Lumber Liquidators, now operating under the name LL Flooring, reported a net income of $2.6 million in the second quarter of 2020, an increase of $5.5 million compared with the net loss of $2.9 million during the same period last year.
Net sales for the quarter decreased 20.2% to $230 million compared with the second quarter of 2019.
The company said it was “significantly affected” by the COVID-19 pandemic during the quarter, but noted sales began to pick up toward the end of the quarter as markets reopened.
By early July, the company reported 98% of its stores were fully open, with fewer than 10 operating by appointment only. As of late June, the company said it invited all the employees it had furloughed in April to return to work.
The company said it officially changed its name to LL Flooring in April “in order to better reflect who we are. No lumber. No liquidation.”
An analysis by Morgan Stanley suggested in January that Lumber Liquidators change its name to overhaul its brand after years of turbulent financial reports following a 2015 formaldehyde level scandal involving its Chinese-made laminate flooring.