Lumber Liquidators Q3 income increases, plans 10 to 12 new stores
Toano, Va. – Lumber Liquidators increased its net income in the third quarter of fiscal 2013 58.4% to $20.4 million, from $12.9 million in the year-ago period.
Net sales grew 24.5% to $254.3 million, from $204.3 million in the same period a year earlier. Same-store sales grew 17.4%, driven by a 9.8% increase in the number of customers invoiced and a 6.9% increase in the average sale.
"We experienced consistently strong demand across the third quarter as our superior value proposition continues to resonate with a growing customer base,” said Robert M. Lynch, president and CEO of Lumber Liquidators. “We continue to gain share in a highly-fragmented market through our outstanding team of hardwood flooring experts, delivery of a wide assortment of high-quality products and by maintaining our position as the low-price leader.”
Looking ahead, Lumber Liquidators expects to open 10-12 new stores in the fourth quarter of the year, for a total of 29-31 new stores in fiscal 2013. Net sales for the full year are expected to be in the range of $985 million to $995 million, from a previous range of $940 million to $963 million. Same-store sales are expected to grow 14%-15% for the year and 9%-14% during the fourth quarter.
The third quarter ended on Sept. 30, 2013, only four days after federal agents raided Lumber Liquidators offices in what remains an ongoing investigation of imported wood flooring sold at Lumber Liquidators. The retailer is cooperating with the investigation. It is uncertain what if any impact the publicity surrounding the investigation could have on sales, but based on positive forecasts for the fourth quarter and full year it appears Lumber Liquidators does not expect any significant negative effect.
Reports: Men’s Wearhouse considers Allen Edmonds purchase
Houston – After rejecting a $2.3 billion buyout offer from Jos. A. Bank, Men’s Wearhouse reportedly is considering purchasing men’s shoemaker Allen Edmonds Corp., according to reports by the New York Times, Wall Street Journal and others. The high-end footwear is owned by private equity firm Goldner Hawn Johnson & Morrison, which bought it seven years ago.
It wasn’t clear how — or if — a deal for Allen Edmonds would impact on Jos. A. Bank’s offer.
Men’s Wearhouse, which purchased JA Holding Inc., parent of the Joseph Abboud apparel line, in July, reportedly intends to have exclusive brands constitute 65%-70% of its total business.
Survey: Holiday shoppers seek deals, make plans
Austin, Texas – The current state of the economy will drive 41% of consumers to look for ways to save money on their holiday shopping this year, seeking out bargains and coupons. According to the new annual holiday shopping and coupon usage survey from Offers.com, about half of people (51%) make a holiday gift list, and 62% set a budget for their holiday gift shopping.
Other holiday-related findings from the survey include:
- Among online shoppers, 40% of people do the majority of their online holiday shopping throughout the year, and 33% shop from Thanksgiving Day through Christmas Eve.
- Females are much more likely to make a holiday gift list than males (64% vs. 37%), and more females will set a holiday budget than male counterparts (68% vs. 55%).
- People who frequently (i.e., always or most of the time) seek savings online are more likely to make holiday shopping plans: 61% of those people will create a holiday gift list and 70% will create a holiday budget.
"Concerned consumers are taking steps to save money on their holiday shopping this year,” said Steve Schaffer, CEO of Offers.com. "The majority are making gift lists, setting budgets, and shopping early. But, consumers can easily save more money by using Offers.com to help them save on all their holiday shopping needs."