Lumber Liquidators has continued its good start to the year by announcing record net income for the second quarter.
The US hardwood flooring retailer recorded net income of US$5.9m during the second quarter compared to US$2.3m in 2007, with net sales up 21.1% to US$128m.
This follows on from net income that almost doubled to US$4.3m in the first quarter off net sales of US$114.5m.
Overall, Lumber Liquidators has seen its half-year income reach US$10.2m compared to US$4.6m last year, with net sales up 22.7% to US$242.6m during the six months.
“We are very pleased to have achieved strong top- and bottom-line growth for the quarter and to have extended our positive momentum through the first half of 2008,” said Jeffrey Griffiths, president and chief executive officer.
“We are encouraged by our strong performance in the first six months of 2008, especially given the challenging environment, and we are optimistic about our prospects for the second half of the year.”
As a result of the positive start to the year, Lumber Liquidators has positively updated its projections for the current fiscal year, with net sales now expected to hit US$480-US$490m.
The company opened 19 branches in the first half of the year and has already opened five more in the third quarter, with the aim of bringing a further 9-14 online by the end of the year.
