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Fly News Breaks for December 4, 2019
Dec 4, 2019 | 08:06 EDT
Wedbush analyst Seth Basham says he thinks the temporary lifting of tariffs on luxury vinyl flooring tiles by the U.S. Trade Representative will boost earnings for Floor & Decor (FND) and Lumber Liquidators (LL). The analyst estimates ~$15M in refunds for tariffs paid by Floor & Decor and ~$16M for Lumber Liquidators on luxury vinyl flooring imported from China from the retroactive date through the announcement, a "very material" amount for Lumber Liquidators equating to 7% of its market cap. Basham expects the companies to capture incremental gross profit dollars as they are unlikely to pass all of this savings on to customers and vendors. He continues to rate Floor & Decor Outperform, with a Neutral rating on Lumber Liquidators.
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