LL Flooring Holdings, Inc. announced financial results for the 4Q and year ended December 31, 2021. 4Q 2021 net sales of $285.3 million decreased 6.2% compared to the same period last year, as double-digit growth in sales to Pro customers and a 6.4% increase in net services sales partially offset a decrease in DIY sales; and increased 4.2% compared to the fourth quarter of 2019, also driven primarily by double-digit growth in sales to Pro customers and net services sales that more than offset a decrease in DIY sales.
FY 2021 net sales of $1,152.3 million increased 5% compared to last year, driven by double-digit growth in sales to Pro customers and net services sales that more than offset a decrease in DIY sales; and increased 5.5% compared to 2019, also driven primarily by double-digit growth in sales to Pro customers and net services sales that more than offset a decrease in DIY sales.
The Company also announced a plan to achieve $1.5 billion of net revenue by 2024, which represents a 9% three-year-compound annual growth rate from 2021.
President and CEO Charles Tyson said: “We are excited to share today our target for $1.5 billion in net revenue with expanded operating margin by 2024. Our balance sheet is strong, with no debt and total liquidity of $227.2 million at year end, which enables us to invest in our organic growth. In addition, our Board has increased our share repurchase program authorization to $50 million, underscoring strong confidence in the long-term growth potential for our business as well as the financial flexibility we have created to invest in growth and return capital to our shareholders.”
LL Flooring is one of the leading specialty retailers of hard-surface flooring in the U.S. with more than 420 stores.
