- LL Flooring Holdings, Inc. LL reported a fourth-quarter sales decline of 7.5% year-on-year to $263.87 million, missing the consensus of $267.60 million.
- Comparable store sales decreased 9.5% versus last year.
- Adjusted EPS loss of $(0.29) missed the consensus of $0.08.
- Gross margin contracted 140 basis points Y/Y to 35.9%, and the gross profit fell 11% to $94.7 million.
- Operating margin fell 1,040 basis points to (6.6%), and the operating loss for the quarter was ($17.3) million versus a profit of $10.9 million last year.
- The company held $10.8 million in cash and equivalents as of Dec. 31, 2022.
- During Q4, the company opened three new stores, bringing total stores to 442 as of Dec. 31, 2022.
- The company has $43.0 million available for repurchase under its existing share repurchase program.
- Outlook: LL is not providing financial guidance at this time, citing uncertainty in the macroeconomic environment due to consumer confidence, inflation, a volatile interest and mortgage rate environment, and continued declines in existing home sales.
- LL Flooring sees FY23 capital expenditure of $15 million - $20 million. It expects to open three new stores in 2023.
- Price Action: LL shares traded lower by 9.75% at $4.55 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
