LL Flooring reported a net income of $8.7 million in the third quarter of 2021, a 43% drop compared with the same period last year. The flooring retail company’s net sales decreased 4.6% compared with the third quarter of 2020, dropping to $282.2 million.
LL Flooring President and CEO Charles Tyson said in a statement that the company anticipated a decline in DIY customers compared with last year, and that the drop reflected “a shift in consumer spending to other product and service categories.” Tyson also said the quarter’s financial report showed “tough comparisons to the nesting spending that we saw in the third quarter of 2020.” Global supply chain shortages also posed challenges for the company.
LL Flooring’s earnings per share declined from $0.54 to $0.30 in the third quarter of 2021, a 43% decline.
Tyson said the company is focused on investing in long-term strategies, including increasing the number of new stores and boosting sales to pro customers.
The full LL Flooring third quarter report can be found here.
