Lumber Liquidators Loses $2.9 Million in Q2 Amid ‘Uncertain Tariff Environment’

Lumber Liquidators reported a net loss of $2.9 million in the second quarter of 2019, compared with a net loss of $1.5 million during the same period in 2018.

Net sales during the quarter increased 1.5% compared with Q2 2018, growing to $289 million, an increase driven by stores opened in the past 13 months, according to the company. Diluted earnings per share fell to $0.07 compared with Q2 2018’s $0.09.

“As the second quarter progressed, customer traffic softened and that softness continued into July,” CEO Dennis Knowles said in a statement. “This, in combination with the uncertain tariff environment, has tempered our near-term financial outlook.”

Knowles went on to say that the company plans to execute a “deep dive” into its overall cost structure amid the 25% tariffs on Chinese flooring products currently in place.

Lumber Liquidators opened three new stores during the quarter and currently has 415 store locations.