LL Flooring sales slide in Q1

LL Flooring reported first quarter net sales fell 1.6% to $279 million compared to first quarter 2021 sales of $283.4 million.

The specialty flooring retailer also posted a first quarter net income $4.04 million, falling 62% compared to a net income of $10.6 million for the same period last year.

The company said it saw record sales to pro customers and a 4.1% increase in net services sales. This partially offset a decrease in sales to homeowners, LL Flooring said. 

Comparable store sales decreased 3.6% from the first quarter of 2021, but increased 3.3% on a two-year stack basis. 

During the first quarter, LL Flooring opened 7 new locations bringing its total to 431 locations.

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The Bottom Line: Supply chain issues and store closures set LL Flooring back as sales fall by $4.4 million for the quarter 

What the CEO said: “We faced macroeconomic headwinds from inflation and a shift in consumer spending to travel and leisure this year compared to stimulus and nesting spending in the first quarter of 2021,” said LL Flooring President and CEO, Charles Tyson. “In addition, much of the increase in our total inventories to $319 million remained in transit throughout the quarter.”

Tyson also noted that the company experienced significant store closures related to a COVID-19 variant during the first quarter.

Company info: Click here to read LL Flooring’s full first quarter financial report.