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Lumber Liquidators 1Q profit nearly doubles

Wednesday - 4/24/2013, 9:40am  ET

AP Business Writer

RICHMOND, Va. (AP) -- Lumber Liquidators says its first-quarter net income nearly doubled as the hardwood flooring retailer's sales rose during the spring home improvement season and lower costs increased its profit margins.

The Virginia-based company on Wednesday reported earnings of $15.8 million, or 57 cents per share, for the period ended March 31. That's up from $8.2 million, or 29 cents per share, a year ago.

Revenue rose more than 22 percent to $230.4 million.

Analysts polled by FactSet expected earnings of 41 cents per share on $215.2 million in revenue.

Revenue at stores open at least a year increased more than 15 percent. That comparison is a key gauge of a retailer's health because it excludes recently opened or closed stores.

Lumber Liquidators Holdings Inc. has more than 290 stores in North America.

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