Lumber Liquidators swings to a Q2 profit
Flooring specialty retailer Lumber Liquidators reported second quarter sales fell 20.2% to $230.3 million compared to net sales of $288.6 million in the second quarter of 2019.
Comparable store sales decreased 21.3% for the quarter due to the impact of COVID-19, the Richmond, Va.-based company said.
Lumber Liquidators posted a net income of $5.5 million for the quarter, swinging from a net loss of $2.9 million for the same period a year ago.
During the period, Lumber Liquidators opened two new stores bringing its total to 422 as of June 30.
As of early July, 98% of Lumber Liquidators’ stores were fully open, with less than 10 operating by appointment only.
The Bottom Line: Lumber Liquidators reports a net income of $5.5 million in the second quarter compared to a net loss of $2.9 million in the second quarter 2019.
What the CEO said: "We were encouraged by improving sales trends through the quarter as markets reopened and consumers began to more fully engage in home improvement projects," said Charles Tyson, president and CEO of Lumber Liquidators. "I am confident that our continued focus on our transformation plan and strategic pillars, including developing a strong people-centric, diverse and collaborative culture, will position us well for long-term success."
Company info: The full second quarter 2020 financial report from Lumber Liquidators can be read here.