LL Flooring reported a net income loss of $15.08 million in the fourth quarter of 2022, ending the fiscal year with an overall loss of $12.08 million compared with 2021’s $41.6 million in profits.
Net sales for the flooring retail chain declined 7.5% in the fourth quarter compared with the same period last year, falling to $263.9 million. Net sales for the full fiscal year dropped 3.6% compared with 2021 to $1.11 billion.
"2022 was a challenging year for LL Flooring,” President and CEO Charles Tyson said in a statement. “We are disappointed that we did not deliver on the net sales and profitability growth that we expected. To that end, we reported comparable store sales down 5.8% as double-digit growth in sales to Pro customers was more than offset by a decrease in sales to consumers.
This was combined with an operating loss due to continued material and transportation cost headwinds impacting gross margin, and a higher cost structure reflecting the investments made in our strategic growth initiatives that we expect will generate strong returns over the longer term.”
The full report can be found here.
