LL - Lumber Liquidators Non-GAAP EPS of -$0.14 revenue of $268.8M
- Lumber Liquidators press release ( NYSE: LL ): Q3 Non-GAAP EPS of -$0.14.
- Revenue of $268.8M (-4.8% Y/Y).
- Comparable store sales decreased 7.3% from the third quarter of 2021.
- Gross margin and adjusted gross margin of 35.6% decreased 170 basis points as a percentage of sales compared to the same period last year.
- During the third quarter of 2022, the Company opened two new stores, bringing total store count to 439 as of September 30, 2022
- During the third quarter of 2022, the Company reduced the percent of merchandise receipts subject to Section 301 tariffs to 16% from 22% during the third quarter of 2021.
- 2022 Business Outlook: The Company expects consumer spending headwinds to persist throughout the remainder of 2022.
- The Company continues to expect higher transportation and material costs will be a headwind to gross margins throughout 2022.
- The Company expects to continue to partially offset these higher costs through pricing, promotion and sourcing strategies but will monitor the market to inform and guide its decisions.
- The Company expects SG&A dollar spend and SG&A spend as a percentage of sales to increase in 2022 compared to 2021, primarily reflecting increased investment in new stores and customer facing personnel.
- The Company expects capital expenditures in the range of approximately $20 million to $22 million in 2022, primarily to support growth strategies such as new stores.
- The Company expects to open 18 new stores in 2022.
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Lumber Liquidators Non-GAAP EPS of -$0.14, revenue of $268.8M