LL Reports Increased Sales & Earnings in Q1, Charles Tyson Named CEO
Richmond, VA, May 28, 2020- Lumber Liquidators reported a net sales increase in Q1 2020 of 0.4% YOY. Through the week ending March 21, the company's quarter-to-date comparable store sales increased approximately 4%, but as the impact of COVID-19 began to broadly impact consumers, orders declined significantly and first quarter comparable stores sales fell to negative 0.9% by the end of the quarter. Partially offsetting the decline from COVID-19 was the impact of an additional day, February 29, in the first quarter of 2020. Net income for Q1 2020 was $12 million, compared to a net loss of $4.9 million, for Q1 2019. The company opened one new store in the first quarter of 2020 bringing total store count to 420 as of March 31.
In addition, the company announced that Charles E. Tyson has been named president and chief executive officer and has been appointed to the company's board of directors, effective May 27. Tyson was appointed interim president and principal executive officer on February 5. Tyson will report to the board of directors.
Tyson joined the company in June 2018 as chief customer experience officer and has been leading the company's merchandising and marketing, consumer and pro sales, installation, supply chain, distribution and store operations. Prior to joining Lumber Liquidators, Tyson served in several key senior roles for Advance Auto Parts, Inc. for over nine years, most recently as executive vice president-merchandising, marketing and supply chain. Prior to Advance Auto Parts, Tyson served in a variety of senior roles at Office Max and Office Depot.