LL Flooring (LL)

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LL Flooring (LL) - 2020 Q1 - Quarterly Report
2020-05-27 22:04
PART I – FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The company's Q1 2020 financials show a net income of $12.2 million, a significant turnaround from a prior-year loss Condensed Consolidated Balance Sheet (in thousands) | Assets & Liabilities | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $354,737 | $359,113 | | Cash and Cash Equivalents | $22,424 | $8,993 | | Merchandise Inventories | $269,636 | $286,369 | | **Total Assets** | **$589,819** | **$596,009** | | **Total Current Liabilities** | $238,754 | $238,106 | | Credit Agreement | $64,000 | $82,000 | | **Total Liabilities** | **$416,485** | **$434,759** | | **Total Stockholders' Equity** | **$173,334** | **$161,250** | Condensed Consolidated Statement of Operations (in thousands, except per share amounts) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Total Net Sales | $267,374 | $266,220 | | Gross Profit | $104,972 | $93,611 | | Operating Income (Loss) | $8,765 | $(3,421) | | Net Income (Loss) | $12,235 | $(4,924) | | Diluted Net Income (Loss) per Share | $0.42 | $(0.17) | Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $35,965 | $6,477 | | Net Cash Used in Investing Activities | $(4,174) | $(3,230) | | Net Cash (Used in) Provided by Financing Activities | $(18,316) | $1,273 | | **Net Increase in Cash and Cash Equivalents** | **$13,431** | **$5,525** | [Note 1. Basis of Presentation](index=9&type=section&id=Note%201.%20Basis%20of%20Presentation) The company operates as a single-segment retailer whose operations were significantly impacted by COVID-19 in late March 2020 - The company operates as a single-segment specialty retailer of hard-surface flooring with **420 stores** as of March 31, 2020, across 47 U.S. states and Canada[18](index=18&type=chunk) - The COVID-19 pandemic is expected to have a **material negative impact** on sales, operations, and financial position in 2020[21](index=21&type=chunk) - Due to COVID-19, the company closed up to 56 stores temporarily, with others operating on reduced hours, and comparable store sales **dropped by approximately 45%** in the last week of March[22](index=22&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) Key policies cover inventory valuation, revenue recognition, and a $27 million receivable from tariff exclusions - The company recorded a **$27 million receivable** as of March 31, 2020, for retroactive Section 301 tariff exclusions on certain flooring products from China, with payment expected by the end of 2020[25](index=25&type=chunk) - Cost of sales includes product costs, tariffs, installation services, and transportation, as well as warranty reserves and inventory adjustments, net of vendor allowances[31](index=31&type=chunk) Sales Mix by Major Product Category (Q1 2020 vs Q1 2019) | Product Category | Q1 2020 % of Sales | Q1 2019 % of Sales | | :--- | :--- | :--- | | Manufactured Products | 44% | 41% | | Solid and Engineered Hardwood | 29% | 31% | | Moldings and Accessories | 16% | 17% | | Installation and Delivery Services | 11% | 11% | [Note 5. Credit Agreement](index=15&type=section&id=Note%205.%20Credit%20Agreement) The company amended its credit agreement in April 2020 to temporarily increase liquidity in response to the pandemic - As of March 31, 2020, the company had **$39 million outstanding** under its Revolving Credit Facility and **$25 million** under its FILO Term Loan, with **$109 million of availability**[41](index=41&type=chunk) - On April 17, 2020, the Credit Agreement was amended to **temporarily increase the Revolving Credit Facility** from $175 million to $212.5 million until August 30, 2020[46](index=46&type=chunk) - The amendment **permanently increased interest rate margins** for LIBOR Rate Loans by 1.25% to 1.50% and the unused commitment fee from 0.25% to 0.50%[47](index=47&type=chunk)[85](index=85&type=chunk) [Note 6. Income Taxes](index=17&type=section&id=Note%206.%20Income%20Taxes) The company recorded a $4.4 million income tax benefit in Q1 2020, primarily due to a $4.7 million benefit from the CARES Act - The CARES Act, enacted March 27, 2020, allowed the company to carry back net operating losses, resulting in a recorded **income tax benefit of $4.7 million** in Q1 2020[50](index=50&type=chunk) - For Q1 2020, the company recognized an income tax benefit of **$4.4 million** (effective rate of -55.2%), compared to a $0.2 million tax expense (effective rate of -4.5%) in Q1 2019[51](index=51&type=chunk) - A **full valuation allowance of $27 million** is maintained against net deferred tax assets, which will be reversed when there is sufficient evidence of future profitability[52](index=52&type=chunk) [Note 7. Commitments and Contingencies](index=19&type=section&id=Note%207.