Toano, Va. Lumber Liquidators Inc. said Wednesday its fourth-quarter earnings increased 88% due to sales at new stores, fewer promotions and higher margin products sold.
Net income increased to $3 million from $1.6 million during the same period the previous year. Meanwhile, net sales increased 24.4% to $105.5 million during the fourth quarter.
Lumber Liquidators sales were boosted by the opening of five new stores in the fourth quarter.
Gross margins also improved during the quarter as Lumber Liquidators introduced higher-margin products in 2007 and reduced the number of promotional discounts it ran during the fourth quarter, compared with the year-ago period.
For the full year, net income fell to $11.3 million from $12.9 million in 2006.