Lumber Liquidators beats by $0.24, beats on revs; comparable store sales +8.8%:
- Reports Q2 (Jun) earnings of $0.16 per share, $0.24 better than the Capital IQ Consensus of ($0.08); revenues rose 10.7% year/year to $263.5 mln vs the $256.89 mln Capital IQ Consensus.
- Net sales in comparable stores increased $21 million, or 8.8%, driven by a 5.3% increase in the number of customers invoiced and a 3.5% increase in the average sale.
- Merchandise sales in comparable stores grew 6.1% in the quarter. Net sales in non-comparable stores increased $4.4 million.
- The Company did not open any stores during the second quarter of 2017, so total store count remained at 385 as of June 30, 2017.
- Dennis Knowles, Chief Executive Officer, commented, "In the quarter, we saw positive results in net revenues, comparable store sales and customer traffic, in addition to gross margin expansion which drove positive operating results. Customers have responded to the investments that we made to broaden and strengthen our assortment with innovative products, while also ensuring the right mix of those products were available in our stores. Although we are pleased with the results in the quarter, we still have work to do. Our management team is confident in the potential of our business, and remains dedicated to carrying out the long-term strategy of the Company. We believe that by continuing to work our plan, we will position the Company for long-term profitability and growth."
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