Lumber Liquidators Earnings Fall in Quarter

Toano, VA, Feb. 23, 2011 -- Lumber Liquidators reported that fourth quarter net income fell 17.0% to $5.9 million, or $0.21 per share, from $7.1 million, or $0.25 per share, in the fourth quarter of 2009.

However, net sales increased $16.1 million, or 11.8%, to $153.2 million from $137.1 million in the fourth quarter of 2009.

Comparable store net sales increased 1.2% for the quarter, in comparison to a decrease of 5.7% in the third quarter of 2010 and an increase of 5.5% for the fourth quarter of the prior year.

The company said that sales continued to be challenged by a business software implementation.

"Our results reflected residual productivity challenges of our recent SAP implementation," said CEO Jeffrey W. Griffiths.

"However, we experienced solid demand."

For the year, net sales increased 13.9% to $620.3 million in 2010 from $544.6 million in 2009. Comparable store net sales increased 2.1% in 2010, compared to flat comparable store net sales in the prior year.

The company said it expects net sales for the full year in the range of $700 million to $730 million.