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Despite a tumultuous housing market and an uncertain consumer spending environment, Toano, Va.-based flooring specialty retailer Lumber Liquidators saw net income more than double to $5.9 million.
The strong sales figures bode well for the company, which had its initial public offering in November 2007.
Sales rose 21.1 percent in the second quarter to $128 million, compared with $105.7 million in the same period last year.
The retailer upwardly adjusted its year-end sales prediction to $480 million to $490 million. The company previously anticipated sales in the range of $475 million to $490 million.
Comparable-store sales increased 2.7 percent in the quarter. Lumber Liquidators opened 10 new stores during the three-month period. .
"We generated net income in the second quarter that was the best in our company's history,” said Jeffrey Griffiths, president and CEO of Lumber Liquidators. “Improvements we have made in our merchandise assortment, in-stock positions and inventory allocation are reflected in our results. Importantly, we are continuing to benefit from our recent operational improvements, which provide us with a solid foundation for long-term growth."
In the first half of the year, the company opened 19 new stores and saw a net sales increase of 22.7 percent, to $242.6 million, and net income more than doubled to $10.2 million during the period. Comparable-store sales in this six-month period rose 4.7 percent.
Lumber Liquidators operates more than 135 stores in the United States and retails 150 varieties of flooring, including solid and engineered hardwood, bamboo, cork and laminate, and “premier” brands under the Bellawood, Dream Home, Schon, Virginia Mill Works and Morning Star names.