LL Flooring slumps on surprise Q4 loss

Ll Flooring Holdings

01/03/2023 14:48

** Shares of U.S.-based home furnishing retailer LL Flooring
Holdings Inc  LL.N  down about 5.5% at $4.77 in early trading
    ** Company reports Q4 adj net loss of $0.29/shr vs profit of
$0.35/shr a year earlier
    ** Analysts on average expected profit of $0.08/shr -
Refinitiv
    ** Q4 total comparable store sales decreased 9.5% over the
year earlier - company
    ** "Double-digit growth in sales to Pro customers was more
than offset by a decrease in sales to consumers," LL Flooring
says
    ** Q4 adj gross margin decreased 170 basis points as a
percentage of net sales, primarily reflecting higher material
and transportation costs (collectively up more than 800 basis
points)
    ** Company, however, was able to partially mitigate through
pricing, promotion and alternative country/vendor sourcing
strategies
    ** LL Flooring posts Q4 net sales of $263.9 mln vs est
$267.6 mln
    ** LL shares fell ~10% last year
    

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com))