Lumber Liquidators Slashes Outlook, Cites 'Significantly Lower' Traffic
Lumber Liquidators (NYSE: LL) shares have been hit hard in the post-trading session Wednesday as disappointing revised second-quarter guidance and weak comparable store-sales are weighing.
Net sales in the second quarter of 2014 increased 2.3 percent from $257.1 million in the same quarter last year to $263.1 million. Comparable store net sales decreased 7.1 percent for the quarter, in comparison to an increase of 14.9 percent for the second quarter of the prior year.
The company said it is looking for second-quarter earnings in the $0.59-$0.61 per share range, well below the current Street consensus estimate of $0.90.
Lumber Liquidators reduced its fiscal year EPS outlook to $2.65-$3 and the sales guidance from $1.15-$1.2 billion to $1.05-$1.1 billion. Analysts are currently expecting the company to report fiscal year EPS of $3.33 on sales of $1.16 billion.
The company cited traffic to stores which was significantly lower.
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