Lumber Liquidators Grew Sales 5.4% YOY in Q1
Toano, VA, May 2, 2018-Lumber Liquidators reported that net sales for Q1 2018 rose 5.4% year over year.
Net sales in comparable stores increased 2.9%, driven by a 4.7% increase in the average sale partially offset by a 1.8% decline in the number of customers invoiced.
Net loss for Q1 was $1,972,000, compared to $26,372,000 in Q1 2017.
The company opened five new stores during the first quarter of 2018, bringing the total store count to 398 as of March 31, 2018.
Looking forward for the fiscal year, Stifel notes that, “…management is hoping increased advertising spend through the year to promote nationwide installation (now 8% of sales) and increase sales from the pros will help traffic. Orders from the pros are increasing ticket size as not only the labor is boosting the ticket but also other merchandise such as trim and other attachments. Installation is also helping with sales growing 47% in the comp store set and 11% in markets where installation has been offered more than 13 months, i.e. comp installation sales. Installation will not only help ticket and sales, but should also help margin with more attached items and the use of more higher-margin manufactured product (where sales were up 25% yr/yr and management attributed to the 140 bps of gross margin expansion vs. an 11% decline in sales of solid engineered hardwood, bamboo, and cork).”