This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lumber Liquidators Provides Second Quarter 2011 Business Update

Lumber Liquidators (NYSE: LL), the largest specialty retailer of hardwood flooring in the U.S., today provided a business update for the second quarter ended June 30, 2011, and updated its outlook for 2011.

Net sales in the second quarter of 2011 are expected to increase approximately 4.0% to $175.5 million, from $168.7 million in the second quarter of 2010. At comparable stores, net sales are expected to decrease approximately 8.0% for the quarter, in comparison to an increase of 5.5% for the second quarter of the prior year. Net sales at non-comparable stores are expected to increase $20.1 million over the prior year period as the Company opened 11 new stores during the second quarter, and has opened 27 new stores in the first half of 2011.

The Company now anticipates second quarter 2011 earnings per diluted share will be in the range of $0.18 to $0.20, compared to earnings per diluted share of $0.32 in the second quarter of the prior year. In addition to the weaker than expected net sales, gross margin during the quarter was adversely impacted by greater promotional sales and higher transportation costs. Further, certain expenses as a percentage of net sales were higher than anticipated.

Jeffrey W. Griffiths, Chief Executive Officer, commented, “Our second quarter net sales were weaker than expected as we believe value-conscious consumers became more price sensitive and cautious in their discretionary spending. We had not anticipated the rapid softening in customer demand given the improved sales trends at the end of the first quarter. The pressures challenging large-ticket purchasing decisions may continue to be volatile into the second half of the year, potentially resulting in continued consumer caution. However, certain internal demand indicators such as catalog and sample requests remain positive in comparison to 2010, and we believe our store operations are more focused on, and more capable than ever of, converting early demand to open orders and ultimately invoiced sales.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,011.27 -28.22 -0.17%
S&P 500 1,988.64 -3.73 -0.19%
NASDAQ 4,534.4720 +2.3680 0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs