Lumber Liquidators Reports Higher 3Q Profit, Sales

Toano, VA, Oct. 27, 2011 -- Hardwood flooring retailer Lumber Liquidators said third quarter net income increased 57.2% to $6.7 million, or $0.24 per diluted share, in the third quarter compared to $4.3 million, or $0.15 per diluted share, in the third quarter last year.

Net sales increased 16.8% to $172.0 million from $147.2 million in the third quarter a year ago.

Comparable store net sales increased 3.0% compared to a decrease of 5.7% for the third quarter last year.

Net sales at non-comparable stores increased $20.3 million. The company has opened 33 new store locations in 2011, including six in the third quarter.

The firm lowered its estimate for fourth quarter sales. It plans to open as many as nine new stores in the fourth quarter.