Lumber Liquidators had a net income loss of $1.454 million in the second quarter of 2018, a decline from the company’s $4.5 million profit in Q2 2017.
Net sales saw a boost of 7.6 percent during the quarter, growing to $283.5 million compared with $263.5 million during the second quarter of 2017. Net sales in comparable stores grew 4.7 percent.
Lumber Liquidators opened eight stores during the quarter, growing its total store count to 406.
Lumber Liquidators CEO Dennis Knowles said in a statement that the company is pleased with its topline revenue growth and its continued expansion. He also praised leadership appointments made in the quarter, including Chief Ethics and Compliance Officer Jennifer Bohaty and Chief Customer Experience Officer Charles Tyson.
“We believe this leadership is well on its way to building a sustainable, customer-focused and growing company for the long term,” Knowles said.
Lumber Liquidators spent $6 million on legal fees during the quarter. In June, a federal judge gave initial approval for a $36 million settlement in a class-action lawsuit regarding alleged false claims the company made about the formaldehyde levels in its Chinese-made laminate flooring.
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