Lumber Liquidators beats by $0.11, beats on revs :
- Reports Q4 (Dec) loss of $0.20 per share, $0.11 better than the Capital IQ Consensus of ($0.31); revenues rose 4.3% year/year to $244.9 mln vs the $242.38 mln Capital IQ Consensus.
- This includes a comparable store net sales increase of 2.8%, which reflected a 3.0% increase in average sale slightly offset by a 0.2% decrease in customers invoiced.
- Gross margin was 32.9% in the fourth quarter of 2016, compared with 23.0% in the prior year period. The increase in gross margin was primarily attributable to the prior year reduction in the carrying value of the Company's inventory of laminate flooring sourced from China, related moldings and other inventory adjustments of ~$21.7 million as well as shifts in the mix of products sold to items such as vinyl, which generally have lower retail price points, but higher gross margins.
- "We are pleased with our sales performance during the quarter, posting our second consecutive increase in comparable sales. While this represents a further step in the right direction, we remain focused on improving our business to drive long term value for Lumber Liquidators shareholders. Our recent investment in a broader, trend-right assortment supported by deeper inventory reflects our commitment to serve our customers. As a part of our strategic direction, we invested in our store operations and the development of both installation and pro-customer programs. We continue to believe the strategic direction we set for the Company remains sound, and we are committed to driving the actions that will return the Company to profitability."
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