Compared with the second quarter of 2012, Lumber Liquidators Inc.'s net income increased 67.7 percent. Second quarter 2013 net sales increased 22.2 percent to $257.1 million. The company says the increase in sales was driven by a 9.1 percent increase in the number of customers invoiced and a 5.4 percent increase in the average sale.
"The team focused on our key strategic initiatives and achieved outstanding results through the important spring remodeling season. Our value proposition of price, selection, quality, availability and expertise continues to be recognized by a growing customer base, and our commitment to continuous improvement drove strong performance throughout the organization. We are pleased that our coordinated efforts enabled us to capture additional market share and deliver record operating margin," Robert M. Lynch, president and CEO, said in a statement.
In the first six months of 2013, net sales increased 22.4 percent compared with the same period in 2012 to $287.5 million, and net income increased 77.7 percent to $36.2 million. The company opened 12 new stores in that time and now operates 300 locations.
Looking forward, the company expects net sales for the full year to reach up to $963 million and plans to open 16 to 20 new locations by the end of the year. The company hopes to expand its "store of the future" format to approximately 50 locations by years end.
