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LL Flooring Holdings, Inc. reported challenging first quarter financial results impacted by weaker home sales, elevated interest rates, and inflation. Net sales decreased by 21.7% to $188.5 million, with a 21.5% decline in comparable store sales. Despite a gross margin increase, operating margin loss expanded to 14.5%. Loss per diluted share rose to $1.00, and adjusted loss per diluted share increased to $1.04. The company closed two stores, reducing store count to 435. Liquidity stood at $63.3 million as of March 31, 2024. LL Flooring is not providing financial guidance due to macroeconomic uncertainty but expects adjusted gross margins to remain flat.
LL Flooring Holdings, Inc. provided an update on its strategic alternatives review process, including a non-binding proposal to acquire all outstanding shares for $2.50 per share. The Board is in negotiations but has not accepted the proposal. The Company is committed to a fair process for all interested parties. Additionally, LL Flooring entered into a cooperation agreement with Live Ventures and Isaac Capital Group regarding director nominations and voting at the upcoming Annual Meeting of Stockholders on July 10, 2024.