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Lumber Liquidators Holdings, Inc. (LL) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Lumber Liquidators Holdings, Inc.

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CIK: 1450701 Ticker: LL

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For Immediate Release

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LL FLOORING REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS

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RICHMOND, Va., August 4, 2021 – Lumber Liquidators (“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, 2021.

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“Thanks to the hard work and dedication of our associates, we delivered strong second quarter financial results as measured on both a one- and two-year basis,” said President and Chief Executive Officer Charles Tyson. “We delivered comparable sales growth of 31.3% and operating margin expansion of 290 basis points versus the second quarter of 2020. We also delivered comparable sales growth of 10.0% on a two-year stack basis and grew our operating margin by 600 basis points versus the second quarter of 2019. Our strong sales and profitability results were driven by increasing traction on our transformation initiatives as well as continued strong demand for home improvement projects and consumers’ growing comfort allowing contractors into their homes as the economy recovers from the COVID-19 pandemic.”

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“As we look ahead, we are encouraged by the increasing traction we are gaining on our transformation that will position us well for sustainable long-term growth,” Tyson continued. “In the near term, we are cautious about the potential impact of continued supply chain disruptions as well as related higher transportation and materials costs. To minimize the impact of these headwinds, we are keenly focused on rebuilding inventory to drive sales, executing our pricing and promotion strategies to optimize gross margin, and maintaining disciplined expense management as we continue to invest in our growth strategies.”

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Second Quarter Financial Highlights

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●Net sales of $301.4 million increased 30.9% compared to the same period last year and 4.4% compared to the second quarter of 2019, driven primarily by strong pro customer and services sales.
●Total comparable store sales increased 31.3% versus the same period last year, and increased 10.0% on a two-year stack basis (which does not reflect the impact of store closures and openings between periods).
●Gross margin of 37.4% decreased 90 basis points as a percent of sales compared to the same period last year and increased 190 basis points compared to the second quarter of 2019; Adjusted gross margin1 of 37.4% decreased 90 basis points as a percent of sales compared to the same period last year, primarily reflecting higher tariffs, materials and inbound transportation costs that were partially offset by pricing, promotion and sourcing strategies; and increased 220 basis points compared to the second quarter of 2019, primarily reflecting the Company’s pricing, promotion and sourcing strategies that more than mitigated higher tariffs.
●SG&A as a percent of sales of 31.9% leveraged 380 basis points compared to the second quarter of last year and 410 basis points compared to the second quarter of 2019; Adjusted SG&A1 as a percent of sales of 31.8% leveraged 370 basis points compared to the second quarter of last year on higher net sales, and leveraged 220 basis points compared to the second quarter of 2019 on more efficient marketing spend and disciplined expense management.
●Operating margin of 5.5% increased 290 basis points compared to the second quarter of last year and 600 basis points compared to the second quarter of 2019; Adjusted operating margin1 of 5.6% increased 280 basis points compared to the second quarter of last year, and 440 basis points compared to the second quarter of 2019.
●Diluted EPS of $0.41 increased $0.32 compared to the second quarter of last year and increased $0.51 compared to the second quarter of 2019; Adjusted Earnings Per Diluted Share1 of $0.41 increased $0.31 compared to the second quarter of last year and increased $0.38 compared to the second quarter of 2019.
●During the second quarter, the Company repaid all $101.0 million of outstanding debt.
●During the second quarter, the Company opened four new stores, bringing total stores to 416 as of June 30, 2021.

1Please refer to the GAAP to non-GAAP reconciliation tables below for more information.

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The following information was filed by Lumber Liquidators Holdings, Inc. (LL) on Wednesday, August 4, 2021 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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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
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Basis Of Presentation
Basis Of Presentation (Narrative) (Detail)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Other Commitments) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Litigation Matters (Rollforward) (Details)
Credit Agreement
Credit Agreement (Narrative) (Details)
Income Taxes
Income Taxes (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 (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 Deferred Revenues) (Details)
Summary Of Significant Accounting Policies (Schedule Of Time Line And Tariff Levels) (Details)
Summary Of Significant Accounting Policies (Tables)

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: 0001558370-21-014145
Submitted to the SEC: Tue Nov 02 2021 5:55:18 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Retail Lumber And Other Building Materials Dealers

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