Lumber Liquidators 3Q profit rises on higher sales

posted: 23 DAYS 6 HOURS AGO

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TOANO, Va. -Lumber Liquidators Inc., which sells hardwood flooring, said Wednesday that profit rose in the third quarter as sales at stores open at least a year turned positive and it gained market share.

The flooring retailer also raised its forecast for full-year profit to a range of 90 cents to 95 cents per share from an earlier prediction of 85 cents to 91 cents per share. Analysts expect 91 cents.

CEO Jeffrey W. Griffiths said the company gained market share during the quarter as it opened nine new store locations, with four of those in new markets.

The company, based in Toano, said third-quarter profit rose 42 percent to $7.8 million, or 28 cents per share, in the quarter ended Sept. 30. That is up from the $5.5 million, or 20 cents per share, a year earlier.

The per-share profit in the latest quarter beat a 24 cent-per-share profit prediction of analysts polled by Thomson Reuters.

Revenue rose 14 percent to $140.5 million from $123.1 million. Analysts had expected $137.1 million.

Sales at stores open at least a year rose 1.9 percent, a positive turn for a key measure of the retailer's health. They were down 1.8 percent in this year's second quarter.

Lumber Liquidators shares fell 21 cents to $22.59 in early afternoon trading.

2009-11-04 12:57:04