Lumber Liquidators is back in the black

Lumber Liquidators appears to be on the road to recovery following a period of scandal and financial hits.

The flooring retailer pulled in a positive net income (compared to a previous-year net loss) and a double-digit sales boost in the second quarter of 2017.

Net sales for the quarter ended June 30 were up 10.7% to $263.5 million.

Comparable store sales increased 8.8%, driven by a 5.3% increase in the number of customers invoiced and a 3.5% increase in the average sale. Merchandise sales in comparable stores grew 6.1%, and net sales in non-comparable stores increased $4.4 million.

Net income came in at $4.5 million, compared to a net loss of $12.2 million last year.

"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," said Dennis Knowles, Chief Executive Officer. "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," added Knowles. "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."