Lumber Liquidators Shares Plunge About 6% After Company Posts Bigger-than-expected Loss

By Markets MarketWatch Pulse

Shares of Lumber Liquidators Holdings Inc. tumbled 5.8% Monday, after the company reported a worse-than-expected loss for its third quarter. The hardwood floor retailer said it had a net loss of $18.4 million, or 68 cents a share, in the quarter, wider than the loss of $8.5 million, or 31 cents a share, in the year-earlier period. Sales came in at $244.1 million, up 3.4% from a year ago. The FactSet consensus was for a loss of just 18 cents and sales of $232 million. Same-store sales rose 1.0%, beating the FactSet consensus for a decline of 4%. "We are pleased with the direction of our sales performance this quarter but recognize we have work to do to restore Lumber Liquidators to growth and profitability for the long term," Chief Executive John Presley said in a statement. Lumber Liquidators has been struggling to recover from a scandal relating to high levels of a known carcinogenic in wood sourced from China. Shares are up 0.1% in the year so far, while the S&P 500 has gained 4%.

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