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December 10, 2013
11:43 EDTLLLumber Liquidators retreats after profit outlook misses expectations
Shares of hardwood flooring retailer Lumber Liquidators (LL) are falling after the company provided lower than expected fourth quarter profit guidance. The midpoint of the company's 2014 profit guidance was also below analysts' consensus expectation. WHAT'S NEW: Lumber Liquidators' fourth quarter earnings per share guidance was 69c-72c, versus the consensus estimate of 73c. The company's fourth quarter revenue outlook was in-line with analysts' expectations. For 2014, Lumber Liquidators predicted that its earnings per share would be $3.25-$3.60, versus the consensus estimate of $3.50. The retailer's 2014 revenue guidance was in-line with expectations, and it anticipates that its comparable store sales will rise in the high single to low double digit percentage range in 2014. ANALYST REACTION: In a note to investors, Wedbush analyst Seth Basham wrote that the company's sales trends are stronger than expected, but added that its margins are "a bit light." Nonetheless, after speaking to an Asian hardwood flooring import expert yesterday, Basham believes the company's gross margin outlook in 2014 is still strong. The analyst has a $125 price target and Outperform rating on the stock. PRICE ACTION: In late morning trading, Lumber Liquidators dropped $8.82, or 8.5%, to $94.98.
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April 3, 2014
16:22 EDTLLSAC Capital lowers passive stake in Lumber Liquidators to 2.6% from 5.0%
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