LL Flooring reported a net income loss of $103.4 million in fiscal 2023, compared with a net loss of $12.0 million in 2022. Net sales for the retail chain plummeted 18.5% to $904 million.
"Leading economic indicators suggest that home improvement spending will continue to be challenged through at least the first half of 2024, however, the long-term fundamentals of our business are strong due to aging housing stock, increased household formation and rising home values,” President and CEO Charles Tyson said in a statement. “To that end, we remain focused on executing on our brand transformation and on our strategic initiatives, which we believe will drive revenue growth, increase brand awareness, spur product innovation and deliver a consistent customer experience.”
The company lost $17.9 million in the fourth quarter of 2023, compared with a net loss of $15.0 million in the same period last year. Net sales for the fourth quarter plunged 19.7% to $211.8 million.
"Fourth quarter business conditions remain difficult as we continue to experience the impact of weakness in existing home sales and the corresponding softness in the home improvement industry,” Tyson stated.
“Despite external headwinds, we are focused on 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 added.
The company began exploring “strategic transaction options,” including a potential sale, last summer.
