Lumber Liquidators Lowers Forecast, Stock Plunges
New York, NY, July 10, 2014 -- Shares of Lumber Liquidators fell as much as 15% in after-hours trading on Wednesday after the company lowered guidance for the full year 2014.
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The company said it now expects net sales in the range of $1.05 billion to $1.10 billion, down from its previous range of $1.15 billion to $1.20 billion.
It also lowered its earnings estimate to a range of $2.65 to $3.00, from $3.25 to $3.60.
The company said "reduced customer traffic has coincided with certain weak macroeconomic trends related to residential remodeling, including existing home sales, which have generally been lower in 2014 than the corresponding periods in 2013."