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LL Flooring Shares Slide On Missing Q2 Street Expectation

  • LL Flooring Holdings Inc (NYSE: LL) reported a second-quarter FY22 sales decline of 0.8% year-on-year to $299 million, missing the consensus of $303.20 million.

  • Merchandise sales decreased 0.8% Y/Y to $257.57 million, while Services sales declined 1.1% to $41.39 million.

  • Comparable store sales decreased 3.1% versus last year but increased 28.2% on a two-year stack basis and 6.9% on a three-year stack basis.

  • Adjusted EPS was $0.13, missing the consensus of $0.23.

  • The gross margin contracted by 170 bps to 35.7%. The adjusted gross margin was 36.1%, down by 130 bps.

  • Adjusted SG&A as a percentage of net sales of 34.1%, up 230 bps.

  • The operating margin was 1.6%, down 390 bps, and the adjusted operating margin was 2%, down 360 bps.

  • LL Flooring’s net cash used in operating activities for year-to-date totaled $(75.98) million, compared to cash provided of $53.33 million a year ago.

  • As of June 30, 2022, the company had liquidity of $186.9 million, consisting of excess availability under its Credit Agreement of $181.9 million and cash and equivalents of $5 million.

  • During the quarter LL made cash payments of $7 million to repurchase 571,332 shares at an average cost of $12.25 per share.

  • LL expects to open 20 to 22 new stores in 2022.     

  • The company states that it continues to navigate uncertainty in the macroeconomic environment related to inflation, consumer spending, global supply chain disruptions, COVID-19, and a challenging labor market. As a result, it is not providing financial guidance at this time.

  • Price Action: LL shares are trading lower by 7.55% at $8.94 on the last check Wednesday.

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