Hard-surface flooring retailer LL Flooring posted net sales of $215.8 million for the third quarter, down 19.7 per cent year on year.

The company attributed the decrease to a drop in transactions reflecting lower spending by consumers.

Total comparable store sales declined 20.5 per cent and gross profit was also down 28.3 per cent to $68.5 million. The firm recorded an operating loss of $29.6 million compared to $4.1 million in the prior year.

Charles Tyson, president and CEO of LL Flooring, cited several external headwinds including low consumer confidence, inflation, an elevated interest and mortgage rate environment, and lower existing home sales.

“We are disappointed in our third-quarter results, which continued to be negatively impacted by the macroeconomic environment, as well as internal challenges that we are focused on as we execute against our strategic initiatives,” he said.

The company did not provide an outlook but expects full-year revenues to continue to be challenged due to macro uncertainty.

Further reading: Live Ventures makes full takeover bid for LL Flooring