Q1 sales rise 5.4% at Lumber Liquidators
Lumber Liquidators, the flooring specialty retailer, reported first quarter 2018 net sales of $261.8 million - an increase of 5.4% from first quarter 2017 net sales of $248.4 million.
The Toano, Va.-based company also narrowed its losses to $2 million for the first quarter compared to a net loss of $26.4 million during the same period a year ago.
Net sales in comparable stores increased $7.3 million, or 2.9%, driven by a 4.7% increase in the average sale partially offset by a 1.8% decline in the number of customers invoiced, the company said.
Merchandise sales in comparable stores grew 0.2% over the same quarter in the prior year. Net sales in non-comparable stores increased $6.1 million.
During the quarter Lumber Liquidators opened five new locations and operated 398 stores as of March 31.
"We continued solid execution of our strategy in the first quarter, and made progress across our installation and Pro initiatives, gross margin expansion, and improved SG&A leverage,” said Dennis Knowles, CEO of Lumber Liquidators.
“We remain focused on driving traffic, increasing customer conversion and leveraging our complete service offering as we make beautiful flooring possible and easy for all,” Knowles added.
The Toano, Va.-based company also narrowed its losses to $2 million for the first quarter compared to a net loss of $26.4 million during the same period a year ago.
Net sales in comparable stores increased $7.3 million, or 2.9%, driven by a 4.7% increase in the average sale partially offset by a 1.8% decline in the number of customers invoiced, the company said.
Merchandise sales in comparable stores grew 0.2% over the same quarter in the prior year. Net sales in non-comparable stores increased $6.1 million.
During the quarter Lumber Liquidators opened five new locations and operated 398 stores as of March 31.
"We continued solid execution of our strategy in the first quarter, and made progress across our installation and Pro initiatives, gross margin expansion, and improved SG&A leverage,” said Dennis Knowles, CEO of Lumber Liquidators.
“We remain focused on driving traffic, increasing customer conversion and leveraging our complete service offering as we make beautiful flooring possible and easy for all,” Knowles added.