Lumber Liquidators Reports Worse-Than-Expected Q4, Shares Tumble 3%

Shares of

were trading lower by more than 3 percent after the company reported its

. Lumber Liquidators said that it lost $0.73 per share in the fourth quarter on revenue of $234.8 million. Wall Street analysts were expecting the company to lose $0.23 per share on revenue of $254.46 million. Lumber Liquidators noted that its quarter sales fell by 13.7 percent compared to the same quarter a year ago as comparable store sales fell 17.2 percent. The company added that it also saw its number of customers invoiced by 15.6 percent while the average sale fell 1.6 percent. Lumber Liquidators cited its poor performance on "certain unfavorable allegations surrounding the product quality of its laminates sourced from China." Net loss for the quarter worsened to $19.8 million from a net loss of $17.3 million a year ago. Gross margin also dipped to 23.0 percent from 39.2 percent a year ago. John Presley, Chief Executive Officer, commented, "Over the past quarter we have taken meaningful steps to reestablish Lumber Liquidators with our customers and our shareholders. While we have made some progress in key areas such as compliance and core operational efficiency, we still have a long way to go. That said, our business model is intact, we are addressing legacy issues with clarity and candor, and we are rebuilding our brand." Total revenue fell 6.6 percent for the full fiscal year to $978.8 million while comparable store sales fell 11.1 percent from 2014's level. Net loss for the full year also fell $56.4 million from a net income of $63.4 million a year ago.