Mixed Q1 results for Lumber Liquidators

Lumber Liquidators (LL Flooring) reported first quarter 2021 sales increased 6% to $283.5 million from sales of $267.4 million in the first quarter 2020.

Net income for the first quarter of 2021 fell 13% to $10.6 million compared to $12.2 million for the same period last year.

Comparable store sales for the first quarter increased 6.9% from the same period a year ago. 

Growth in comp sales was driven by strong consumer demand for installation and home improvement projects, as well as the impact from the onset of COVID-19 shutdowns in March 2020, the flooring retailer said.

Net merchandise sales increased 4.7% while net services sales (install and freight) increased 16.8% over the prior year. 

During the first quarter, Lumber Liquidators opened three new stores and closed one store. The company operated 412 locations as of March 12.

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The bottom line: Profits slip 13% to $10.6 million for the first quarter as sales rise 6% to $267.4 million.

What the CEO said: "During the first quarter, we delivered positive 6.9% comparable sales and increased our operating income from the first quarter of 2020, driven by continued execution on our transformation initiatives, strong demand for home improvement projects and accelerating year-over-year growth in our installation business," said President and Chief Executive Officer Charles Tyson.”

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