When Lumber Liquidators Holdings Inc. (NYSE: LL) reported its most recent quarterly results before the markets opened on Tuesday, the company posted a net loss of $0.05 per share and $283.5 million in revenue. Consensus estimates from Thomson Reuters had called for $0.25 in earnings per share (EPS) and revenue of $280.73 million in the second quarter. The same period of last year reportedly had EPS of $0.16 and $263.5 million in revenue.
In the latest quarter, net sales in comparable stores increased $12.3 million, or 4.7%, driven by a 4.6% increase in the average sale and by a 0.1% increase in the number of customers invoiced. Merchandise sales in comparable stores grew 0.9% over the same quarter in the prior year.
Also during the quarter, the company announced that it will relocate its corporate headquarters and call center from Toano, Virginia, to Richmond, Virginia. The new corporate headquarters and will house roughly 200 employees.
Looking ahead to the 2018 full year, the company expects to see EPS grow 2% to 3% and total revenue growth in the mid-to-upper single digits. The consensus estimates call for $0.74 in EPS and $1.11 billion in revenue for the year.
CEO Dennis Knowles commented:
During the second quarter, we were pleased with our topline revenue growth, as well as the continued strong installation expansion and opening of eight new stores. In addition, with the appointment of Jennifer Bohaty as Chief Ethics and Compliance Officer and Charles Tyson as Chief Customer Experience Officer, we have truly transformed the leadership of the Company over the past two years. In that time we have recruited eight new, accomplished professionals to lead the most critical functions of our Company. We believe this leadership is well on its way to building a sustainable, customer-focused and growing company for the long term.
Shares of Lumber Liquidators were last seen down about 19% at $19.77, with a consensus analyst price target of $25.00 and a 52-week range of $18.26 to $41.33.