By Will Feuer
LL Flooring Holdings’ third-quarter loss widened and sales fell, pressured by the soft housing market, rising mortgage rates and what the company described as low consumer confidence.
The flooring retailer, formerly called Lumber Liquidators, posted a third-quarter loss of $36 million, or $1.25 a share, compared with a loss of $3.7 million, or 13 cents a share, in the same period a year ago.
Stripping out one-time items, LL Flooring’s adjusted loss was 78 cents a share.
Sales fell nearly 20% to $215.8 million. Same-store sales dropped almost 21%.
Higher prices, deteriorating consumer confidence and the slowdown in home sales are all weighing on the company, Chief Executive Charles Tyson said.
“We are disappointed in our third-quarter results,” he said, adding that both the macroeconomic environment and internal challenges dragged results lower.
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