Lumber Liquidators Net Income Plummets

Toano, VA, July 26, 2011 -- Lumber Liquidators in the second quarter reported that net income that fell 41.9% to $5.3 million, or $0.19 per share compared to $9.1 million, or $0.32 per in the second quarter of 2010.

Net sales in the quarter increased 4% to $175.5 million from $168.7 million in the second quarter of 2010.

Comparable stores sales decreased 7.9% in comparison to an increase of 5.5% for the second quarter of the prior year.

Net sales at non-comparable stores increased $20.1 million over the prior year period, including the net sales from 11 new stores opened during the second quarter.

For the first six months, the company said earnings fell 31.1% to $11.1 million, or $0.39 per share compared to $16.1 million, or $0.57 per share, in the first half of 2010.

Net sales for the period increased 4.8% to $335.1 million from $319.9 million a year ago.

The company opened 27 new stores during the first six months now has 250 stores in 46 states and Canada.