Lumber Liquidators Reports Lower Income
Toano, VA, July 30, 2014 -- Lumber Liquidators reported that second quarter net income decreased 18.7% to $16.6 million, or $0.60 per share, compared to $20.4 million, or $0.73 per share, a year ago.
However, net sales increased $6.0 million, or 2.3%, to $263.1 million from $257.1 million in the second quarter last year.
In comparable stores, net sales decreased 7.1%, and the company's average sale declined 1.8%, indicating a 5.3% decrease in the number of customers invoiced.
The company said that customer traffic has coincided with certain weak macroeconomic trends and has remained particularly low in geographic areas most severely hurt by the unusually harsh winter weather.
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The company noted that inventory problems in some product categories also resulted in fewer sales.
Non-comparable store net sales increased $24.1 million and included net sales from 13 new stores opened during the quarter.