Q1 sales up 22.5% for Lumber Liquidators

Expressing confidence in the year ahead, Lumber Liquidators posted a net sales increase of 22.5% for the quarter ended March 31.

The Toano, Va.-based hardwood flooring retailer reported first-quarter net sales of $230.4 million, up from $188.0 million in the same quarter last year. Comparable-store sales increased 15.2% for the quarter.

Net income increased 92.5% to $15.8 million in the first quarter of 2013 from $8.2 million in the first quarter of the prior year.

The sales were driven by equivalent percent increases in the number of customers invoiced and the average sale, the company said. Lumber Liquidators opened The company opened five new stores in the first quarter, bringing its total store count to more than 290. 

Also during the quarter, the company opened its first "store of the future" format. These stores feature an expanded showroom. "We are pleased with the performance to date," said Robert Lynch, president and CEO. 

The company raised its expectations for comparable-store sales from the previous range of mid-single digits to the "mid to high-single digits." It plans to open 25 to 35 new stores in 2013. 

Lynch added: "As we move forward, we believe we are well-positioned to further expand our footprint and deliver multi-year expansion of our net sales and operating margin,"