LL - Why LL Flooring Stock Just Tanked
Shares of home-improvement retailer LL Flooring Holdings (NYSE: LL) tanked on Wednesday after the company reported financial results for the third quarter of 2022. Revenue and profits are down, and management expects headwinds to keep blowing for the remainder of 2022. And that's why LL Flooring stock was down 12% as of 11 a.m. ET.
In Q3, LL Flooring's net sales fell 4.8% year over year to $269 million. The company opened a few new stores during the quarter, which helped boost sales a little. But same-store sales -- a metric that tracks growth at locations that were open last year -- were down 7.3% as consumers cut back on home-improvement projects.
One bright note from Q3 related to LL Flooring's professional customer base: Pro sales were up by double digits. However, this wasn't enough to offset the drop in spending from nonprofessional customers.
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Why LL Flooring Stock Just Tanked