Second-quarter Lumber Liquidators sales dip slightly, revenue falls further

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Richmond, Va., August 3, 2022 – Lumber Liquidators reported net sales of $299 million in the second quarter of 2022, down 0.8% from $301 million in the second quarter of 2021. The company recorded record sales to Pro customers, which partially offset lower consumer sales and a 1.1% decline in net service sales.

In Q2 2022, comparable store sales decreased 3.1% compared to Q2 2021. The year-over-year decline in comparable store sales primarily reflects the same factors as the change in net sales.

Net income for Q2 2022 was $2.7 million, down 77.5% from $12 million in Q2 2021.

During the second quarter of 2022, the company opened six new stores, bringing the total number of stores to 437 as of June 30.

During the second quarter of 2022, the company reduced the percentage of goods receipts subject to Section 301 tariffs to 12%, from 22% during the second quarter of 2021.

For the first half of 2022, net sales were $578 million, down 1.2% from $585 million in the same period last year.

Net income for the first half of 2022 was $6.8 million, down 70% from $22.6 million in the first half of 2021.

Chairman and CEO Charles Tyson said: “While we are cautious about the near-term consumer spending environment, we are pleased with the strength of home improvement trends as well as demand for medium to long term hard surface flooring. We remain committed to investing in our six strategic pillars that will position us for long-term growth. Our balance sheet is strong. We had total liquidity of $187 million at the end of the second quarter. During the second quarter, we repurchased $7 million under the share repurchase authorization approved by the Board of Directors earlier this year, underscoring our confidence in our long-term net sales and growth of our profitability.






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