Profit rises 31 percent at Lumber Liquidators
- August 4, 2010
Toano-based Lumber Liquidators saw its second-quarter earnings rise 31 percent to $9.1 million or 32 cents a share.
Net sales for the quarter were up nearly 18 percent to $168.7 million while comparable-store sales (sales at stores open for more than a year) rose 5.5 percent.
The company opened six stores during the three-month period. It expects to open another 19 to 23 stores in the second half of the year.
For the first six months of 2010, net income rose 33.5 percent to $16.1 million on net sales of $319.9 million. Comparable-store sales for the six-month period increased 6.7 percent.
Lumber Liquidators, the nation’s largest specialty retailer of hardwood flooring, operates 206 stores in 46 states. It expects net sales for 2010 to be in the range of $630 million to $650 million with diluted earnings per share of $1.13 to $1.23.