LL Flooring, formerly named Lumber Liquidators, reported a net income of $15.5 million in the third quarter of 2020, up from $1 million during the same period last year.
The company’s net sales jumped 12.1% to $296 million as home renovation projects grew during the quarter.
"Our sales trends strengthened as we saw sequential improvement in our Pro and Install customers from the second to the third quarter, driven by increased willingness from customers to allow contractors into their homes for home improvement and installation projects,” President and CEO Charles Tyson said in a statement.
LL Flooring opened one new store during the third quarter, bringing its total store count to 423.
The company announced it will close its Canadian operations, including all eight stores in Canada, as well as six underperforming U.S. locations by the end of 2020.
Due to the ongoing Section 301 25% tariffs on flooring products from China, the company also announced plans to find alternative sourcing for products, and to reduce the number of goods it sources from China by around 10% by the end of 2020.
The full third quarter LL Flooring report can be found here.
