Lumber Liquidators Q2 Sales Up 1.8% YOY, Comparable Sales Flat
Toano, VA, August 7, 2019-Lumber Liquidators announced that net sales for Q2 2019 increased 1.8%, compared to Q2 2018, driven by new stores (those open less than 13 months).
Net sales in comparable stores were flat compared to Q2 2018, as growth of installation services was offset by a slight decline in merchandise sales.
The company opened three new stores and closed one in Q2 2019.
Operating loss was $1.4 million and $0.9 million for the three months ended June 30, 2019 and 2018, respectively.
Said chief executive officer Dennis Knowles. "Results in the quarter were generally in line with our expectations and reflect our efforts to mitigate the impact of increased tariffs on our near-term financial performance while also positioning the company for long-term success. With the increase in tariffs, we continue to manage costs through diligent vendor negotiations, opportunistic alternative country sourcing, and ongoing supply chain optimization. We also selectively implemented retail price increases late in the quarter to further mitigate the impact of rising tariffs while, at the same time, ensuring we deliver a strong value proposition and remain competitive in this dynamic environment."
"Despite delivering solid quarterly results and sequential improvement from the first quarter, as the second quarter progressed, customer traffic softened and that softness continued into July," Knowles continued. "This, in combination with the uncertain tariff environment, has tempered our near-term financial outlook."
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