Lumber Liquidators up 64.4% in full-year income
Lumber Liquidators posted a strong earnings report Wednesday for the fourth quarter and full year ended Dec. 31, 2013.
Net sales for the three-month period were $258.4 million, up 22.7% from 2012. For the full year, sales came in at $1.0 billion, a nearly 23% improvement in year-ago terms.
Fourth-quarter net income weighed in at $20.8 million, up considerably from last year's $13.8 million. For 2013 as a whole, Lumber Liquidators pulled in $77.4 million, an increase of 64.4%.
"We achieved record highs for net sales and operating margin in the fourth quarter as we continued to gain share in a highly fragmented market," said president and CEO Robert Lynch. "Customer demand was inconsistent during the quarter, with certain regions of the country periodically impacted by difficult weather conditions. Nevertheless, our store team, with support across the organization, delivered an unprecedented level of individualized customer service and focus on operating results."
Lumber Liquidators is also reaffirming its outlook for 2014, which includes net sales in the range of $1.15 billion to $1.20 billion and the opening of 30 to 40 new stores. Lynch noted that the company's planned capital investment in 2014 will be the largest in its history.
"I could not be more proud of this team as we crossed the milestone of $1.0 billion in annual net sales in 2013, and the results we have achieved throughout the year are a direct reflection of the commitment and efforts of our team," added Lynch. "This was a year of significant accomplishments by our team, and we believe that our intense focus, unified vision and coordinated efforts set the foundation for an exciting 2014."