Lumber Liquidators grows Q2 income, sales

Toano, Va. – Lumber Liquidators reported impressive gains in net income and sales during the second quarter of fiscal 2013. Net income rose almost 68% to $20.4 million from $12.2 million in the second quarter of the previous year, while net sales grew 22% to $257.1 million from $210.3 million.



Same-store sales increased 14.9%, driven by a 9.1% increase in the number of customers invoiced and a 5.4% increase in the average sale.



"The team focused on our key strategic initiatives and achieved outstanding results through the important spring remodeling season,” said Robert M. Lynch, president and CEO of Lumber Liquidators. “Our value proposition of price, selection, quality, availability and expertise continues to be recognized by a growing customer base, and our commitment to continuous improvement drove strong performance throughout the organization."



Based on these results, Lumber Liquidators forecasts net sales for the full year in the range of $940 million to $963 million, up from a previous range of $913 million to $942 million; same-store sale increasing in the high-single to low double-digits; and the opening of a total of 16 to 20 new store locations in the second half of the year, for a total of 28 to 32 new store locations in 2013, narrowing the previous range of 25 to 35 new store locations.