Strong Q2 for Lumber Liquidators
Toano, Va.-based Lumber Liquidators likes its position in the marketplace, and it shows. The company posted net income of $6.9 million, up 18.1% from $5.9 million in the same quarter last year. Net sales increased 11.8% to $143 million for the quarter ended June 30.
"Our value proposition continues to resonate well with consumers in this environment," said Jeffrey Griffiths, president and CEO.
The company's performance also resonated on Wall Street. The hardwood flooring retailer's share price surged to a record high over $20 on Wednesday. The company went public in 2007 at $11. The stock surge followed the company's upward revision of earning estimates for the full year of 2009. It now expects earnings per diluted share of 85 cents to 91 cents on 27.7 million shares, compared with a previous estimate of 76 cents to 86 cents on 27.5 million shares.
Lumber Liquidators opened eight new stores in the second quarter, bringing its total store count to 168 stores in 45 states. Lumber Liquidators is planning to open another 14 to 18 new stores in the second half of the year.
"While there are still challenges ahead, we are beginning to see signs of stabilization in the marketplace, and we are pleased with where we stand at the midpoint of the year," Griffiths said.