LL Flooring, the flooring retailer formerly known as Lumber Liquidators, reported a challenging fourth quarter due to weakness in existing home sales and corresponding softness in the home improvement industry.
Net sales decreased 19.7% to $211.8 million for the fourth quarter ending December 31, 2023, compared to the same period last year, driven by a decrease in transaction count and average transaction size reflecting lower spend by consumers and pros. Total comparable store sales decreased 20.2% versus the same period last year. The company closed seven stores during the fourth quarter and opened one new store, bringing the portfolio to 437 stores as of December 31, 2023.