%20Commitments%20and%20Contingencies) The company faces significant legal proceedings, including settlements for flooring litigation and ongoing duty investigations - A settlement for the Gold Litigation (bamboo flooring) was finalized for up to **$30 million** ($14M cash, $14M vouchers, plus a potential $2M in vouchers), and as of March 31, 2020, a **$27 million accrual remains**[53](index=53&type=chunk) - The Formaldehyde MDL settlement (Chinese laminates) for **$36 million** ($22M cash, $14M vouchers) has been approved but is pending appeal, and the company has deposited **$21.5 million into escrow**[54](index=54&type=chunk) - The Kramer lawsuit (employee classification in California) was **settled for $4.75 million**, which was paid in April 2020[61](index=61&type=chunk) - The company is subject to ongoing antidumping (AD) and countervailing (CVD) duty investigations on multilayered wood flooring from China, resulting in **fluctuating liabilities and receivables** as rates are reviewed and appealed[62](index=62&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Performance improved due to higher gross margins, though sales were impacted by COVID-19, prompting liquidity preservation measures - The company's key initiatives, reputation for value, and unique store model are central to its strategy in the fragmented hard-surface flooring market[77](index=77&type=chunk) - Management uses non-GAAP measures like Adjusted SG&A and Adjusted Operating Income to evaluate performance, excluding items like legal settlements and antidumping duty changes[78](index=78&type=chunk)[80](index=80&type=chunk) [Impact of COVID-19 Pandemic on Our Business](index=30&type=section&id=Impact%20of%20COVID-19%20Pandemic%20on%20Our%20Business) The pandemic led to store disruptions, a sharp sales decline, and significant cost-saving measures to preserve liquidity - In response to COVID-19, the company closed up to 56 stores, operated others with reduced hours, and saw **comparable store sales fall by ~45%** in the last week of March[81](index=81&type=chunk) - Cost-saving measures included furloughing store associates, reducing distribution center hours, and implementing **temporary pay cuts** for salaried employees, executives (25%), and the Board of Directors (30%)[82](index=82&type=chunk) - As of March 31, 2020, the company had **$131 million in liquidity**, comprising $22 million in cash and $109 million of availability under its Credit Agreement[83](index=83&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2020 net sales rose 0.4%, while gross margin improved significantly, driving operating income to $8.8 million - Gross margin improvement was driven by margin enhancement efforts, **tariff exclusions** on Chinese products, supply chain efficiency, a mix of higher-margin manufactured products, and reduced discounting[98](index=98&type=chunk)[99](index=99&type=chunk) - Adjusted SG&A as a percentage of sales **decreased slightly to 35.7%** from 35.8% in Q1 2019, reflecting expense management and process efficiency[100](index=100&type=chunk)[103](index=103&type=chunk) Q1 2020 vs Q1 2019 Performance | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Total Net Sales | $267.4M | $266.2M | | Comparable Store Sales | -0.9% | -0.8% | | Gross Margin | 39.3% | 35.2% | | Operating Income (Loss) | $8.8M | $(3.4)M | | Net Income (Loss) | $12.2M | $(4.9)M | | Diluted EPS | $0.42 | $(0.17) | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through cash and credit, while reducing 2020 capital expenditures by approximately 50% - The company is **reducing planned 2020 capital expenditures by approximately 50%** in response to COVID-19[120](index=120&type=chunk) - Net cash from operating activities was **$36 million** for Q1 2020, a significant increase from $6.5 million in Q1 2019, primarily due to a reduction in inventory and higher net income[125](index=125&type=chunk) Merchandise Inventory (in thousands) | Date | Total Inventory | Available Inventory Per Store | | :--- | :--- | :--- | | March 31, 2020 | $269,636 | $580 | | Dec 31, 2019 | $286,369 | $608 | | March 31, 2019 | $299,886 | $663 | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate exposure from its variable-rate debt and the upcoming LIBOR transition - The company is exposed to interest rate risk on its Credit Agreement, with **$64 million in variable-rate borrowings** outstanding as of March 31, 2020[129](index=129&type=chunk) - Exchange rate risk is minimal, with **less than 2%** of revenue, expense, and capital purchases transacted in currencies other than the U.S. dollar[131](index=131&type=chunk) - The company **does not currently engage in hedging activities** for interest rate or exchange rate risks[130](index=130&type=chunk)[132](index=132&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in the quarter - Management concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2020[133](index=133&type=chunk) - **No material changes** to internal control over financial reporting occurred during the first quarter of 2020[134](index=134&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section details procedural updates on major litigation, including settlements and ongoing duty investigations - The Gold Litigation settlement (up to $30M) received preliminary approval, with a final hearing set for September 24, 2020, and the company has a **remaining accrual of $27 million**[135](index=135&type=chunk) - The **$36 million Formaldehyde/Abrasion MDL settlement** was upheld by the Appeals Court as fair, but the calculation of attorneys' fees was remanded to the district court[139](index=139&type=chunk)[140](index=140&type=chunk) - The Kramer lawsuit (California employee classification) was **settled for $4.75 million**, with payment made to the settlement administrator on April 6, 2020[147](index=147&type=chunk) - The company provides a detailed history of the antidumping (AD) and countervailing (CVD) duty investigations on Chinese multilayered wood flooring, noting that **multiple annual rate reviews are in various stages