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Wed, Aug. 5, 8:24 AM
- Lumber Liquidators (NYSE:LL) is lower in early trading after reporting a 10% drop in comparable-store sales in Q2.
- The company reported a 7.6% decline in number of customers billed and a 2.4% drop in average sale total.
- Promotional pricing during the quarter led to a plunge in LL's gross margin rate to 25.1% from 40.4%.
- Guidance: The company expects to open 20 to 25 new stores in the expanded format. No outlook for sales or EPS is doled out by management.
- Previously: Lumber Liquidators misses by $0.81, misses on revenue
- LL -19.3% to $14.81.
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Wed, Apr. 29, 7:35 AM
- Lumber Liquidators (NYSE:LL) reports comparable-store sales fell 1.8% in Q1 on a 4.4% drop in customers invoiced.
- The comp was -17.8% during the month of March (60 Minutes aired its damaging piece on March 1).
- The company's gross margin rate fell 590 bps to 35.2% due to promotional pricing in the quarter.
- SG&A expense rate +550 bps to 37.5%.
- Guidance: Q2 sales through April 27 are down 1.9% Y/Y. The company expects a gross margin rate of 31% to 32% for April. No full-year guidance is issued.
- Previously: Lumber Liquidators misses by $0.44, beats on revenue
- LL -13.1% premarket to $29.05.
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Jul. 9, 2014, 4:43 PM
- Lumber Liquidators (LL) reports Q2 sales of $263.1M (+2.3% Y/Y), and expects to report EPS of $0.59-$0.61. Those figures are well below a consensus of $303.2M and $0.90. Gross margin is expected to be down Y/Y.
- The company now forecasts full-year sales of $1.05B-$1.1B and EPS of $2.65-$3.00, below a consensus of $1.16B and $3.34. Same-store sales are expected to be up by a low-single digit %, down from prior guidance of mid-to-high single-digit growth.
- Same-store sales fell 7.1% Y/Y in Q2, much worse than Q1's 0.6% drop and a big reversal from last year's 14.9% growth. SG&A spend rose an estimated 9% Y/Y.
- CEO Robert Lynch: "Customer traffic to our stores was significantly weaker than we expected, particularly in geographic areas severely impacted by the unusually harsh weather in the first quarter ... Our reduced customer traffic has coincided with certain weak macroeconomic trends related to residential remodeling, including existing home sales."
- He adds LL now believes "the prolonged purchase cycle associated with our customers' discretionary, large-ticket home improvement projects is likely to be delayed for some customers into the fall flooring season, and for others, into spring of 2015."
- Shares fell 8.1% in regular trading ahead of the warning.
Apr. 30, 2014, 7:12 AM
Lumber Liquidators Holdings Inc is a specialty retailer of hardwood flooring in North America. It offers products including domestic hardwood species, engineered hardwood, laminate, vinyl plank, bamboo and cork.
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