LL Flooring Holdings slips on results miss

Ll Flooring Holdings

08/05/2023 17:09

** Shares of home furnishing retailer LL Flooring Holdings
Inc  LL.N  down 15.63% at $2.9950
    ** Co reports Q1 loss per share of 31 cents, bigger than
analysts' est. of 15 cents - Refinitiv 
    ** Qtrly net sales fall 13.7% to $240.7 mln from a year
earlier; also misses analysts' est. of $258.40 mln
    ** Net sales hurt by lower consumer spending and decline in
Pro sales; Total comparable store sales down 15.4% VS Q1 2022 -
co
    ** Co continues to navigate uncertainty in macroeconomic
environment due to consumer confidence, inflation, volatile
interest and mortgage rate environment, and lower existing home
sales
    ** FY rev to continue to be challenged due to macro
uncertainty further exacerbated by customs delays related to
Uyghur Forced Labor Prevention Act - co
    ** LL stock down 47.33% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))