LL Flooring Reports Fourth Quarter and Full Year 2020 Financial Results
Lumber Liquidators (LL Flooring) announced its Q4 and full-year 2020 financial results, showcasing a strong performance with net sales reaching $1.1 billion for the year and a 10.5% increase in comparable sales in Q4. The gross profit rose to $117.9 million but was offset by a slight drop in gross margin to 38.8%. Net income for Q4 hit $31.1 million, a significant increase from $16.4 million year-over-year. Despite store closures, the company improved its liquidity to $213.9 million. However, uncertainty remains due to COVID-19 and supply chain issues, leading to the decision to not provide guidance for 2021.
- Q4 comparable sales up 10.5%
- Full-year net sales of $1.1 billion
- Net income increased to $31.1 million in Q4 from $16.4 million
- Strong liquidity of $213.9 million, up $102.9 million YoY
- Improved operating income of $56.3 million in 2020
- Gross margin decreased to 38.8% in Q4 2020 from 40.9% in Q4 2019
- No financial guidance provided for 2021 due to uncertainty
RICHMOND, Va., March 2, 2021 /PRNewswire/ -- Lumber Liquidators ("LL Flooring" or "Company") (NYSE: LL), a leading specialty retailer of hard-surface flooring in North America, today announced financial results for the fourth quarter and full year ended December 31, 2020.
"We closed 2020 strong with fourth quarter comparable sales up
"So far in 2021, our industry continues to benefit from consumer investment in home improvement. That said, there remains a good deal of uncertainty due to COVID-19, potential changes in consumer spending priorities and supply chain volatility. We are well positioned with a strong balance sheet and the financial flexibility to continue to execute our transformation, allowing us to adjust quickly to the environment, if needed. We strive to become the customers' first choice in hard-surface flooring by providing the best experience from start to finish, and plan to differentiate ourselves by offering the high-quality selection, expertise and high-touch service of a local store combined with the scale, omni-channel convenience and value of a national brand. We see substantial opportunity ahead to continue to evolve our Company and increase shareholder value over the long term."
Fourth Quarter Results
Net sales in the fourth quarter of 2020 increased
Gross profit increased
SG&A expense increased
Operating income was
The Company had other income of
In the fourth quarter of 2020, the Company determined that it was no longer in a consolidated three-year cumulative loss position and released the valuation allowance recorded against most of its U.S. deferred tax assets. As a result, for the three months ended December 31, 2020, the Company recognized an income tax benefit of
Net income for the fourth quarter of 2020 increased
Earnings per diluted share was
Full-year Results
Net sales increased
Gross profit of
SG&A expenses of
Operating income was
The Company had other expense of
Income tax benefit was
Net income was
Cash Flow & Liquidity
As of December 31, 2020, the Company had liquidity of
The increase in liquidity at December 31, 2020 from the year earlier was driven by improved operating performance along with disciplined working capital management, which led the Company to report Cash Flow from Operations of
Canadian and U.S. Store Closure Costs
During the third quarter of 2020, the Company conducted a comprehensive review of its real estate portfolio. Following the conclusion of this review, the Company made the decision to close its Canadian operations, including all eight stores in Canada, and six underperforming U.S. locations by the end of 2020. The Company will continue to monitor store performance on an ongoing basis. The Company incurred expense of
Section 301 Tariffs
The Company's financial statements have been impacted by Section 301 tariffs on certain products imported from China in recent years. A subset of these imports for certain click vinyl and other engineered products (the "Subset Products") received an exemption that was made retroactive to the beginning of the Section 301 Tariffs for a period of time. The Company has deployed strategies to mitigate tariffs and improve gross margin, including alternative country sourcing, partnering with current vendors to lower costs and introduce new products, and adjusting its pricing. Please refer to the table on page 11 of this release for a detailed timeline and tariff levels for the key events related to Section 301 Tariffs.
The Company recorded a benefit of approximately
During the fourth quarter of 2020, the August reinstatement of tariffs began to flow through the income statement as these products were sold. This impact was partially offset by the Company's mitigation strategies.
The future impact of the reinstatement of tariffs is dependent on several factors including: 1) ongoing Company mitigation efforts for which the outcome is uncertain, 2) inventory turnover rates which were affected by COVID-19 in 2020, and 3) behavior of consumers and competitors as prices for products adjust based on supply/demand and as consumer preferences shift among product categories impacting both product sourcing and inventory turnover. It is still too early to predict the outcome of such measures adopted by the Company.
