LL Flooring Slows Down Store Openings & Recommences Stock Buyback

LL Flooring Holdings, Inc. LL is planning to slow new store openings and recommence share repurchases in 2023 under its existing share repurchase program.
The company recently opened two new stores in Bellingham, Washington, and Joplin, Missouri, bringing the total new store openings to 18 in 2022.
In 2023, LL expects to open only three to four new stores.
CEO Charles Tyson said, "In light of the current macroeconomic environment, we believe it is prudent to slow our new store opening cadence and allocate capital toward share repurchases under our current authorized plan."
LL Flooring has $43 million available for repurchase under its existing share repurchase program.
As of September 30, 2022, the company had $127.8 million available for borrowing on its revolving line of credit and $6.1 million of cash and cash equivalents.
Price Action: LL shares closed lower by 2.40% at $6.09 on Monday.