Lumber Liquidators grows Q2 income, sales
Toano, Va. – Lumber Liquidators reported impressive gains in net income and sales during the second quarter of fiscal 2013. Net income rose almost 68% to $20.4 million from $12.2 million in the second quarter of the previous year, while net sales grew 22% to $257.1 million from $210.3 million.
Same-store sales increased 14.9%, driven by a 9.1% increase in the number of customers invoiced and a 5.4% increase in the average sale.
"The team focused on our key strategic initiatives and achieved outstanding results through the important spring remodeling season,” said Robert M. Lynch, president and CEO of Lumber Liquidators. “Our value proposition of price, selection, quality, availability and expertise continues to be recognized by a growing customer base, and our commitment to continuous improvement drove strong performance throughout the organization."
Based on these results, Lumber Liquidators forecasts net sales for the full year in the range of $940 million to $963 million, up from a previous range of $913 million to $942 million; same-store sale increasing in the high-single to low double-digits; and the opening of a total of 16 to 20 new store locations in the second half of the year, for a total of 28 to 32 new store locations in 2013, narrowing the previous range of 25 to 35 new store locations.
OfficeMax promotes CAO to interim CFO
Naperville, Ill. – OfficeMax Inc. is promoting Deb O’Connor, senior VP of finance and chief administrative officer, to interim CFO. She will replace Bruce Besanko, executive VP and CFO, who will leave the company to become the executive VP and CFO of Supervalu Inc. His last day at OfficeMax will be Aug. 6. A five-year veteran of OfficeMax, O’Connor previously served as senior VP and controller of the ServiceMaster Company.
"I am delighted to promote Deb and welcome her to our executive committee as we move through this transformative period and historic proposed merger with Office Depot," said Ravi Saligram, president and CEO of OfficeMax. "Deb brings not only broad and deep financial experience, but also a very personal and hands-on knowledge of our business, markets and most critical strategic initiatives."
Effective immediately, Steve Parsons, executive VP and chief human resources officer, will serve as co-leader of the Office Depot merger integration planning process along with Mike Newman, executive VP and CFO of Office Depot. Saligram and Neil Austrian, chairman and CEO of Office Depot, will continue to provide overall sponsorship and stewardship of the integration planning process.
Holiday shifts impact Michaels Q2
IRVING, Texas — Holiday shifts adversely affected quarter-to-date performance at Michaels Stores, which reported net sales of $631 million for the nine-week period ending July 6, a decrease of 0.1% from $631.8 million for the comparable period last fiscal year.
Same-store sales for the same fiscal period declined 2.7%. The company’s quarter-to-date performance was also adversely affected by the timing of media activity due to the impact of the 53rd week in fiscal 2012. However, as a result of the shifts, the company has seen improvement in July sales performance.
Net sales for the five months ending July 6 increased 0.9% to $1.62 billion from $1.61 billion for the comparable period last fiscal year. Same-store sales declined 1.5% over the comparable period a year ago.
Irving, Texas-based Michaels Stores is a specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The company owns and operates 1,117 Michaels stores in 49 states and Canada and 122 Aaron Brothers stores, and produces 11 exclusive private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist’s Loft, Craft Smart, Loops & Threads and Imagin8.