Lumber Liquidators Reports Decreased Sales & Earnings in Q3
Toano, VA, November 6, 2019-Lumber Liquidators reported Q3 2019 net sales decreased 2.4% as compared to Q3 2018.
Net sales in comparable stores decreased 3.6% year over year (YOY) driven by soft sales at the beginning of the quarter and compounded by a network security incident in late August. However, comparable store sales showed significant improvement in the month of September driven by growth in transaction count and higher average ticket.
Net income for Q3 2019 was $1 million, compared to net income of $5.9 million in Q3 2018.
"We had a challenging quarter that included soft demand in July as well as a network security incident in August, but despite these headwinds, we made solid progress during the quarter implementing our strategic initiatives, including actions to mitigate the impact of tariffs," said chief executive officer Dennis Knowles.
The company opened four new stores and relocated one store in the third quarter of 2019.