Lumber Liquidators Net Sales Rose 1.8% in Q4
Roanoke, VA, February 25, 2020-Lumber Liquidators reported net sales for Q4 2019 increased 1.8% as compared to Q4 2018. Comparable store sales for Q4 increased 0.4% YOY 2018, driven by sales growth in the vinyl plank category offset, in part, by weakness in bamboo and laminate.
Net income for Q4 2019 was $16 million, compared to a net loss of $57 million in Q4 2018.
The company opened two new stores and closed two stores in Q4 2019.
For the fiscal year, net sales increased 0.7% YOY, which includes a $19 million increase in non-comparable store net sales partially offset by a decrease of $11 million, or 1.0%, in comparable store net sales. Net services sales (install and freight) increased 6.1% over the prior year, while net merchandise sales remained flat.
Net income was $9.7 million in 2019, compared to a net loss of $54 million in 2018; 2019 benefited from actions taken to improve gross margin while 2018 was adversely affected by legal settlements and other legal costs.
The company opened 11 new stores in 2019, closed five, and as of December 31, 2019, operated 419 stores in the United States and Canada.