Lumber Liquidators strong in fourth quarter
Flooring retailer Lumber Liquidators announced stronger fourth-quarter earnings of $3.05 million, up 88 percent from $1.62 million in the same period last year. The company recorded sales of $105 million, up 23.8 percent from $84.84 million a year ago.
For the full year, the company had earnings of $11.33 million, down 12.2 percent from $12.9 million in the previous year. Sales were $405.3 million for the year, up 22 percent from $332.06 million last year.
Same-store sales increased 8.6 percent for the quarter and 12.2 percent for the year.
This is the first quarter of public financial results for the company since it held its initial public offering on Nov. 9.
“We generated robust sales growth from new and existing stores,” said Jeffrey Griffiths, president and CEO of Lumber Liquidators. “The investments we have made in our infrastructure to support our continuing growth are substantially complete, and we are already seeing the benefits.”
The company has 124 stores throughout the United States, selling a variety of hardwood flooring, including solid and engineered hardwood, bamboo, cork and laminate.
Hovnanian sales fall in the first quarter
K. Hovnanian, a national home builder with operations in 19 states, reported wider losses in the first quarter on an unsteady housing market.
The company reported losses of $130.9 million, wider than the $54.6 million in losses reported in the same period last year.
Sales were $1.09 billion, down 6.4 percent from $1.165 billion in the same period last year.
In the first quarter, the company delivered 3,604 homes, an increase of 10.3 percent from 3,266 home in the first quarter of 2007, not including unconsolidated joint ventures.
“Market conditions remain challenging across many of our markets,” said company president and CEO Ara K. Hovnanian. “We continue to focus on reducing our inventories, maximizing cash flow and shrinking our overhead to ensure that we properly manage the difficult market conditions we currently face.”
The company recorded $94 million in pre-tax, land-related charges, an amount virtually unchanged from similar land-related charges of $93 million recorded in the same period last year.
Hovnanian is headquartered in Red Bank, N.J.
Toro sees stronger earnings in the first quarter
Outdoor products company Toro reported stronger earnings in the first quarter, buoyed by a strong increase in professional segment sales and international demand.
Earnings rose less than 1 percent to $18.63 million from $18.45 million last year. Sales were up 7 percent to $405.8 million, from $379.1 million in the same period last year.
Sales and earnings rose in the company’s professional segment, “including a strong demand from golf and grounds equipment customers,” the company said.
The company’s residential segment also saw increases, primarily from strong sales of snowthrowers and “TimeCutter” zero-turning radius lawnmowers.
The growth was attributed to “strong contributions from our international business,” said Michael Hoffman, chairman and CEO of Toro. “While we’re concerned about the increasing domestic economic uncertainty, we believe our competitive position is strong, and we are well-positioned for the upcoming season,” he said.
Toro is based in Bloomington, Minn. The company manufactures outdoor maintenance and beautification products for home, recreation and commercial landscapes.