Shares of LL Flooring Holdings, Inc. (LL), a specialty retailer of hard-surface flooring, are down more than 13% Wednesday morning after reporting a loss in the third quarter.
Looking forward, the company said it expects consumer spending headwinds to persist throughout the remainder of 2022. It also sees gross margins to be impacted by higher transportation and material costs throughout this year.
LL Flooring reported a loss of $3.77 million or $0.13 per share in the third quarter, compared with profit of $8.78 million or $0.30 per share in the same quarter a year ago.
Excluding one-time items, loss was $0.14 per share.
Sales for the quarter decreased 4.8% year-on-year to $268.8 million.
LL is at $7.30 currently. It has traded in the range of $6.00-$19.21 in the last 52 weeks.
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