LL Flooring, formerly Lumber Liquidators, reported a net loss of $39 million in the second quarter of 2023, down from the company’s net income of $2.7 million during the same period last year.
The retailer’s net sales dropped 20.9% compared with the second quarter of 2022, to $236.4 million.
LL Flooring President and CEO Charles Tyson stated that the company’s performance reflected the difficult macro backdrop that has impacted the demand for home remodeling projects.
“We also continued to experience pressure from low brand awareness as we continue on our transition to LL Flooring,” Tyson added.
The company expects the challenging macro environment to persist in the second half of 2023.
“While our near-term results have been challenged, we remain confident in our ability to deliver the high-touch service of an independent flooring retailer combined with the value, assortment and convenience of a national brand,” Tyson stated.
