Lumber Liquidators' net sales in the 3Q 2016 were $244.1 million, an increase of 3.4% from the 3Q 2015, as the company said in the press release received by Lesprom Network.
Gross margin was 31.4% in the 3Q 2016, compared with 30.1% in the prior year period. The increase in gross margin was favorably impacted by the items highlighted in the attached supplemental schedule along with changes in the Company's pricing strategy, where it reduced promotional activity and the sale of clearance product from 2015 levels, 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 3Q 2016 was $18.4 million, or a loss of $0.68 per diluted share, as compared to a net loss of $8.5 million, or $0.31 per diluted share, during the prior year period.
John Presley, CEO, commented, "We are pleased with the direction of our sales performance this quarter but recognize we have work to do to restore Lumber Liquidators to growth and profitability for the long term. We continue to invest in our value proposition while focusing on execution within the business and have taken steps to strengthen our financial position. We remain committed to the strategic direction we set for the Company and believe our actions will improve our performance over time."
Lumber Liquidators is North America's largest specialty retailer of hardwood flooring.
