Strong Consumer Demand Boosts Lumber Liquidators Sales

Lumber Liquidators had net sales of $283.5 million for the first quarter of 2021, an increase of six per cent compared to the first quarter of 2020. Comparable store sales for the quarter increased 6.9 per cent year-over-year.  The sales growth primarily reflected continued execution of the company's transformation initiatives and strong consumer demand for installation and home improvement projects.  Net merchandise sales increased 4.7 per cent while net services sales (install and freight) increased 16.8 per cent over the prior year. Gross profit increased 10.1 per cent in the first quarter to $115.6 million from $105 million in the prior-year period and gross margin increased 150 basis points to 40.8 per cent from 39.3 per cent. Net income was $10.6 million, down from $12.2 million last year.