Lumber Liquidators reported positive financial result in 2Q2017

Lumber Liquidators, the largest specialty retailer of hardwood flooring in North America, reported positive net result amid 10.7% increase of net sales in 2Q2017 y-o-y. According to the announcement, the company’s sales accounted for USD 263.5 million, generating income before income taxes of USD 4.6 million in the period.

In January-June the company’s net sales accounted USD 511.9 million, generating USD 21.3 million loss before income taxes.

Dennis Knowles, Chief Executive Officer, commented:

“In the quarter, we saw positive results in net revenues, comparable store sales and customer traffic, in addition to gross margin expansion which drove positive operating results. Customers have responded to the investments that we made to broaden and strengthen our assortment with innovative products, while also ensuring the right mix of those products were available in our stores. Although we are pleased with the results in the quarter, we still have work to do. Our management team is confident in the potential of our business, and remains dedicated to carrying out the long-term strategy of the Company. We believe that by continuing to work our plan, we will position the company for long-term profitability and growth.”

Check other wood business-related companies 4Q2016 schedules for financial and operating results.

Earlier Lumber Liquidators appointed Timothy Mulvaney as Chief Accounting Officer.

About Lumber Liquidators:

The company is North America’s largest specialty retailer of hardwood flooring. Lumber Liquidators features more than 350 top quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate and resilient vinyl. With premier brands including Bellawood Prefinished Hardwood and Morning Star Bamboo, Lumber Liquidators’ flooring is often featured on popular television shows such as HGTV’s Dream Home and This Old House.

Source: Woodbizforum