Lumber Liquidators’ net sales in the first quarter of this year fell 10.2% YoY to $233.5 million. Store net sales declined 13.9% due to a 13.8% decrease in the number of customers invoiced and a 0.1% decrease in the average sale, according to a company press release.
Gross margin was 32.6% compared to 35.2% in the previous period. This decrease is primarily due to a lower average selling price compared to the previous period. Net loss was $32.4 million, or a loss of$1.20 per diluted share, in the 1Q 2016 as compared to a net loss of $7.8 million, or $0.29 per diluted share.
John Presley, CEO, commented, “During the 1Q 2016, we continued to take steps in the right direction for Lumber Liquidators. Our sales results fell short of our expectations, but we continue to see improvement in our gross margin from the lows of 2015 driven by our strategic pricing initiatives.”
Source: Lesprom Network