Lumber Liquidators announced financial results for the 1Q ended March 31, 2018. Net sales for the 1Q 2018 increased $13.4 million, or 5.4%, to $261.8 million from $248.4 million in the 1Q 2017, as the company said in the press release received by Lesprom Network.
Gross margin increased to 36.3% in the 1Q 2018 from 34.9% in the 1Q 2017. This improvement was primarily driven by the higher mix of manufactured products, specifically, engineered vinyl plank, that carry higher gross margins than some of the Company's other product categories. These factors were partially offset by transportation costs, primarily related to rising fuel prices.
Net loss for the three months ended March 31, 2018 was $2 million, or $0.07 per diluted share, compared to a net loss of $26.4 million, or $0.93 per diluted share, for the three months ended March 31, 2017.
Dennis Knowles, CEO, commented, "We continued solid execution of our strategy in the 1Q, and made progress across our installation and Pro initiatives, gross margin expansion, and improved SG&A leverage. In addition, we continue to receive positive customer feedback, particularly around our expanded and exclusive product offerings. We remain focused on driving traffic, increasing customer conversion and leveraging our complete service offering as we make beautiful flooring possible and easy for all."
Lumber Liquidators is North America's largest specialty retailer of hardwood flooring.
