Lumber Liquidators' net sales for the 2Q 2017 increased $25.4 million, or 10.7%, to $263.5 million from $238.1 million in the 2Q 2016, as the company said in the press release received by Lesprom Network.
Gross profit increased 38.1% in the 2Q 2017 to $97.5 million from $70.6 millionin the comparable period in 2016. Gross margin increased to 37% in the 2Q 2017 from 29.7% in the 2Q 2016.
Net income for the three months ended June 30, 2017 was $4.5 million, resulting in income of $0.16 per diluted share, compared to a net loss of $12.2 million, resulting in a loss of $0.45 per diluted share, during the prior-year period.
Dennis Knowles, CEO, 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."
Lumber Liquidators is North America's largest specialty retailer of hardwood flooring.
