Lumber Liquidators (LL) Tops Q2 EPS by 28c, Revenues Beat

Lumber Liquidators (NYSE: LL) reported Q2 EPS of $0.10, $0.28 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $230.28 million versus the consensus estimate of $220.75 million.

"I would like to thank our associates for their commitment, flexibility and dedication to providing outstanding service to our customers during these uncertain times," said President and Chief Executive Officer Charles Tyson. "As a result of their perseverance, and despite the headwinds of COVID-19 and its impacts on consumers, we delivered meaningful improvement in gross margin and effectively managed expenses to preserve liquidity and increase profitability. While comparable store sales declined 21.3% in in the quarter, execution against our strategic pillars helped deliver a $5.5 million increase in net income and a $2.9 million increase in Adjusted Operating Income compared to prior year. Our strong results would not have been possible without the contributions from all associates, and I am thankful to be a part of such a strong and dedicated team."

"We were encouraged by improving sales trends through the quarter as markets reopened and consumers began to more fully engage in home improvement projects," Tyson continued. "I am confident that our continued focus on our transformation plan and strategic pillars, including developing a strong people-centric, diverse and collaborative culture, will position us well for long-term success."

2020 Outlook

As previously announced on April 20, 2020, the Company withdrew its annual financial guidance that was initially provided on February 25, 2020. The uncertainty surrounding the duration and extent of the impact of COVID-19 makes it uniquely challenging to accurately forecast future financial performance, and as such, the Company is not providing financial guidance at this time.

For earnings history and earnings-related data on Lumber Liquidators (LL) click here.

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