Lumber Liquidators Reports Higher Earnings, Sales

Toano, VA, Feb. 22, 2012 -- Lumber Liquidators reported fourth quarter net income increased 42.9% to $8.5 million, or $0.30 per share, from $5.9 million, or $0.21 per share, in the fourth quarter of the prior year.

Net sales increased $21.2 million, or 13.9%, to $174.5 million from $153.2 million in the fourth quarter of 2010.

Comparable store net sales increased 1.9% for the quarter, driven by an increase in both the number of customers served and the average sale.

Non-comparable store net sales increased $18.3 million over the prior year period. The Company opened seven new stores for a total of 40 new locations for the full year.

Gross margin was 35.5% compared to 34.0% in the fourth quarter of 2010. Gross margin benefited from lower product costs due primarily to the continued implementation of sourcing initiatives and certain favorable shifts in sales mix.

For the full year, net sales increased 9.9% to $681.6 million in 2011 from $620.3 million in 2010.

Comparable store net sales decreased 2.0% in 2011, compared to an increase of 2.1% in the prior year.

In 2012, the company said it expects net sales in the range of $710 million to $740 million.