TOANO, VA -- Wood flooring giant Lumber Liquidators says third quarter net income jumped 57.2 percent to $6.7 million. Sales rose 16.8 percent sales to $172.0 million.
The rise is partly attributable to new store openings, with 33 new store locations in 2011, including six opened during the third quarter. Same store sales rose only 3 percent.
Lumber Liquidators acquired Shanghai's Sequoia Floorings, a move it said gives it quality control and assurance, product development and logistics operations in China. Acquisition costs of $500,000 were reported during the quarter.
"With the recent acquisition of certain of Sequoia's assets, we further strengthened our direct relationships with mills in China, allowing us to more efficiently and effectively control the quality and costs of products sourced in this region," said Jeffrey W. Griffiths, CEO.
"Our customers. . .remain cautious and price sensitive with regard to large-ticket discretionary purchases," Griffiths said.
The flooring company also announced that Carl R. Daniels has joined as its senior VP, supply chain, effective Oct. 31, 2011.
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