Lumber Liquidators' net sales for the 3Q 2018 increased $13.3 million, or 5.2%, to $270.5 million from $257.2 million in the 3Q 2017, as the company said in the press release received by Lesprom Network.
Gross profit increased $8 million, or 8.6%, in the 3Q 2018 to $100.7 million from $92.7 million in the comparable period in 2017. Gross margin increased to 37.2% in the 3Q 2018 from 36.0% in the 3Q 2017. Gross margin was favorably impacted by revisions to antidumping rates during the 3Q 2018.
Operating income for the three months ended September 30, 2018 was $6.7 million compared to an operating loss of $17.3 million in the comparable period in 2017.
Net income for the three months ended September 30, 2018 was $5.9 million, or $0.21 per diluted share, compared to a net loss of $18.9 million, or $0.66 per diluted share, for the three months ended September 30, 2017.
Dennis Knowles, CEO, commented, "During the 3Q, we grew revenue and were pleased with gross margin expansion and SG&A leverage, all of which contributed to our fifth consecutive quarter of Adjusted Net Income. We continued our growth in installation sales and, after opening three new stores in the 3Q, we are on target to open 22 new stores in 2018. We are pleased with the development of our management team and recent additions to both our digital and sourcing capabilities. We are confident that our team is well-positioned to drive our business and digital strategy going forward."
Lumber Liquidators is a leading specialty retailer of hard-surface flooring in North America.
