Lumber Liquidators profit up in Q4

Toano, Va. Hardwood flooring retailer Lumber Liquidators said its profit rose in the fourth quarter as it continued opening new stores.

For the three months ending Dec. 31, the company earned $7.1 million compared with $6.5 million in the year-ago quarter.

Net sales in the quarter were $137.1 million, up 18% from $116.5 million in the year-ago period.

However, same-store sales fell 4.6%.

Net income for 2009 was $26.9 million, compared with $22.1 million in 2008. Revenue grew to $544.6 million from $482.2 million.

The company opened 36 new locations throughout the year, bringing its total store count to 186 in 45 states. It plans to open 36 to 40 new stores this year.