Lumber Liquidators reported sales gains for the third quarter ended Sept. 30, though its revenues fell on the lower end of its guidance and below those of Wall Street.
The company also updated its full-year expectations for 2014: net sales are expected to fall within the range of $1.05 billion to $1.065 billion, compared to $1.05 billion to $1.10 billion. Earnings per diluted share are expected to come in at a range of $2.38 to $2.52, down from the previous guidance of $2.65 to $3.00.
Toano, Virginia-based Lumber Liquidators has rolled out its latest product catalog for the fall, which includes 60 new flooring choices and insights into new flooring trends.
"We continually stay on top of design trends from around the world and then work directly with major mills to ensure the lowest prices possible on the highest quality flooring," said president and CEO Robert Lynch.
So what's on tap for fall? Grayscale is one trend the industry may be seeing more of, with various shades of gray flooring cropping up in contemporary design schemes.
Lumber Liquidators has taken some steps in the aftermath of the investigation it underwent last fall after an environmental advocacy group leveled chargers against the retailer, claiming it was knowingly sourcing wood from protected forests.
Among those steps is the formalization of its compliance and sustainability team, the members of which it announced on Tuesday.
Lumber Liquidators has added a ninth member to its board of directors. Effective April 1, Nancy Taylor has been appointed as a Class III director.
"We are excited and pleased to welcome Nancy to our board of directors," said president and CEO Robert Lynch. "Nancy is a respected executive with a wealth of business and leadership experience. We look forward to benefiting from the knowledge and insight she will bring to Lumber Liquidators' board as we continue to grow our business."
Lumber Liquidators says it has about 10% to 11% of the flooring market in its wood categories — hardwoods and laminates — and a respectable 1% of all flooring. The company wants more, and one tried-and-true strategy is to broaden the assortment along with the product mix.
That includes tools.
“We are bringing in all the [tools] that you need to complete your project,” said president and CEO Robert Lynch during a Goldman Sachs investor conference in September.
Flooring retailer Lumber Liquidators has announced that Robert Lynch, its current president and chief operating officer, will succeed current CEO Jeffrey Griffiths on Jan. 1, 2012. As part of the company’s succession plan, Griffiths will also retire from the board of directors at the same time.
Orchard Supply Hardware has named retail veteran Mark Baker as its new president and CEO. Baker will replace Robert Lynch, who left last December to take a job as president and chief operating officer at Lumber Liquidators.
Hardwood flooring retailer Lumber Liquidators has announced the appointment of Robert Lynch as president and chief operating officer. He will oversee the company's merchandising, supply chain and store operations, including the respective senior VPs of these areas. Lynch, who starts his new position on Jan. 17, 2011, will report directly to CEO Jeffrey Griffiths.