2021 Outlook
The uncertainty surrounding the duration and extent of the impact of COVID-19 makes it uniquely challenging to accurately forecast future financial performance, and as such, the Company is not providing financial guidance.
Conference Call and Webcast Information
The Company plans to host a conference call and audio webcast on March 2, 2021, at 8:00 a.m. Eastern Time. The conference may be accessed by dialing (877) 407-9039 or (201) 689-8470. A replay will be available approximately two hours after the call ends through March 9, 2021 and may be accessed by dialing (844) 512-2921 or (412) 317-6671 and entering pin number 13716450. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company's website, www.LLFlooring.com.
About LL Flooring
LL Flooring is one of North America's leading specialty retailers of hard-surface flooring with 410 stores as of December 31, 2020. The Company seeks to offer the best customer experience online and in stores, with more than 400 varieties of hard-surface floors featuring a range of quality styles and on-trend designs. LL's online tools also help empower customers to find the right solution for the space they've envisioned. LL Flooring's extensive selection includes vinyl plank, solid and engineered hardwood, laminate, bamboo, porcelain tile, and cork, with a wide range of flooring enhancements and accessories to complement. Our 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/quality
- 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, 2020, 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 www.investors.llflooring.com.
Non-GAAP and Other Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the following non-GAAP financial measures: (i) Adjusted Gross Profit; (ii) Adjusted Gross Margin; (iii) Adjusted SG&A; (iv) Adjusted SG&A as a percentage of net sales; (v) Adjusted Operating Income; (vi) Adjusted Operating Margin; (vii) Adjusted Earnings; and (viii) Adjusted Earnings per Diluted Share. These non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.
The non-GAAP financial measures are presented because management uses these non-GAAP financial measures to evaluate the Company's operating performance and, in certain cases, to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company's core operating performance, which include regulatory and legal settlements and associated legal and operating costs, changes in antidumping and countervailing duties, as such items are outside the control of the Company or are due to their inherent unusual, non-operating, unpredictable, non-recurring or non-cash nature.
For further information contact:
LL Flooring Investor Relations
ir@lumberliquidators.com
Tel: 804-420-9801
(Tables Follow)
LL Flooring | ||||||
December 31, | December 31, | |||||
2020 | 2019 | |||||
Assets | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | $ | 169,941 | $ | 8,993 | ||
Merchandise Inventories | 244,409 | 286,369 | ||||
Prepaid Expenses | 9,370 | 8,288 | ||||
Deposit for Legal Settlement | — | 21,500 | ||||
Tariff Recovery Receivable | 4,078 | 27,025 | ||||
Other Current Assets | 10,354 | 6,938 | ||||
Total Current Assets | 438,152 | 359,113 | ||||
Property and Equipment, net | 97,557 | 98,733 | ||||
Operating Lease Right-of-Use Assets | 109,475 | 121,796 | ||||
Goodwill | 9,693 | 9,693 | ||||
Deferred Tax Asset | 11,611 | — | ||||
Other Assets | 7,860 | 6,674 | ||||
Total Assets | $ | 674,348 | $ | 596,009 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities: | ||||||
Accounts Payable | $ | 70,543 | $ | 59,827 | ||
Customer Deposits and Store Credits | 61,389 | 41,571 | ||||
Accrued Compensation | 15,347 | 11,742 | ||||
Sales and Income Tax Liabilities | 5,793 | 7,225 | ||||
Accrual for Legal Matters and Settlements - Current | 30,398 | 67,471 | ||||
Operating Lease Liabilities - Current | 33,024 | 31,333 | ||||
Other Current Liabilities | 25,761 | 18,937 | ||||
Total Current Liabilities | 242,255 | 238,106 | ||||
