LL Flooring profit, sales and gross margin all fall, and financial guidance not provided

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LL Flooring Holdings Inc. LL, -5.66%, formerly known as Lumber Liquidators, reported Wednesday fourth-quarter earnings that were about one-third what they were a year ago, and sales that fell 6.2% and gross margin that decreased by 150 basis points. The hard-surface flooring company said net income fell to $10.3 million, or 35 cents a share, from $31.1 million, or $1.05 a share, in the year ago period. Excluding nonrecurring items, adjusted EPS fell to 35 cents from $1.03. Sales fell to $285.3 million from $304.2 million and same-store sales dropped 6.7%, while gross margin fell to 37.3% from 38.8%. The company said it would not provide financial guidance given macroeconomic uncertainties related to COVID-19, supply chain disruptions, consumer spending, inflation and a challenging labor market. Separately, the company said it added $35.3 million to its stock repurchase program, to increase repurchase authorization to $50.0 million. The stock, which was still inactive in premarket traidng, has tumbled 21.5% over the past three months while the S&P 500 SPX, -1.01% has lost 8.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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