Lumber Liquidators (NYSE: LL), the largest specialty retailer of hardwood flooring in the U.S., today announced financial results for the second quarter and six months ended June 30, 2012, and raised its outlook for 2012.
Second Quarter Results
Net sales increased $34.9 million, or 19.9%, to $210.3 million in the second quarter of 2012 from $175.5 million in the second quarter of 2011. Comparable store net sales increased 12.4% for the quarter, driven by a 6.3% increase in the average sale and a 5.8% increase in the number of customers invoiced at these stores. Non-comparable store net sales increased $13.2 million. The Company opened 10 new stores during the second quarter.
Gross margin was 37.3% in the second quarter of 2012 compared to 34.0% in the second quarter of 2011. The increase in gross margin reflects generally lower costs of product due to both sourcing initiatives and sales mix, and lower net transportation costs.Selling, general and administrative (SG&A) expenses improved to 27.9% of net sales for the second quarter of 2012 compared to 29.1% of net sales for the second quarter of 2011. Operating margin increased to 9.4% in the second quarter of 2012, from 4.9% in the second quarter of 2011. Net income increased 130.4% to $12.2 million, or $0.43 per diluted share, in the second quarter of 2012 from $5.3 million, or $0.19 per diluted share, in the second quarter of the prior year. Cash and cash equivalents at June 30, 2012 totaled $31.5 million, compared with $33.4 million at June 30, 2011 and $61.7 million at December 31, 2011. During the second quarter of 2012, pursuant to its previously announced stock repurchase program, the Company repurchased approximately 915,000 shares of its common stock for $25.4 million, and at June 30, 2012, had authorized repurchases of approximately $15.7 million of its common stock remaining under its $50 million stock repurchase program.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV