Lumber Liquidators revs up in Q3

Toano, Va. Toano, Va.-based Lumber Liquidators reported a net income of $7.8 million for the third quarter ended Sept. 30, up 42.1% from $5.5 million as reported for the same period last year.

For the nine months ended Sept. 30, net income was reported as $19.8 million, up 26.5% from $15.7 million as reported last year. Sales were $407.5 million, up 11.4% from $365.6 million as reported last year.

The company also reported comparable store sales were up 1.9% for the third quarter.

The company also reported opening nine new stores in the third quarter, which included four in new markets.

"We remained focused on delivering a unique combination of price, selection, quality and availability, and we are pleased to have returned to comparable store net sales growth during the quarter,” said president and CEO Jeffery Griffith. “We also continued to enhance this value proposition through strategic investments in our infrastructure, and we were able to gain share in our highly fragmented market.”

Griffith also said that the company was on track to meet its 2009 store-opening plan of 34 to 36 new locations by the end of November.

Looking forward, the company is expecting year end net sales to peak somewhere between $535 million and $543 million and a comparable store net decrease of 1.8% or better.