million decreased $14.7 million and adjusted gross margin1 of 37.5% increased 190 basis points. The decrease in adjusted gross profit1 is driven by a decrease in transaction count reflecting lower spending by Pros and consumers, while the increase in adjusted gross margin1 primarily reflects freight cost relief and the sourcing team's agility in finding alternative country / vendor sourcing strategies.
•
SG&A expense of $98.1 million was 45.5% as a percentage of net sales, compared to $99.7 million or 37.1% of net sales in the third quarter of 2022. SG&A expense in the third quarter of 2023 included a $0.1 million charge for legal fees charged to earnings related to the vinyl CBP detentions, and SG&A expense in the third quarter of 2022 included a $0.2 million insurance recovery related to the Gold litigation. Excluding the impact of the legal fees and recoveries, adjusted SG&A1 expense was $98.0 million, or 45.4% as a percentage of net sales, compared to $99.8 million or 37.1% of net sales in the prior period.
o
The decreases in both SG&A and adjusted SG&A1 expense for the quarter reflected restructuring cost savings and lower variable costs due to lower sales volumes, partially offset by investment in our growth

1

The following information was filed by Lumber Liquidators Holdings, Inc. (LL) on Wednesday, November 8, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Lumber Liquidators Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Lumber Liquidators Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive (Loss) Income
Consolidated Statements Of Stockholders' Equity
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
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Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Litigation Matters (Rollforward) (Details)
Commitments And Contingencies - Schedule Of Other Commitments (Details)
Commitments And Contingencies - Schedule Of Other Commitments (Parenthetical) (Details)
Credit Agreement
Credit Agreement (Narrative) (Details)
Insider Trading Arrangements
Pay Vs Performance Disclosure
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Stock Based Compensation (Narrative) (Details)
Stock-Based Compensation
Stock-Based Compensation (Summary Of Activity Related To Stock Options) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Anti-Dilutive Securities Excluded From Computation Of Weighted Average Common Shares Outstanding-Diluted) (Details)
Stockholders' Equity (Computation Of Basic And Diluted Net Income Loss Per Common Share) (Details)
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Sales Mix By Major Product) (Details)
Summary Of Significant Accounting Policies (Schedule Of Customer Deposits And Store Credits) (Details)
Summary Of Significant Accounting Policies (Tables)
Taxes
Taxes (Narrative) (Details)

Material Contracts, Statements, Certifications & more

Lumber Liquidators Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: LL
CIK: 1396033
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-23-060625
Submitted to the SEC: Wed Nov 08 2023 6:01:37 AM EST
Accepted by the SEC: Wed Nov 08 2023
Period: Saturday, September 30, 2023
Industry: Retail Lumber And Other Building Materials Dealers

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