LL Flooring continued to report a decline in sales in Q1 of 2024, with net sales in the first quarter of $188.5 million, a decrease of $52.2 million, or 21.7%, versus the first quarter of 2023. The decrease was "driven by lower transaction counts and average ticket size in both the pro and consumer channels as a result of continued headwinds from the difficult macroeconomic environment and ongoing brand awareness challenges," the company said.
The company reported an operating loss for the first quarter was $27.4 million versus a loss of $13.2 million in the same quarter of 2023.
Total comparable store sales decreased 21.5% versus the same period last year.
The company closed two stores during the first quarter, bringing the total store portfolio to 435 stores as of March 31.
"First quarter business conditions remain difficult as we continue to experience the impact of weaker home sales, elevated interest rates and inflation, which have led to softness in home improvement, remodel and big ticket discretionary spending,” said President and CEO Charles Tyson.
The full report for the quarter can be found here.