Other Long-Term Liabilities | 13,293 | 13,757 | ||||
Operating Lease Liabilities - Long-Term | 90,194 | 100,470 | ||||
Deferred Tax Liability | — | 426 | ||||
Credit Agreement | 101,000 | 82,000 | ||||
Total Liabilities | 446,742 | 434,759 | ||||
Stockholders' Equity: | ||||||
Common Stock ( | 30 | 30 | ||||
Treasury Stock, at cost (1,318 and 1,245 shares, respectively) | (142,977) | (142,314) | ||||
Additional Capital | 222,628 | 218,616 | ||||
Retained Earnings | 147,925 | 86,498 | ||||
Accumulated Other Comprehensive Loss | — | (1,580) | ||||
Total Stockholders' Equity | 227,606 | 161,250 | ||||
Total Liabilities and Stockholders' Equity | $ | 674,348 | $ | 596,009 |
LL Flooring | |||||||||||||
Three Months Ended | Year Ended | ||||||||||||
December 31, (unaudited) | December 31, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Net Sales | |||||||||||||
Net Merchandise Sales | 264,983 | 238,242 | 974,829 | 956,041 | |||||||||
Net Services Sales | 39,228 | 35,612 | 122,873 | 136,561 | |||||||||
Total Net Sales | $ | 304,211 | $ | 273,854 | $ | 1,097,702 | $ | 1,092,602 | |||||
Cost of Sales | |||||||||||||
Cost of Merchandise Sold | 155,715 | 135,287 | 574,944 | 586,918 | |||||||||
Cost of Services Sold | 30,574 | 26,653 | 95,046 | 101,998 | |||||||||
Total Cost of Sales | 186,289 | 161,940 | 669,990 | 688,916 | |||||||||
Gross Profit | 117,922 | 111,914 | 427,712 | 403,686 | |||||||||
Selling, General and Administrative Expenses | 99,561 | 92,578 | 371,430 | 386,970 | |||||||||
Operating Income | 18,361 | 19,336 | 56,282 | 16,716 | |||||||||
Other (Income) Expense | (68) | 499 | 2,642 | 3,764 | |||||||||
Income Before Income Taxes | 18,429 | 18,837 | 53,640 | 12,952 | |||||||||
Income Tax (Benefit) Expense | (12,621) | 2,439 | (7,787) | 3,289 | |||||||||
Net Income | $ | 31,050 | $ | 16,398 | $ | 61,427 | $ | 9,663 | |||||
Net Income per Common Share—Basic | $ | 1.07 | $ | 0.57 | $ | 2.13 | $ | 0.34 | |||||
Net Income per Common Share—Diluted | $ | 1.05 | $ | 0.57 | $ | 2.10 | $ | 0.34 | |||||
Weighted Average Common Shares Outstanding: | |||||||||||||
Basic | 28,890 | 28,712 | 28,830 | 28,689 | |||||||||
Diluted | 29,498 | 28,833 | 29,247 | 28,793 |
LL Flooring | |||||||||
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | |||||||
Cash Flows from Operating Activities: | |||||||||
Net Income (Loss) | $ | 61,427 | $ | 9,663 | $ | (54,379) | |||
Adjustments to Reconcile Net Income (Loss): | |||||||||
Depreciation and Amortization | 17,645 | 17,465 | 18,425 | ||||||
Deferred Income Taxes (Benefit) Provision | (12,037) | (366) | 240 | ||||||
Stock-Based Compensation Expense | 3,333 | 4,848 | 4,091 | ||||||
Provision for Inventory Obsolescence Reserves | 3,036 | 1,888 | 3,108 | ||||||
Impairment of Operating Lease Right-Of-Use | 935 | — | — | ||||||
Reclassification of Foreign Currency Translation to Earnings | 757 | — | — | ||||||
(Gain) Loss on Disposal of Fixed Assets | (211) | (221) | 1,818 | ||||||
Changes in Operating Assets and Liabilities: | |||||||||
Merchandise Inventories | 38,617 | 28,941 | (59,179) | ||||||
Accounts Payable | 9,910 | (13,640) | 4,852 | ||||||
Customer Deposits and Store Credits | 19,818 | 1,353 | 1,685 | ||||||
Tariff Recovery Receivable | 22,947 | (27,025) | — | ||||||
Prepaid Expenses and Other Current Assets | (4,094) | (88) | 2,902 | ||||||
Deposit for Legal Settlement | — | — | (21,500) | ||||||
Accrual for Legal Matters and Settlements | 2,507 | 4,575 | 63,951 | ||||||
Payments for Legal Matters and Settlements | (18,080) | (34,729) | (2,904) | ||||||
Deferred Payroll Taxes | 5,131 | — | — | ||||||
Other Assets and Liabilities | 5,405 | 7,665 | (6,096) | ||||||
Net Cash Provided by (Used in) Operating Activities | 157,046 | 329 | (42,986) | ||||||
Cash Flows from Investing Activities: | |||||||||
Purchases of Property and Equipment | (15,828) | (19,906) | (14,332) | ||||||
Other Investing Activities | 966 | 422 | 871 | ||||||
Net Cash Used in Investing Activities | (14,862) | (19,484) | (13,461) | ||||||
