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.
Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the
Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3
Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer