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Tuesday, July 31, 2018

=Lumber Liquidators (LL) reported Q2 earnings on Tue 31 July 2018 (b/o)

Lumber Liquidators reports Q2 results, reports revs in-line, guides for FY18 revenue growth of mid-to-upper single digits 
  • Reports Q2 (Jun) GAAP loss of $0.05 per share, may not compare to the Capital IQ Consensus of $0.23; revenues rose 7.6% year/year to $283.5 mln vs the $281.26 mln Capital IQ Consensus.
  • Merchandise sales in comparable stores grew 0.9% over the same quarter in the prior year. Net sales in non-comparable stores increased $7.7 million.
  • LL opened eight new stores during 2Q18, bringing the total store count to 406 as of June 30, 2018.
  • Adjusted Gross Margin was 35% and 35.5% for the three months ended June 30, 2018 and 2017, respectively. This decline of 50 basis points from 2017 was due to increased transportation costs, increased costs related to inventory obsolescence, and an increased mix of installation sales, which carry lower gross margins, and increased promotion of selected categories.
  • Outlook: For 2018, LL expects total revenue growth of mid-to-upper single digits, comp store sales growth of mid-single digits, and adjusted operating profit of 2-3%, and 20-25 store openings. 

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