Categories Earnings, Other Industries
Lumber Liquidators misses Q2 sales estimates; lowers FY19 sales outlook
Lumber Liquidators’ (NYSE: LL) second quarter top-line missed analysts’ estimates, while the bottom line was in line with the expectations. Shares of Lumber Liquidators tanked more than 10% in the pre-market trading session as the company lowered its sales outlook for FY19.
The flooring retailer reported adjusted EPS of $0.07 on sales of $289 million. Wall Street had expected the company to post earnings of 7 cents on revenue of $291.49 million.
GAAP net loss for the three months ended June 30, 2019 was $2.9 million, or $0.10 per share, compared to a net loss of $1.5 million, or $0.05 per share, for the three months ended June 30, 2018. Net sales in comparable stores were flat as compared to the second quarter of 2018.
“With the increase in tariffs, we continue to manage costs through diligent vendor negotiations, opportunistic alternative country sourcing, and ongoing supply chain optimization,” said Dennis Knowles.
He added “Despite delivering solid quarterly results and sequential improvement from the first quarter, as the second quarter progressed, customer traffic softened and that softness continued into July. This, in combination with the uncertain tariff environment, has tempered our near-term financial outlook.”
Assuming the continuation of the current 25% tariff applicable to products imported from China for the balance of 2019, Lumber Liquidators cut down its outlook for fiscal 2019. The company now expects revenue to grow in low-single digits versus prior growth expectation of mid-single digits.
Comparable store sales for full-year 2019 is predicted to be flat compared to prior estimate of flat to low-single digit growth. Adjusted operating margin guidance reduced to a range of 1.4% to 1.9% versus the previously projected range of 1.9% to 2.4%.
Lumber Liquidators stock, which plunged to a yearly low ($7.86) on August 1, had given a negative return of 13% since the beginning of this year and plunged 57% in the trailing 12 months.
Most Popular
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss
Key metrics from Nike’s (NKE) Q2 2025 earnings results
NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net
FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips
Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,