of finalization and appeal**, creating ongoing financial uncertainty[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor was added to address the significant and uncertain business and financial impact of the COVID-19 pandemic - A **new risk factor** was added to address the ongoing COVID-19 pandemic's potential adverse effects on the business[161](index=161&type=chunk) - Risks include disruptions to the supply chain, employee availability, facility closures, and **reduced customer demand** due to the economic downturn[162](index=162&type=chunk)[163](index=163&type=chunk) - The company states that the length, scope, and severity of the pandemic's impact are **highly uncertain** and that business disruption will continue to negatively affect the economy and the company's results[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's stock repurchase program remains suspended, with no shares repurchased under the plan during Q1 2020 - **No shares were repurchased** under the publicly announced program in Q1 2020[165](index=165&type=chunk) - The stock repurchase program is **indefinitely suspended**, with approximately **$14.7 million remaining** under its authorization as of March 31, 2020[166](index=166&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The company utilized an SEC extension to delay its Form 10-Q filing due to business disruptions from the COVID-19 pandemic - The company **delayed the filing of its Q1 2020 Form 10-Q**, relying on an SEC order that provided extensions due to the COVID-19 pandemic[167](index=167&type=chunk) - The delay was caused by operational disruptions, work-from-home transitions, and the need to analyze and apply the **newly enacted CARES Act**[168](index=168&type=chunk)
LL Flooring (LL) - 2019 Q4 - Earnings Call Transcript
2020-02-25 19:16
Financial Data and Key Metrics Changes - In Q4 2019, net sales were $274 million, an increase of 1.8% year-over-year, with comparable store sales rising 0.4% [25][30] - Gross profit for Q4 2019 increased by $16 million compared to Q4 2018, with gross margin at 40.9%, up from 35.7% in the same quarter last year [25][26] - Adjusted operating income was $19 million in Q4 2019, compared to an operating loss of $55 million in Q4 2018 [29] Business Line Data and Key Metrics Changes - Sales growth was driven by a 1.8% increase in merchandise sales and a 2.4% increase in service sales [25] - Installation services are viewed as a critical component of the brand value proposition, with efforts to enhance customer engagement through online tools [14][19] Market Data and Key Metrics Changes - Continued strength in vinyl products was noted, while bamboo and laminate showed relative weakness, reflecting broader industry trends [12] - The company plans to open 50 new stores in 2020 to penetrate existing markets and reach new customers [21] Company Strategy and Development Direction - The company is focused on improving operational effectiveness, enhancing customer experience, and driving traffic and transactions in stores and online [20] - A transformation plan is in place to leverage a solid foundation and deliver shareholder value, with an emphasis on brand revitalization and digital tools [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a moderately supportive macroeconomic environment in 2020, anticipating sales growth and improved operating margins [21][33] - The potential impact of the coronavirus on supply chains is being closely monitored, with no material impact expected in Q1 2020 [22][23] Other Important Information - The company recorded a significant reduction in SG&A expenses, down to $93 million in Q4 2019 from $151 million in the same quarter last year [27] - The liquidity position remains strong, with $111 million in liquidity as of December 31, 2019 [32] Q&A Session Summary Question: Is the $25 million in receivables included in the 2020 outlook? - Yes, the $25 million is factored into the cash flow and is expected to arrive in the first half of 2020 [38] Question: What gives confidence in the low single-digit comp guidance? - Confidence stems from strategic initiatives, digital growth, and improved customer engagement, with a focus on Pro business and new store openings [42] Question: How will the company balance initiatives with securing new leadership? - The board and senior leadership team are aligned and will continue to push forward with initiatives without pausing for new leadership [45][46] Question: What is the current status of supply chain activity in China due to the coronavirus? - The company is actively monitoring supply chain conditions, with most factories operational but facing challenges with worker returns [48] Question: How has weather impacted Q4 sales? - There was no material impact from weather on Q4 sales, as the focus remains on delivering to professional customers [50] Question: Can you elaborate on the margin guidance for 2020? - The margin improvement is expected due to tariff exclusions, a mix of higher margin products, and cost reduction efforts [52][56] Question: What is the process for hiring a new CEO? - The board is conducting a thorough search for both internal and external candidates, with no specific timeline provided [82][84]
LL Flooring (LL) - 2019 Q4 - Annual Report
2020-02-25 02:28
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001‑33767 Lumber Liquidators Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 27‑1310817 (State or ...
