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LL Flooring’s Q3 loss is wider than expected in weak housing market

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

LL Flooring Holdings Inc. LL, -3.75%, the flooring retailer formerly called Lumber Liquidators, posted a net loss of $35.9 million, or $1.25 a share, for the third quarter, wider than the loss of $3.8 million, or 13 cents a share, posted in the year-earlier period. The company’s adjusted loss came to 78 cents, wider than the 57 cent FactSet consensus Sales fell to $215.9 million from $268.8 million, but were just ahead of the $213.0 million FactSet consensus. Same-store sales fell 20.

“We are disappointed in our third quarter results, which continued to be negatively impacted by the macroeconomic environment, as well as internal challenges that we are focused on as we execute against our strategic initiatives,” Chief Executive Charles Tyson said in a statement. He cited low consumer confidence, inflation, an elevated interest and mortgage rate environment and lower existing home sales as factors weighing on the company’s performance.

 

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