Mixed Q1 for Lumber Liquidators
CEO says legal troubles are behind the retailer.
Lumber Liquidators says its legal troubles are behind the specialty flooring retailer and the company is ready to move on.
That was the message from CEO Dennis Knowles as Lumber Liquidators reported mixed results for the first quarter of 2019.
Sales for the quarter increased 1.7% to $266.2 million from sales of $261.8 in the first quarter last year. Comp store sales decreased 0.8% as a decline in merchandise sales was somewhat offsets by the expansion of Lumber Liquidators installation services.
The Toano, Va.-based company also reported a net loss of $4.9 million for the quarter in comparison to a net loss of $2 million for the same period a year ago.
In March, Lumber Liquidators agreed to pay about $33 million in fines for securities fraud and misleading investors.
“We have moved quickly to execute our transformation strategy and accelerate growth initiatives. In the first quarter, we continued to see strong performance across our Installation and Pro businesses while making progress against our commitment to focus on customer engagement,” Knowles said.
Transformation includes enhancing Lumber Liquidators digital presence and omni-channel approach, and modernizing its marketing efforts through a new advertising agency partnership.
Lumber Liquidators opened two new locations during the first quarter and closed two stores. The company said it currently operates 413 locations and plans to open 10 to 15 stores in 2019.
No comments found