LL Flooring (LL) - 2019 Q3 - Earnings Call Transcript
2019-11-06 16:41
Lumber Liquidators Holdings, Inc. (NYSE:LL) Q3 2019 Earnings Conference Call November 6, 2019 8:00 AM ET Company Participants Danielle O'Brien - IR Executive Dennis Knowles - President, CEO & Director Charles Tyson - Chief Customer Experience Officer Nancy Walsh - CFO Conference Call Participants Joshua Kamboj - Morgan Stanley Oliver Wintermantel - Evercore ISI Peter Keith - Piper Jaffray Companies Laura Champine - Loop Capital Markets David MacGregor - Longbow Research Operator Good morning, ladies and gen ...
LL Flooring (LL) - 2019 Q3 - Quarterly Report
2019-11-06 00:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33767 Lumber Liquidators Holdings, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | | ...
LL Flooring (LL) - 2019 Q2 - Earnings Call Transcript
2019-08-07 18:51
Financial Data and Key Metrics Changes - The company reported net sales of $289 million, an increase of 1.8% compared to Q2 2018 [8][26] - Comparable store sales were flat in Q2, showing improvement from Q1, but traffic trends softened as the quarter progressed [8][18] - Gross margin improved by 20 basis points on an adjusted basis, reaching 35.2% from 35% in the prior year [10][27] - SG&A expenses increased to $104 million from $102 million year-over-year, with adjusted SG&A at $98 million, flat as a percentage of sales [29][30] - The operating loss was $1.4 million compared to a loss of $0.9 million in Q2 2018, but adjusted operating income improved to $3.6 million from $3 million [30] Business Line Data and Key Metrics Changes - Installation sales grew by 10%, while merchandise sales saw a slight decline [26] - The average transaction volume increased by 2.5%, but the number of transactions decreased, leading to flat comparable sales [26] - Vinyl products continued to show strong growth, while sales of bamboo faced pressure due to a secular shift in consumer demand [8][26] Market Data and Key Metrics Changes - The company anticipates a reduction in the impact of bamboo sales in the latter half of the year [9][18] - The second half of 2019 is expected to benefit from easing year-over-year comparable sales performance, as the previous year's comps were lower [17] Company Strategy and Development Direction - The company is focused on executing its transformation strategy to strengthen its foundation for future growth [7][12] - Strategic priorities include growing top-line sales, enhancing customer experience, and optimizing margins amid a challenging tariff environment [13][34] - Plans for the second half of the year include launching new advertising campaigns, enhancing digital capabilities, and expanding Pro and Installation services [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive position despite macroeconomic uncertainties and tariff impacts [18][19] - The full-year guidance was lowered to low single-digit revenue growth and flat comparable sales due to slowing traffic trends and tariff-related challenges [19][33] - Management noted that the impact of tariffs on consumer sentiment and discretionary spending remains a concern [17][18] Other Important Information - The company plans to open 10 to 15 new stores in 2019, with capital spending expected to be between $15 million and $18 million [34] - The liquidity position remains strong, with $117 million in liquidity as of June 30 [32] Q&A Session Summary Question: Concerns about moderating traffic and its causes - Management noted that traffic improved year-over-year but slowed towards the end of the quarter, attributed to macroeconomic factors [36][37] Question: Differences in velocity of items with raised prices - Management indicated it was too early to determine any noticeable changes in velocity due to recent price increases [40] Question: Performance of the Altamonte Springs store - The results from the Altamonte Springs store were positive, driving larger ticket sales and product sales across categories [42] Question: Cash portion of legal settlements - The cash portion of the $68 million accrual for legal settlements includes $21.5 million related to the MDL [46] Question: Impact of tariffs on inventory - Management estimated that approximately $12 million to $15 million of the inventory would be impacted by the additional tariffs [50] Question: Drivers behind merchandise product comps - Bamboo was identified as the largest contributor to the headwinds affecting merchandise sales [52] Question: Clarification on gross margin guidance - Management expects gross margin to improve year-over-year in Q3 but to be tempered in Q4 due to higher tariff costs [54][28] Question: ASP drivers and their components - The increase in average selling price was driven by both ASP and installation sales growth [56] Question: Geographic sales trajectory and traffic impacts - Management confirmed that the sales trajectory was solid in April but saw a decline in May and July, attributing it to macro impacts rather than geographic issues [80]
LL Flooring (LL) - 2019 Q2 - Quarterly Report
2019-08-06 23:20
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33767 Lumber Liquidators Holdings, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |----- ...
