Lumber Liquidators' Net Income Surges in Q3

Toano, VA, Oct. 24, 2012 -- Lumber Liquidators reported third quarter net income of $12.9 million or $0.46 per share, up 91.3% over a year ago.

The stock was up 16% in early trading Wednesday.

Net sales rose 18.8% to $204.3 million from $172.0 million a year ago, the company said.

Comparable store net sales increased 12.0% for the quarter, driven by an 11.7% increase in the number of customers invoiced at these stores and a slight increase in the average sale.

Non-comparable store net sales increased $11.7 million. The company opened seven new stores during the third quarter.

Gross margin was 38.1%.

Net sales increased 18.8% to $602.7 million in the first nine months from $507.1 million in the first nine months of 2011.

Lumber Liquidators said it expects net sales for the full year in the range of $791 million to $799 million, up from the previous range of $750 million to $775 million.