TOANO, VA - Lumber Liquidators (NYSE: LL) sales rose 18.8% third quarter to $204 million.
The largest specialty retailer of hardwood flooring in the U.S. said net income soared 91% to $12.9 million, and Lumber Liquidators raised its outlook for 2012.
The increase in gross margin reflects lower costs of flooring due to sourcing initiatives, the company said.
“Combining price, selection, quality and availability with the expertise and service provided by our people, resonated with customers during the quarter as we continued to capture share in our fragmented market,” said Robert Lynch, president and CEO, in an earnings announcement.
Net sales increased 18.8% to $602.7 million in the first nine months of 2012. Lumber Liquidators opened 21 new stores during the first nine months of 2012, and now operates 284 stores in 46 states and Canada.
Based on these results and current trends, Lumber Liquidators raised projections from $750-$775 million to $791-$799 million, and it will open up to 25 new stores.
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