LL Flooring (LL) - 2019 Q1 - Earnings Call Transcript
2019-04-30 19:14
Financial Data and Key Metrics Changes - The company reported net sales of $266 million, an increase of 2% over Q1 2018 [8] - Comparable store sales were down 0.8%, which was in line with previous guidance [8] - Gross margin for Q1 2019 was 35.2%, down from 36.3% in the same quarter last year, primarily due to tariff costs [25] - SG&A expenses were $97 million, slightly up from $96 million in Q1 2018, with adjusted SG&A at $95 million [26][27] - The company recorded an operating loss of $3.4 million compared to a loss of $1.4 million in Q1 2018 [28] Business Line Data and Key Metrics Changes - Installation sales grew by 13%, while merchandise sales saw a nominal increase [24] - The Pro business penetration topped 30% of sales, indicating strong growth in this segment [9] - Bamboo products, which account for approximately 7% of the business, continued to face a decline due to changing consumer preferences [8][24] Market Data and Key Metrics Changes - Online sales penetration increased from approximately 4% in Q4 2018 to 6% in Q1 2019, indicating a positive trend in digital engagement [16] - The Texas market experienced a decline in merchandise sales due to comparisons with the peak of Hurricane Harvey recovery in the prior year [24] Company Strategy and Development Direction - The company is focused on enhancing customer experience and driving margin expansion despite tariff challenges [10] - A new advertising agency was onboarded to improve marketing efforts, with early positive results from promotional events [10][11] - The company plans to open 10 to 15 new stores in 2019 and remodel existing locations based on insights from a new store prototype [30][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing transformation strategies and improving profitability despite ongoing tariff impacts [8][15] - The company reiterated its full-year 2019 guidance, expecting mid-single-digit revenue growth and flat to low-single-digit comparable store sales growth [30] - Management noted that the macroeconomic backdrop is expected to decelerate by 1 to 2 points, impacting industry growth [65] Other Important Information - The company has a liquidity position of $130 million, which includes cash and availability under its credit agreement [29] - The company is exploring partnerships to leverage its brand and product assortment [22] Q&A Session Summary Question: Can you help us understand how merchandise sales evolved through the quarter? - Management noted that comps were clunky, with a good January, a weak February, and improvement in March as new marketing efforts took effect [35] Question: Can you comment on the quantitative performance of the new larger format store in Florida? - The new store is trending to the high end of the store portfolio, benefiting from high visibility and larger displays [39] Question: Can you tell us about the backlog and customer deposits? - Customer deposits were up, indicating good acceleration in new orders towards the end of March [46] Question: How much more was bamboo down compared to other categories? - Bamboo was down substantially more than the reported 15.4% decline in solids and engineered products [48] Question: What is the current attach rate on installation sales? - The attach rate was at 13% for the first quarter, which is higher than the initial target of 7% to 10% [67] Question: Did you raise prices because of the tariffs? - Yes, the company raised and lowered prices to maintain a competitive position amid tariff impacts [90]
LL Flooring (LL) - 2019 Q1 - Quarterly Report
2019-04-29 22:17
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10‑Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001‑33767 Lumber Liquidators Holdings, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---- ...
LL Flooring (LL) - 2018 Q4 - Earnings Call Transcript
2019-03-18 19:03
Lumber Liquidators Holdings, Inc. (NYSE:LL) Q4 2018 Results Earnings Conference Call March 18, 2019 8:00 AM ET Company Participants Danielle O'Brien - Investor Relations Dennis Knowles - President and Chief Executive Officer Martin Agard - Chief Financial Officer Charles Tyson - Chief Customer Experience Officer Timothy Mulvaney - Chief Accounting Officer Conference Call Participants Budd Bugatch - Raymond James Seth Basham - Wedbush Securities Keith Hughes - SunTrust Robinson Humphrey Laura Champine - Loop ...