Cash Flows from Financing Activities: | |||||||||
Borrowings on Credit Agreement | 45,000 | 104,500 | 74,000 | ||||||
Payments on Credit Agreement | (26,000) | (87,500) | (24,000) | ||||||
Proceeds from the Exercise of Stock Options | 679 | — | 770 | ||||||
Payments on Financed Insurance Obligations | — | — | (612) | ||||||
Other Financing Activities | (901) | (1,119) | (953) | ||||||
Net Cash Provided by Financing Activities | 18,778 | 15,881 | 49,205 | ||||||
Effect of Exchange Rates on Cash and Cash Equivalents | (14) | 702 | (1,131) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 160,948 | (2,572) | (8,373) | ||||||
Cash and Cash Equivalents, Beginning of Year | 8,993 | 11,565 | 19,938 | ||||||
Cash and Cash Equivalents, End of Year | $ | 169,941 | $ | 8,993 | $ | 11,565 | |||
Supplemental disclosure of non-cash operating and financing activities: | |||||||||
Release of Deposit for Legal Settlement and Liability | $ | 21,500 | $ | — | $ | — | |||
Tenant Improvement Allowance for Leases | (726) | (2,962) | — |
LL Flooring | ||||||||||||||||||||||
Items impacting gross margin with comparisons to the prior-year period include: | ||||||||||||||||||||||
Three Months Ended December 31, (unaudited) | Year Ended December 31, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
$ | % of Sales | $ | % of Sales | $ | % of Sales | $ | % of Sales | |||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Gross Profit/Margin, as reported (GAAP) | $ | 117,922 | 38.8 | % | $ | 111,914 | 40.9 | % | $ | 427,712 | 39.0 | % | $ | 403,686 | 36.9 | % | ||||||
Antidumping Adjustments 2 | (2,208) | (0.7) | % | 364 | 0.1 | % | (2,208) | (0.2) | % | 1,143 | 0.1 | % | ||||||||||
HTS Classification Adjustments 3 | — | — | % | — | — | % | — | — | % | (779) | — | % | ||||||||||
Store Closure Costs 4 | 61 | — | % | — | — | % | 822 | — | % | — | — | % | ||||||||||
Sub-Total Items above | (2,147) | (0.7) | % | 364 | 0.1 | % | (1,386) | (0.2) | % | 364 | 0.1 | % | ||||||||||
Adjusted Gross Profit/Margin (non-GAAP measures) | $ | 115,775 | 38.1 | % | $ | 112,278 | 41.0 | % | $ | 426,326 | 38.8 | % | $ | 404,050 | 37.0 | % |
________________ | |
1 | Amounts may not sum due to rounding. |
2 | Represents countervailing and antidumping expense associated with applicable prior-year shipments of engineered hardwood |
3 | Represent classification adjustments related to the HTS duty categorization in prior periods during the three months and full |
4 | Represents the inventory write-offs related to the Canadian and US store closures described more fully in Note 11 to the |
Items impacting SG&A with comparisons to the prior-year period include: | ||||||||||||||||||||||
Three Months Ended December 31, (unaudited) | Year Ended December 31, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
$ | % of Sales | $ | % of Sales | $ | % of Sales | $ | % of Sales | |||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
SG&A, as reported (GAAP) | $ | 99,561 | 32.7 | % | $ | 92,578 | 33.8 | % | $ | 371,430 | 33.8 | % | $ | 386,970 | 35.4 | % | ||||||
Accrual for Legal Matters and Settlements 5 | — | — | % | (1,100) | (0.4) | % | 1,500 | 0.2 | % | 3,475 | 0.3 | % | ||||||||||
Legal and Professional Fees 6 | 1,433 | 0.5 | % | 766 | 0.3 | % | 4,220 | 0.4 | % | 4,169 | 0.4 | % | ||||||||||
Store Closure Costs 7 | 1,159 | 0.4 | % | — | — | % | 2,962 | 0.3 | % | — | — | % | ||||||||||
Sub-Total Items above | 2,592 | 0.9 | % | (334) | (0.1) | % | 8,682 | 0.9 | % | 7,644 | 0.7 | % | ||||||||||
Adjusted SG&A (a non-GAAP measure) | $ | 96,969 | 31.9 | % | $ | 92,912 | 33.9 | % | $ | 362,748 | 33.0 | % | $ | 379,326 | 34.7 | % |
_______________ | |
5 | This amount represents expense of |
6 | Represents charges to earnings related to our defense of certain significant legal actions during the period. This does not |
7 | Represents store lease impairments, write down on fixed assets and employee termination benefits related to the Canadian |
