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Toano, Va.-based Lumber Liquidators reported third-quarter net income of $12.9 million, up 91.3% from $6.7 million in the third quarter of the prior year.
Net sales for the third quarter ended Sept. 30 increased $32.3 million, or 18.8%, to $204.3 million in the third quarter of 2012 from $172.0 million in the third quarter of 2011. Comparable-store net sales increased 12.0% for the quarter; non-comparable store net sales increased $11.7 million. The company opened seven new stores during the third quarter.
“Our team continued to generate consistent strength in our top line by broadening our advertising reach and frequency, expanding our merchandise assortment and driving effective store execution,” said Robert Lynch, president and CEO. “As a result, we delivered record operating margin and EPS in the quarter. Our value proposition, 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.”
For the first nine months of 2012, net income increased 86.9% to $33.3 million, compared with $17.8 million in the first nine months of the prior year.
Net sales increased 18.8% to $602.7 million in the first nine months from $507.1 million in the first nine months of 2011. Comparable-store net sales increased 10.7%, compared with a decrease of 3.3% for the first nine months of the prior year. Non-comparable store net sales increased $41.4 million over the prior year. The company opened 21 new stores during the first nine months of 2012 and as of Sept. 30, operated 284 stores in 46 states and Canada.
Based on year-to-date results, Lumber Liquidators now expects to achieve net sales for the full year in the range of $791 million to $799 million, up from the previous range of $750 million to $775 million.