LL Flooring Holdings Inc.’s stock
LL,
slid 3% in premarket trade Wednesday, after the former Lumber Liquidators posted a wider-than-expected second-quarter loss and revenue that fell short of estimates. The company had a net loss of $39 million, or $1.35 a share, for the quarter, after income of $2.7 million, or 9 cents a share, in the year-earlier period. The company’s adjusted loss per share came to $1.28, wider than the FactSet consensus for a loss of 41 cents a share. Sales fell 20.9% to $236.4 million, also below the $258.0 million FactSet consensus. “Our second quarter performance primarily reflected the continued impact of the difficult macro backdrop that has impacted big ticket discretionary purchases as well as the demand for home remodeling projects,” CEO Charles Tyson said in a statement. “We also continued to experience pressure from low brand awareness as we continue on our transition to LL Flooring.” The company is expecting the macro backdrop to remain challenging for all of 2023 and for visibility to remain limited. The stock has fallen 39% in the year to date, while the S&P 500
SPX,
has gained 17%.
