Lumber Liquidators expands credit line, defers payments and furloughs staff in coronavirus pandemic [MarketWatch]
LL Flooring Holdings, Inc. (LL)
Last ll flooring holdings, inc. earnings: 2/25 06:00 am
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Source: MarketWatch
Lumber Liquidators Holdings Inc. said Monday it is taking a series of measures to enhance liquidity and manage costs as it grapples with the impact of the coronavirus pandemic. The hardwood flooring retailer said it is cutting costs, managing inventory flow, deferring payments and working with lenders to temporarily expand its credit facility. The company's same-store sales were up about 4% in the quarter through the week of March 21, but took a dive as the virus began to take hold to end the quarter down about 1%. "Despite softening sales in late March, gross margin percent increased in the quarter versus first quarter last year driven by margin optimization and supply chain efficiency efforts," said the company. Lumber Liquidators is planning to take advantage of the SEC's extended filing deadline for the first quarter and is still evaluating the CARES Act and any impact on results. It expects to file earnings and its 10-Q the week of May 25. Because of the uncertainty created by th
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