LL Flooring Provides Business Update in Advance of Investor Meetings
December 13 2022 - 6:00AM
Business Wire
LL Flooring, (NYSE: LL), one of the nation’s largest specialty
retailers of high-quality, hard-surface flooring, today provided a
business update in advance of investor meetings, noting the
Company’s plans to slow new store openings and recommence share
repurchases in 2023 under its existing share repurchase
program.
“We are confident in our long-term growth strategies and our
unique positioning of offering the high-touch service of an
independent combined with the value and convenience of a national
brand,” said President and Chief Executive Officer Charles Tyson.
“In light of the current macroeconomic environment, we believe it
is prudent to slow our new store opening cadence and allocate
capital toward share repurchases under our current authorized
plan.”
The Company recently opened two new stores in Bellingham,
Washington, and Joplin, Missouri, bringing total new store openings
to 18 in 2022. Looking ahead to 2023, the Company currently expects
to open three to four new stores. The Company will continue to
evaluate its new store opening strategy based on the operating
environment.
Share Repurchase Program
The Company has $43 million available for repurchase under its
existing share repurchase program. The timing and amount of any
share repurchases under the authorization will be determined by
management at its discretion and based on market conditions and
other considerations. Share repurchases under the authorizations
may be made through open market purchases or pursuant to pre-set
trading plans meeting the requirements of Rule 10b5-1 under the
Securities Exchange Act of 1934. The program does not obligate LL
Flooring to acquire any particular amount of its common stock, and
the repurchase program may be suspended or discontinued at any time
at the Company’s discretion.
Repurchases under the program will be funded from the Company’s
existing cash and cash equivalents, borrowings against the
Company’s Credit Agreement and future cash flow. As of September
30, 2022, the Company had $127.8 million available for borrowing on
its revolving line of credit and $6.1 million of cash and cash
equivalents.
About LL Flooring LL Flooring is one of the country’s
leading specialty retailers of hard-surface flooring with 442
stores nationwide. The Company seeks to offer the best customer
experience online and in stores, with more than 500 varieties of
hard-surface floors featuring a range of quality styles and
on-trend designs. LL Flooring's online tools also help empower
customers to find the right solution for the space they've
envisioned. LL Flooring's extensive selection includes waterproof
hybrid resilient, waterproof vinyl plank, solid and engineered
hardwood, laminate, bamboo, porcelain tile, and cork, with a wide
range of flooring enhancements and accessories to complement. LL
Flooring stores are staffed with flooring experts who provide
advice, Pro partnership services and installation options for all
of LL Flooring's products, the majority of which is in stock and
ready for delivery.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving:
https://www.llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and Twitter
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes statements of the Company’s
expectations, intentions, plans and beliefs that constitute
“forward-looking statements” within the meanings of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be identified by words such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “thinks,”
“estimates,” “seeks,” “predicts,” “could,” “projects,” “potential”
and other similar terms and phrases, are based on the beliefs of
the Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements. These statements are subject to risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company’s control.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws. For a discussion of the risks and uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, see the “Risk Factors” section of
the Company’s annual report on Form 10-K for the year ended
December 31, 2021, and the Company’s other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and the Company’s
Investor Relations website at https://investors.llflooring.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221213005284/en/
LL Flooring Investor Relations Julie MacMedan
jmacmedan@llflooring.com 804-338-1195
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