In the third quarter of 2013, ended Sept. 30, Lumber Liquidators (Toano, Va.) net sales increased to $254.3 million, an increase of $50.0 million, or 24.5 percent, above the third quarter of 2012. Gross margin was 41.8 percent in the third quarter compared with 38.1 percent in 2012. Net income for the quarter increased 58.4 percent to $20.4 million from 12.9 million in the same quarter in 2012.
In the third quarter of 2013, ended Sept. 30, Lumber Liquidators (Toano, Va.) net sales increased to $254.3 million, an increase of $50.0 million, or 24.5 percent, above the third quarter of 2012. Gross margin was 41.8 percent in the third quarter compared with 38.1 percent in 2012. Net income for the quarter increased 58.4 percent to $20.4 million from 12.9 million in the same quarter in 2012.
"We experienced consistently strong demand across the third quarter as our superior value proposition continues to resonate with a growing customer base. We continue to gain share in a highly-fragmented market through our outstanding team of hardwood flooring experts, delivery of a wide assortment of high-quality products and by maintaining our position as the low-price leader. We are pleased to have driven additional operating margin expansion through our focus on continuous improvement and the resulting cumulative benefits of our key strategic initiatives," Robert M. Lynch, president and CEO, said in a statement.
Looking forward, the company expects net sales for the full year to reach $985 million to $995 million, and the company plans to open 10 to 12 new stores in the fourth quarter.
On Sept. 26, federal authorities raided two Lumber Liquidators locations. Some reports suggest the warrants may have been related to violations of the Lacey Act. The Environmental Investigation Agency released a video on Oct. 9 linking Lumber Liquidators with admitted illegal lumber launderers in China.
