Lumber Liquidators (Toano, Va.) lost $26.37 million in the first quarter of 2017, which is a reduction of 18.6 percent from its loss of $32.4 million in the first quarter of 2016.
Sales were $248.39 million, an increase of 6.37 percent from sales of $233.51 in the first quarter of 2016. Comparable-store sales increased 4.7 percent year-over-year.
“We continue to be pleased with our top-line sales performance, as we move from negative to low single-digit growth in comparable store sales,” said CEO Dennis Knowles in a statement. “Our investments in a broader assortment and trend-right products are providing returns in sales and margin.”
Lumber Liquidators stock fell 16 percent after the bigger-than-expected quarterly loss was announced, according to MarketWatch, and ended the day May 2 valued at $21.05. The stock is up 49.5 percent year-over-year, but down 69.0 percent from $67.90 before a “60 Minutes” exposé aired March 2015 questioning the formaldehyde content of its Chinese-made laminate flooring sent the stock reeling.
