LL Flooring 1Q Sales Drop as Americans Cut Back on Home Improvements
LL Flooring, a leading specialty retailer of hard-surface flooring in the United States, announced net sales decreased 13.7% to $240.7 million for the first quarter ended March 31, 2023, compared to the same period last year, driven by lower spending by consumers versus last year combined with a decline in pro sales.
Total comparable store sales decreased 15.4% versus the same period last year. Gross margin of 36.6% decreased 70 basis points as a percentage of sales, driven by $2.1 million in incremental costs related to customs delays on flooring products that contain PVC as a consequence of the UFLPA.