Toano, VA, April 30, 2014 — Lumber Liquidators reported first quarter net income of $13.7 million, or $0.49 per share, down from $15.8 million, or $0.57 per share, in the first quarter of 2013.
Net sales increased $15.9 million, or 6.9%, to $246.3 million from $230.4 million a year ago.
The firm said its sales were hurt by unusually severe winter weather.
The company estimates weather hurt sales in as many as 135 of its 331 store locations. In those stores, net sales declined 3.8% to $93.6 million, and in all other stores, net sales increased 14.6% to $152.7 million.
In comparable stores, net sales decreased 0.6% overall, including a 13.1% decrease in weather-impacted stores and an 8.5% increase in all other stores.
“Our customers generally follow a long purchase cycle, which we believe was either interrupted or completely suspended due to the unusually severe winter weather,” said CEO Robert Lynch.
However, as conditions generally became more seasonal in mid-March, customer demand increased.”