TOANO, VA - Lumber Liquidators (NYSE: LL) sales rose 21% fourth quarter. The largest hardwood flooring specialty retailer in North America reported net sales of $210.7 million in the period.
Net income increased 63.2% to $13.8 million. Those results were driven up by a 9.1% increase in the number of customers invoiced, and a 3.9% increase in the average sale at its 290 stores, Lumber Liquidators says.
Also helping profits were generally lower product costs due to sourcing initiatives, lower net transportation costs and a reduction in the estimated shrink of merchandise inventories, Lumber Liquidators reported.
"The broadening of our advertising and branding message resonated with a larger population of flooring customers," said Robert M. Lynch, CEO. "Our team’s focus on continuous improvement helped drive our performance, and with these outstanding fourth quarter and full year results, we have a strong foundation upon which we can generate sustainable additional growth as we enter 2013."
During 2012, LumberLiquidators used its cash to repurchase 1.6 million shares of its common stock for $49.1 million, including approximately 171,000 shares in the fourth quarter of 2012. It still has $50.9 million available under its $100 million stock repurchase program.
"Building on strategic initiatives both currently underway and those to be launched in 2013, including our ‘store of the future’ with its expanded showroom, in the coming year, we will aggressively pursue share in our highly fragmented market," Lynch said.
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