Strong second quarter for Lumber Liquidators
Toano, Va.-based Lumber Liquidators reported second-quarter sales of $210.3 million, up 19.9% from the same quarter a year ago.
Comparable-store sales increased 12.4% for the quarter, as net income increased to $12.2 million, up from $5.3 million in the year-ago quarter.
“We are pleased that our team delivered record results through the important spring remodeling season and continued to execute on our key strategic initiatives,” said Robert Lynch, president and CEO, in a press release announcing the results. “We drove consistently strong customer demand during the quarter as greater recognition of our value proposition was achieved through our efforts to expand our advertising reach and frequency.”
Gross margin was 37.3% in the second quarter of 2012, compared with 34.0% in the second quarter of 2011.
The 275-plus store company opened 10 new stores during the second quarter.
Looking ahead, the company raised its expectations for sales for the full year to a range of $750 million to $775 million range, up from $720 million to $750 million. It also expects a total of 20 to 25 new store locations, including two to four in Canada.