Lumber Liquidators FY 2015 Sales Down 6.6%, Names New COO

Toano, VA, February 29, 2016—Lumber Liquidators' net sales decreased 6.6% to $978.8 million in FY 2015 from $1.05 billion in FY 2014.

Comparable store net sales decreased $116.2 million in FY 2015, or 11.1%, and net sales in non-comparable stores added $47.6 million versus the prior year.

The company opened 23 new stores in 2015, and as of December 31, 2015, operated 374 stores in the United States and Canada.

In Q4 2015, net sales were $234.8 million, a decrease of 13.7% from the fourth quarter of 2014, including a comparable store net sales decline of 17.2% due to a 15.6% decrease in the number of customers invoiced and a 1.6% decrease in the average sale.

Net loss was $19.8 million, or a loss of $0.73 per diluted share, in the fourth quarter of 2015 as compared to net income of $17.3 million, or $0.64 per diluted share, in the fourth quarter of 2014.

NEW COO

Lumber Liquidators has announced that Dennis R. Knowles has been appointed chief operating officer, effective March 1, 2016.

Knowles will be responsible for the company's stores organization and related operations and will report directly to John Presley, chief executive officer.

Knowles has more than 25 years of leadership experience in store and business operations. He has served in numerous senior management roles across the retail and home improvement industries, most recently as chief store operations officer at Lowe's Companies. In this role, Knowles was responsible for overseeing the omni channel operations of more than 1,700 Lowe's stores across the country.