LL Increased Sales in Q4 But Earnings Decreased
Toano, VA, March 18, 2019-Lumber Liquidators reported a net sales increase of 3.5% in Q4 2018, compared to Q4 2017. Net sales in comparable stores increased $ 0.4. The company opened five new stores and closed one during the fourth quarter of 2018.
Net loss for Q4 2018 was $56.9 million, compared to earnings of $3.0 million in Q4 2017.
For the year, net sales increased 5.4% from 2017, including a comparable store net sales increase of 2.6%. The company opened 21 new stores in 2018, closed one, and as of December 31, 2018, operated 413 stores in the United States and Canada.
Net loss for the year was $54.4 million, compared to a loss of $37.8 million in 2017.
The company also announced that its chief financial officer, Martin D. Agard, will resign from the company, effective April 5, to accept a new role with a company in Florida. Agard has been the company's chief financial officer since September 2016.
Lumber Liquidators has retained Herbert Mines Associates, a leading executive search firm, to assist in a comprehensive search for a new CFO, which will commence immediately.
Timothy J. Mulvaney, currently the company's chief accounting officer, has been named interim chief financial officer, effective April 5, 2019. Mulvaney will continue to serve as chief accounting officer.
Dennis Knowles, chief executive officer, commented, "2018 was a year of transformation for Lumber Liquidators, during which we executed on our growth initiatives, put significant legacy legal issues behind us, and laid the groundwork to position us for long-term success. Our Pro and Install businesses continued to accelerate, and we made tremendous progress reimaging how we engage with our customers. We also believe we took meaningful steps in improving our supply chain and eliminating costs, enabling us to expand adjusted gross margins despite the impact from tariffs and increased transportation costs.”