Lumber Liquidators posted earnings on Wednesday of 60 cents per share. This is down 30 cents from what analyst were expecting. The company also only saw net sales increase by 2.7%, despite adding 13 new stores. LL’s same store sales fell 7.1%, reports Forbes.
“The improvement in customer demand we experienced beginning in mid-March did not carry into May, and June weakened further,” Robert Lynch, CEO of Lumber Liquidators, told Forbes.
Lumber Liquidators said it expects home owners to delay renovation purchases until Fall of 2014 or Spring of 2015. It also blamed having a low inventory of laminates, vinyl plank and engineered hardwoods for decreased sales. The company claims that the inventory problems will be sorted out during the third quarter, The Wall Street Journal notes.
LL shares were down 20% as of Thursday evening.
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