Lumber Liquidators swings to Q4 profit

Lumber Liquidators, the flooring specialty retailer, reported fourth quarter 2017 net sales of $260 million, up 6.1% from net sales of $245 million in the fourth quarter 2016.

The Toano, Va.-based company also reported fourth quarter comp-store sales increased 4.5%, including a 3.4% increase in average sale. Non-comp store sales increased $4.1 million over the period a year ago. During the fourth quarter, Lumber Liquidators opened six new locations.

For the year, net sales increased 7.1% to just over $1 billion from sales of $961 million in 2016. Comp-store sales increased $52 million, or 5.4% for the year while non-comp sales increased $16 million. The retailer opened 11 new stores during the year, while closing one, and operated 393 stores at the end of 2017.

After reporting a $5.5 million loss in the fourth quarter of 2016, the company posted a profit of nearly $3 million for the same period 2017. For the year Lumber Liquidators reported a net loss of $37.8 million, more than cutting in half its previous 2016 net loss of $68.6 million.

Commenting on Lumber Liquidators’ results, CEO Dennis Knowles said that the company improved the product assortment in its stores with style and trend-right products and focused our marketing spend, which we believe contributed to better overall customer traffic in our stores.

Knowles also said the company rebuilt vendor relationships while rolling out a new, nationwide installation program.

“While we still have work to do, I'm very proud of what we accomplished in 2017," Knowles said.