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For Immediate Release
LL FLOORING REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS
RICHMOND, Va., August 3, 2022 – LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE: LL), a leading specialty retailer of hard-surface flooring in North America, today announced financial results for the second quarter ended June 30, 2022.
President and Chief Executive Officer Charles Tyson said, “During the second quarter, our teams delivered our fifth consecutive quarter of double-digit year-over-year growth in sales to Pro customers, opened six new stores and rebuilt our inventory levels.
“We reported second quarter 2022 comparable store sales down 3.1%, representing sequential improvement from the first quarter of 2022 and a 6.9% increase on a three-year stack basis. The year-over-year decrease in comparable store sales reflected continued lower spending by consumers versus last year, which we believe reflected pressure from inflation and higher interest rates, and their preference to spend more on travel and entertainment. We reported operating margin of 1.6% and adjusted operating margin of 2.0%, as we continued to invest in our long-term growth strategies and navigate gross margin headwinds.”
Tyson continued, “While we are cautious about the near-term consumer spending environment, we feel good about the strength in home remodel trends as well as the demand for hard-surface flooring over the medium to long term. We remain committed to investing in our six strategic pillars that will position us for long-term growth. Our balance sheet is strong. We had total liquidity of $187 million at the end of the second quarter. During the second quarter, we repurchased $7 million under the share repurchase authorization approved by the Board earlier this year, underscoring our confidence in our long-term net sales and profitability growth.”
Second Quarter Financial Highlights
● | Net sales of $299.0 million decreased $2.4 million, or 0.8%, from the second quarter of 2021. The Company reported record sales to Pro customers, which partially offset a decrease in sales to consumers and a 1.1% decrease in net services sales |
● | Gross margin of 35.7% decreased 170 basis points as a percentage of sales compared to the same period last year; adjusted gross margin1 of 36.1% decreased 130 basis points as a percentage of sales compared to the same period last year, primarily reflecting significantly higher material and transportation costs (collectively up more than 1,000 basis points) that the Company was able to partially mitigate through pricing, promotion and alternative country/vendor sourcing strategies |
● | SG&A as a percentage of net sales of 34.1% increased 220 basis points compared to the second quarter of last year; adjusted SG&A1 as a percentage of net sales of 34.1% increased 230 basis points compared to the second quarter of last year, primarily driven by investments to support the Company’s long-term growth, higher advertising expense due to the timing of promotions, and continued investment in customer facing and distribution center personnel |
● | Operating margin of 1.6% decreased 390 basis points compared to the second quarter of last year; adjusted operating margin1 of 2.0% decreased 360 basis points compared to the second quarter of last year, primarily reflecting increased SG&A as a percent of net sales and lower gross margin |
● | Diluted EPS of $0.09 decreased $0.32 compared to the second quarter of last year; adjusted earnings per diluted share1 of $0.13 decreased $0.28 compared to the second quarter of last year |
● | During the second quarter of 2022, the Company opened six new stores, bringing total store count to 437 as of June 30, 2022 |
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Lumber Liquidators Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the following non-GAAP financial measures: (i) Adjusted Gross Profit; (ii) Adjusted Gross Margin; (iii) Adjusted SG&A; (iv) Adjusted SG&A as a Percentage of Net Sales; (v) Adjusted Operating (Loss) Income; (vi) Adjusted Operating (Loss) Margin; (vii) Adjusted Other Expense (Income); (viii) Adjusted Other Expense (Income) as a Percentage of Net Sales; (ix) Adjusted (Loss) Earnings; and (x) Adjusted (Loss) Earnings per Diluted Share.
The higher merchandise average ticket was driven primarily by pricing and promotion strategies as well as favorable product mix, reflecting the launch of our new Duravana performance flooring brand.
Gross Profit Gross profit decreased 9.1% in the third quarter of 2022 to $95.6 million from $105.2 million in the comparable period in 2021, and gross margin decreased 170 basis points to 35.6% in the third quarter of 2022 from 37.3% in the third quarter of 2021.
Gross profit decreased 8.1% in the first nine months of 2022 to $306.4 million from $333.5 million in the comparable period in 2021 and gross margin decreased 230 basis points to 36.2% in the first nine months of 2022 from 38.5% in the first nine months of 2021.
The Company has repurchased $7.0 million under that program, underscoring its confidence in its long-term net sales and profitability growth.
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Lumber Liquidators Holdings, Inc. provided additional information to their SEC Filing as exhibits
Ticker: LL
CIK: 1396033
Form Type: 10-Q Quarterly Report
Accession Number: 0001396033-22-000020
Submitted to the SEC: Tue Nov 01 2022 6:38:57 PM EST
Accepted by the SEC: Wed Nov 02 2022
Period: Friday, September 30, 2022
Industry: Retail Lumber And Other Building Materials Dealers