LL Flooring, formerly Lumber Liquidators, reported a net income of $31.1 million in the fourth quarter of 2020, an 89% increase compared with its $16.4 million income in the fourth quarter of 2019.
The company’s net sales jumped 11.1% to $304.2 million. With a new name and management, the company appears to be turning a corner from the 2015 formaldehyde scandal that launched a slew of lawsuits and heavy losses that continued for years.
"I am pleased with the progress our team is making on our four strategic pillars: people and culture, improving the customer experience, driving traffic and transactions, and improving profitability,” President and CEO Charles Tyson said in a statement.
Tyson said the company was able to benefit from a continued surge in home improvement projects during the pandemic.
LL Flooring also announced it closed underperforming stores, including all eight of its Canadian store locations and six U.S. locations.
The full report can be found here.