Mixed results in Q3 for Lumber Liquidators

Lumber Liquidators, the hardwood flooring specialty retailer, reported third quarter 2017 net sales increased 5.4% to $257.2 million, from net sales of $244.1 million in the third quarter of 2016. 

The Toano, Va.-based company also reported net sales in comparable stores increased $9.3 million, or 3.8%, driven by a 3% increase in the average sale and a 0.8% increase in the number of customers invoiced. Merchandise sales in comparable stores grew 1.8% in the quarter while net sales in non-comparable stores increased $3.8 million. 

During the quarter, Lumber Liquidators opened three new stores and closed another. As of Sept. 30, the retailer operated 387 stores.

For the third quarter the company reported a net loss of $18.9 million compared to a net loss of $18.4 million during the same period last year.

"We saw continued growth in sales and positive comp store growth for the fifth consecutive quarter,” Dennis Knowles, Lumber Liquidators CEO, said in a statement. “That is despite the unusually severe hurricane season that we believe had a slight negative impact on net sales in some of our stores. A lot of credit should be given to our associates directly impacted by these storms. Their resiliency and commitment were inspiring, and our customers appreciated their responsiveness.”