Lumber Liquidators (Toano, Va.) lost $18.4 million in the third quarter of 2016, compared with a loss of $8.5 million during the same period in 2015, according to the company’s SEC filing.
Lumber Liquidators (Toano, Va.) lost $18.4 million in the third quarter of 2016, compared with a loss of $8.5 million during the same period in 2015, according to the company’s SEC filing.
Sales during the quarter were $244.1 million, a 3.4 percent increase from the $236.1 million reported in the same period of 2015. Comparable store sales increased 1 percent year-over-year while non-comparable store sales increased $5.6 million year-over-year. The company opened one store in the third quarter.
Selling, general and administrative expenses in the third quarter of 2016 were $100.7 million compared with $88.3 million in the third quarter of 2015. The increase was due in part to payroll increases totaling $3.3 million as a result of higher store staffing and $3.5 million more in advertising.
“We are pleased with the direction of our sales performance this quarter but recognize we have work to do to restore Lumber Liquidators to growth and profitability for the long term,” said CEO John Presley in a statement. “We remain committed to the strategic direction we set for the company and believe our actions will improve our performance over time.”
Lumber Liquidators stock, which was $18.52 at end-of-day on Oct. 28, fell to $17.30 at 10 a.m. today.