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TOANO, Va. – Hardwood flooring retailer Lumber Liquidators on Thursday said its profit rose in the fourth quarter as it continued opening new stores.
For the three months ending Dec. 31, the company earned $7.1 million, or 25 cents per share, compared with $6.5 million, or 24 cents per share, in the year-ago quarter.
Analysts polled by Thomson Reuters expected profit of 24 cents per share.
Net sales in the quarter were $137.1 million, up 18 percent from $116.5 million in the year-ago period. Analysts predicted revenue of $136.5 million.
Sales at stores open at least a year increased 5.5 percent. Sales at stores open at least a year — also known as same-store sales — are a key retail performance metric because they measure sales growth from existing stores rather than newly opened ones.
Net income for 2009 was $26.9 million, or 97 cents per share, compared with $22.1 million, or 82 cents per share, in 2008. Revenue grew to $544.6 million from $482.2 million.
The company opened 36 new locations throughout the year, bringing its total store count to 186 in 45 states.
For 2010, the company predicted profit of $1.10 to $1.20 per share on revenue of $620 million to $645 million. Analysts forecast earnings of $1.16 per share on revenue of $628.7 million. The company also said it plans to open 36 to 40 new stores.
Shares of Lumber Liquidators fell $3.23, or 12.5 percent, to close at $22.57. The stock has ranged from $7.02 to $28.93 over the past year.
(This version CORRECTS same-store sales figures.)
