LL Flooring reported a net income of $2.73 million in the second quarter of 2022, a 77% drop compared with $11.9 million during the same period last year.
The company’s net sales slipped 0.8% to $299.0 million. The retailer’s comparable store sales dropped 3.1%.
LL Flooring CEO Charles Tyson said the results reflected “continued lower spending by consumers versus last year, which we believe reflected pressure from inflation and higher interest rates, and their preference to spend more on travel and entertainment.”
The company opened six new stores during the quarter and rebuilt its inventory levels, Tyson added.
The full report can be found here.
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