LL Flooring Holdings, formerly known as Lumber Liquidators, has reported a significant loss in the third quarter, with sales also taking a hit. The company attributes these declines to various factors, including a soft housing market, rising mortgage rates, and low consumer confidence.
Financial Performance
During the third quarter, LL Flooring posted a loss of $36 million, or $1.25 per share. This compares to a loss of $3.7 million, or 13 cents per share, in the same period last year. Adjusted for one-time items, the adjusted loss for the quarter was 78 cents per share.
Sales for the quarter amounted to $215.8 million, representing a nearly 20% decrease from the previous year. Same-store sales also suffered, dropping by almost 21%.
Market Challenges
Chief Executive Charles Tyson attributed these disappointing results to several factors. Higher prices in the market, along with deteriorating consumer confidence and a slowdown in home sales, have all contributed to the company’s struggle.
Tyson expressed his disappointment with the third-quarter performance, acknowledging that both external economic conditions and internal challenges have impacted the company’s results.
While facing these challenges, LL Flooring Holdings remains committed to finding ways to overcome them and strengthen its position in the market.
To learn more about LL Flooring Holdings’ performance, visit their website or contact their investor relations department.