TOANO, VA- Lumber Liquidators (NYSE: LL), will repurchase an additional $50 million of its common stock through open market purchases or through privately negotiated transactions.

“Lumber Liquidators continues to demonstrate the ability to self-fund growth while generating free cash," said Robert M. Lynch, CEO, in announcing the buyback. 

In its latest quarterly earnings report, Lumber Liquidators said net income soared 91% to $12.9 million, and raised its outlook for 2012. Sales rose 19% to $602 million. The flooring company said its increase in gross margin reflected lower costs of flooring due to sourcing initiatives.