Lumber Liquidators Net Income Up 31 Percent

Lumber Liquidators' (Toano, Va.) net income increased 31 percent to $9.1 million, or 32 cents per diluted share, in the second quarter of 2010 compared with $6.9 million, or 25 cents per diluted share, in the second quarter of 2009. The company's net sales increased $25.6 million, or 17.9 percent, to $168.7 million in the same quarter from $143.1 million last year. The company's same-store net sales rose 5.5 percent after falling 1.8 percent during the same period last year. Lumber Liquidators operates more than 200 stores, six of which opened during the second quarter. Also, the company updated its 2010 fiscal outlook and expects net sales for the full year in the range $630 million to $650 million on top of opening 19 to 23 new stores. The full release can be read here.