LL - LL Flooring stock falls ~9% premarket on Q2 results miss FY comp store sales warning
LL Flooring ( NYSE: LL ) stock has lost 9.3% to $8.77 in Wednesday premarket trading, after the flooring retailer reported Q2 results that missed estimates and warned that it may not be able to deliver positive comparable store sales on a FY basis.
LL posted Q2 non-GAAP EPS of $0.13 which missed expectations by $0.10 . Q2 revenue of $298.96M also missed by $4.04M .
Q2 comparable store sales for LL fell 3.1% Y/Y.
"The year-over-year decrease in comparable store sales reflected continued lower spending by consumers versus last year, which we believe reflected pressure from inflation and higher interest rates, and their preference to spend more on travel and entertainment," said LL CEO Charles Tyson in the earnings report .
The company once again did not provide financial guidance due to macroeconomic uncertainty caused by inflation, global supply chain disruptions, COVID-19 and a challenging labor market.
However, LL warned that it is more cautious on its outlook for H2 and that it may not be able to deliver positive comparable store sales on a FY basis. The company in its Q1 report in early May had said it expected comparable store sales to show positive growth for FY.
LL also cut its FY capital expenditure forecast to about $23M to $25M from a previously guided range of $28M to $32M. The company now expects to open 20 to 22 new stores in 2022, compared to an earlier expectation of 20 to 25 new stores.
Up to Tuesday's close, LL stock -43.4% YTD.
For further details see:
LL Flooring stock falls ~9% premarket on Q2 results miss, FY comp store sales warning