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 asso