COVID-19 Impacts Lumber Liquidators Sales
Lumber Liquidators had net sales of $267 million in the first quarter of 2020, an increase of 0.4 per cent compared to net sales of $266 million in the first quarter of 2019. Comparable sales for the quarter increased approximately four per cent in the first week of the quarter, but slid to negative 0.9 per cent by the end of the quarter due to the impact of COVID-19. Gross profit increased 12 per cent to $105 million year-over-year and gross profit margin increased 410 basis points to 39.3 per cent. Operating income was $8.8 million compared to an operating loss of $3.4 million in the year-ago period. Net income for the quarter was $12.2 million compared to a loss of $4.9 million last year.