TOANO, Virginia — Lumber Liquidators saw a 19 percent drop in second quarter earnings after a rough winter that dampened construction in many regions.
The company, based in Toano, had already warned of a tough quarter ahead and earnings were in line with reduced Wall Street expectations, according to a poll by Zacks Investment Research.
Net income decreased to $16.6 million, or 60 cents per share, from $20.4 million, or 73 cents per share, in the same quarter a year ago.
The hardwood flooring retailer's revenue climbed 2.3 percent to $263.1 million from $257.1, also matching expectations.
Same-store sales fell about 7 percent.
Shares of Lumber Liquidators Holdings Inc. fell 22 cents to $55.21 in a mostly down day on major U.S. markets.