Toano, Va. Lumber Liquidators Thursday said net sales increased 20.6% to $123.1 million in the third quarter of 2008 from $102.1 million in the third quarter of 2007. Same-store net sales increased 2.0% for the quarter on top of an increase of 8.4% for the third quarter of the prior year. Net income increased 47.6% to $5.5 million in the third quarter of 2008 compared to $3.7 million last year.
“We performed well despite the challenging economy and are encouraged by the strong results generated by both our new and mature stores,” said Jeffrey W. Griffiths, president and CEO. “In line with the first half of the year, we continued to generate operating margin expansion through more disciplined store operations and effective inventory management, as well as an improved merchandise assortment.”