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As I predicted in my last article, Lumber Liquidators (LL) underperformed a rosy consensus in Q2, resulting in share price falling below $10. The company blamed growing macroeconomic headwinds in the form of tariffs and softening consumer appetite, reducing full-year sales guidance to low single-digit percent growth. Consensus EPS for Q3 are likely to disappoint again, and the company probably won't break even in 2019.
However, we found much to encourage in this quarter’s results, including margin resilience amidst higher tariffs, the continued growth of its installation segment,