Lumber Liquidators posts strong Q3
Toano, Va.-based Lumber Liquidators reported third-quarter net income of $12.9 million, up 91.3% from $6.7 million in the third quarter of the prior year.
Net sales for the third quarter ended Sept. 30 increased $32.3 million, or 18.8%, to $204.3 million in the third quarter of 2012 from $172.0 million in the third quarter of 2011. Comparable-store net sales increased 12.0% for the quarter; non-comparable store net sales increased $11.7 million. The company opened seven new stores during the third quarter.
“Our team continued to generate consistent strength in our top line by broadening our advertising reach and frequency, expanding our merchandise assortment and driving effective store execution,” said Robert Lynch, president and CEO. “As a result, we delivered record operating margin and EPS in the quarter. Our value proposition, combining price, selection, quality and availability with the expertise and service provided by our people, resonated with customers during the quarter as we continued to capture share in our fragmented market.”
For the first nine months of 2012, net income increased 86.9% to $33.3 million, compared with $17.8 million in the first nine months of the prior year.
Net sales increased 18.8% to $602.7 million in the first nine months from $507.1 million in the first nine months of 2011. Comparable-store net sales increased 10.7%, compared with a decrease of 3.3% for the first nine months of the prior year. Non-comparable store net sales increased $41.4 million over the prior year. The company opened 21 new stores during the first nine months of 2012 and as of Sept. 30, operated 284 stores in 46 states and Canada.
Based on year-to-date results, Lumber Liquidators now expects to achieve net sales for the full year in the range of $791 million to $799 million, up from the previous range of $750 million to $775 million.
Hunter announces promotions
Hunter Industries, a global provider of irrigation solutions for the professional market, has promoted Greg Hunter to chief operating officer, where he will be responsible for executing company strategy and optimizing the day-to-day operations for all Hunter business units. He assumes this role having held leadership positions within several key departments at Hunter, including engineering, product management, information systems and marketing.
Gene Smith, the company’s current director of marketing for commercial and residential Irrigation, has been promoted to VP marketing. Smith assumes the position after 12 years at Hunter, in which he has held leadership positions in engineering, product management and marketing. In his new role, Smith will lead the marketing efforts for all Hunter business units, including residential, commercial and golf irrigation, FX Luminaire landscape lighting, and Hunter custom molding.
Based in San Marcos, Calif., Hunter Industries is a family-owned company that offers more than 1,000 products that serve the landscape professional.
Rate of new-home sales rises in September
Sales of new single-family homes in September 2012 were at a seasonally adjusted annual rate of 389,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 5.7% above the revised August rate of 368,000 and is 27.1% above the September 2011 estimate of 306,000.
The median sales price of new houses sold in September was $242,400; the average sales price was $292,400. The seasonally adjusted estimate of new houses for sale at the end of September was 145,000, which represents a supply of 4.5 months at the current sales rate.
The stats follow by about a week a Census Bureau report showing housing starts increased 15.0% in September over August.