Lumber Liquidators Inc. (Toano, Va.) increased its net income 92.5 percent to $15.8 million in the first quarter of 2013 from $8.2 million the year before. Net sales increased to $230.4 million, a 22.5 percent increase over the first quarter of 2012. Gross margin was 40.4 percent, up from 37.3 percent in the same quarter in 2012, and expenses decreased as a percentage of net sales to 29.3 percent, down from 30.2 percent.
As part of its multi-year strategic initiatives, Lumber Liquidators opened the first locations of its "store of the future," which feature an expanded showroom.
"Though the results are early, across the five new store openings, four relocations of existing stores and two major remodels completed during the first quarter with the new format, we are pleased with the performance to date," said President and CEO Robert M. Lynch in a release.
Looking forward, the company plans to open 25 to 30 new stores by the end of the year and increase net sales into the $913 to $942 million range for the full year.
