Lumber Liquidators lifts sales in Q2

Lumber Liquidators (LL Flooring) reported net sales for the second quarter increased 30.9% to $301.4 million from second quarter 2020 net sales of $230.3 million.

The Richmond, Va.-based specialty flooring retailer said sales growth was driven by strong pro customer and service sales.

Total comparable store sales increased 31.3% versus the same period last year, and increased 10% on a two-year stack basis.

The retailer posted a net income of $12 million for the quarter compared to a net income of $2.6 million for the same period a year ago.

During the quarter Lumber Liquidators repaid $101 million of outstanding debt.

Liquidators also opened four new stores in the second quarter bringing its total stores to 416 as of June 30.

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The Bottom Line: Profits rise more than 360% to $12 million as sales jump 30.9% to $301.4 million.

What the CEO said:  “Our strong sales and profitability results were driven by increasing traction on our transformation initiatives as well as continued strong demand for home improvement projects and consumers’ growing comfort allowing contractors into their homes as the economy recovers from the COVID-19 pandemic,” said Charles Tyson, president and CEO of Lumber Liquidators. 

“As we look ahead, we are encouraged by the increasing traction we are gaining on our transformation that will position us well for sustainable long-term growth,” Tyson noted.

Company info: Click here to read the full second quarter 2021 financial report from Lumber Liquidators.