Lumber Liquidators (Toano, Va.) has had its first profitable quarter since a “60 Minutes” exposé in March 2015 about formaldehyde levels in its Chinese-made laminate flooring sent the company into a tailspin.
The company reported a second quarter profit of $4.47 million, compared with a loss of $12.23 million in the second quarter of 2016.
The company is still in the red for the first six months of 2017, showing a loss of $21.89 million. It lost $44.63 million during that same time period in 2016.
Sales for the second quarter were $263.5 million, an increase of 10.6 percent compared with sales of $238.09 in the second quarter of 2016. Sales in comparable stores increased 8.8 percent year-over-year to $21 million.
“In the quarter, we saw positive results in net revenues, comparable store sales and customer traffic, in addition to gross margin expansion, which drove positive operating results,” said CEO Dennis Knowles in a statement.
