Lumber Liquidators Reports Higher Income, Sales

Toano, VA, April 28, 2010--Lumber Liquidators said first quarter net income increased 36.8% to $7.0 million, or $0.25 per share compared to $5.1 million, or $0.19 per diluted share, a year ago.

The company reported that net sales were up $27.3 million, or 22.1%, to $151.2 million compared to sales of $123.9 million last year.

Comparable store net sales for the first quarter of 2010 increased 8% on strong consumer demand, the company said.

In the first quarter of 2009, comparable store net sales had decreased 5.8%.

"We experienced a strong start to 2010, delivering record quarterly sales, traffic and store openings in the first quarter," said CEO Jeffrey W. Griffiths.

"We believe that our 'never-out-of-stock' inventory program and continued focus on improving inventory management helped drive our sales during the first quarter."

Lumber Liquidators increased its net sales guidance for the full year to a range of $630 million to $650 million, from the previous range of $620 million to $645 million.

The Company also announced its plans to enter Canada in the fourth quarter of 2010.