Items impacting operating income and operating margin with comparisons to the prior-year period include: | ||||||||||||||||||||||||
Three Months Ended December 31, (unaudited) | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
$ | % of Sales | $ | % of Sales | $ | % of Sales | $ | % of Sales | |||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Operating Income, as reported (GAAP) | $ | 18,361 | $ | 6.0 | % | $ | 19,336 | 7.1 | % | $ | 56,282 | 5.1 | % | $ | 16,716 | 1.5 | % | |||||||
Gross Margin Items: | ||||||||||||||||||||||||
Antidumping Adjustments 2 | (2,208) | (0.7) | % | 364 | 0.1 | % | (2,208) | (0.2) | % | 1,143 | 0.1 | % | ||||||||||||
HTS Classification Adjustments 3 | — | — | % | — | — | % | — | — | % | (779) | — | % | ||||||||||||
Store Closure Costs 4 | 61 | — | % | — | — | % | 822 | — | % | — | — | % | ||||||||||||
Gross Margin Subtotal | (2,147) | (0.7) | % | 364 | 0.1 | % | (1,386) | (0.2) | % | 364 | 0.1 | % | ||||||||||||
SG&A Items: | ||||||||||||||||||||||||
Accrual for Legal Matters and Settlements 5 | — | — | % | (1,100) | (0.4) | % | 1,500 | 0.2 | % | 3,475 | 0.3 | % | ||||||||||||
Legal and Professional Fees 6 | 1,433 | 0.5 | % | 766 | 0.3 | % | 4,220 | 0.4 | % | 4,169 | 0.4 | % | ||||||||||||
Store Closure Costs 7 | 1,159 | 0.4 | % | — | — | % | 2,962 | 0.3 | % | — | — | % | ||||||||||||
SG&A Subtotal | 2,592 | 0.9 | % | (334) | (0.1) | % | 8,682 | 0.9 | % | 7,644 | 0.7 | % | ||||||||||||
Adjusted Operating Income/Margin (a non-GAAP measure) | $ | 18,806 | $ | 6.2 | % | $ | 19,366 | $ | 7.1 | % | $ | 63,578 | 5.8 | % | $ | 24,724 | 2.3 | % |
___________________________ | |
2,3,4,5,6,7 | See the Gross Profit and SG&A sections above for more detailed explanations of these individual items. |
Items impacting earnings per diluted share with comparisons to the prior-year periods include: | ||||||||||||||
Three Months Ended December 31, (unaudited) | Year Ended December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(in thousands) | (in thousands) | |||||||||||||
Net Income, as reported (GAAP) | $ | 31,050 | $ | 16,398 | $ | 61,427 | $ | 9,663 | ||||||
Net Income per Diluted Share (GAAP) | $ | 1.05 | $ | 0.57 | $ | 2.10 | $ | 0.34 | ||||||
Gross Margin Items: | ||||||||||||||
Antidumping Adjustments 2 | (1,632) | 269 | (1,632) | 845 | ||||||||||
HTS Classification Adjustments 3 | — | — | — | (576) | ||||||||||
Store Closure Costs 4 | 45 | — | 607 | — | ||||||||||
Gross Margin Subtotal | (1,587) | 269 | (1,025) | 269 | ||||||||||
SG&A Items: | ||||||||||||||
Accrual for Legal Matters and Settlements 5 | — | (813) | 1,109 | 2,568 | ||||||||||
Legal and Professional Fees 6 | 1,059 | 567 | 3,119 | 3,081 | ||||||||||
Store Closure Costs 7 | 857 | — | 2,189 | — | ||||||||||
SG&A Subtotal | 1,916 | (246) | 6,417 | 5,649 | ||||||||||
Adjusted Earnings | $ | 31,379 | $ | 16,421 | $ | 66,819 | $ | 15,581 | ||||||
Adjusted Earnings per Diluted Share (a non-GAAP measure) | $ | 1.06 | $ | 0.57 | $ | 2.28 | $ | 0.54 | ||||||
_______________________________ | |
2,3,4,5,6,7 | See the Gross Profit and SG&A sections above for more detailed explanations of these individual items. These items |
The following chart provides a timeline and tariff levels for the key events related to Section 301 tariffs: | ||||
Section 301 | Corresponding approximate | |||
Event | Timing | tariff level on | Tariff level on | percentage of Company's |
imports from China | Subset Products | merchandise subject to tariff | ||
Imposition of Tariffs | September 2018 | |||
Increase in Tariff's | June 2019 | |||
Retroactive Exemption on Subset | November 2019 | |||
Exemption Not Renewed and Tariffs | August 2020 | |||
December 31, 2020 |
_________________________ | |
1 | On November 7, 2019, the U.S. Trade Representative granted a retroactive exclusion to September 2018 on Subset |
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SOURCE Lumber Liquidators
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