LL Flooring reported a net loss of $3.7 million in the third quarter of 2022, compared with a net income of $8.7 million during the same period last year.
The retailer’s net sales for the quarter declined 4.8% to $268.8 million.
“Our third quarter 2022 results were below our expectations, with comparable store sales down 7.3%, primarily due to continued lower spending by consumers versus last year, which we believe largely reflected continued pressure from inflation and higher interest rates,” President and CEO Charles Tyson said in a statement.
The company has continued its efforts to grow its Pro clientele, which recorded a double-digit year-over-year uptick in sales, according to Tyson: “Both consumers and Pros rate the new brand significantly higher on all attributes we measure, including product quality, a broad assortment of wood and wood-look flooring, and store associate expertise.”
The full financial report can be found here.
