LL Flooring, formerly Lumber Liquidators, reported a net income of $4 million in the first quarter of 2022—a 62% drop compared with the same period last year.
Net sales fell 1.6% to $279 million. The company reported a 4.1% increase in net service sales to “Pro” customers, which it said partially offset a decline in sales to homeowners.
“We faced macroeconomic headwinds from inflation and a shift in consumer spending to travel and leisure this year compared to stimulus and nesting spending in the first quarter of 2021,” President and CEO Charles Tyson said in a statement. “In addition, much of the increase in our total inventories to $319 million remained in transit throughout the quarter. Finally, in January, we experienced significant store closures related to a COVID-19 variant.”
The company is planning to open 20–25 additional stores in 2022.
LL Flooring’s full first-quarter financial report can be found here.
