Lumber Liquidators' Income Up 50% in Quarter
Toano, VA, Feb. 19, 2014 -- Lumber Liquidators reported fourth quarter net income increased 50.6% to $20.8 million, or $0.74 per share, up from $13.8 million, or $0.50 per share, a year ago.
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Net sales increased $47.8 million, or 22.7%, to $258.4 million from $210.7 million in the fourth quarter of 2012.
Comparable store net sales increased 15.6% for the quarter, driven by an 8.6% increase in the number of customers invoiced and a 7.0% increase in the average sale.
Non-comparable store net sales increased $14.9 million.
For the year, net sales increased 23.0% to $1.0 billion, while net income increased 64.4% to $77.4 million.
"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 CEO Robert M. Lynch.