Lumber Liquidators' net sales in the 2Q 2016 were $238.1 million, a decrease of 4% from the 2Q 2015, as the company said in the press release received by Lesprom Network.
Gross margin was 29.7% in the 2Q 2016, compared with 25.1% in the prior year period. The change in gross margin was primarily attributable to the items highlighted in the attached supplemental schedule as well as changes in the Company's promotional strategy and increases in the sales mix of laminates and vinyl, which generally have lower retail price points and above average gross margins.
Net loss for the 2Q 2016 was $12.2 million, or a loss of $0.45 per diluted share, as compared to a net loss of $20.3 million, or $0.75 per diluted share, during the prior year period.
John Presley, CEO, commented, "While our financial results this quarter were below our expectations, we are encouraged by the progress we made in strengthening Lumber Liquidators for growth and profitability in the long term. We resolved several legacy regulatory issues, made good progress on resolving certain other outstanding legal matters, and continued to enhance our compliance program. We have also taken significant steps to improve store performance, ensuring our sites are equipped with the right people and products to serve our customers. In short, we are making steady progress, and will continue to focus on execution within the business in the coming quarters."
With more than 375 locations, Lumber Liquidators is North America's largest specialty retailer of hardwood flooring.
