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Lumber Liquidators swings to loss in Q1

Lumber Liquidators Holdings Inc. said its normalized net income for the first quarter amounted to a loss of 14 cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

The per-share result swung to a loss from the prior-year profit of 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.8 million, compared with income of $14.0 million in the prior-year period.

The normalized profit margin declined to negative 1.5% from 5.7% in the year-earlier period.

Total revenue grew 5.6% year over year to $260.0 million from $246.3 million, and total operating expenses rose 14.3% from the prior-year period to $255.8 million from $223.9 million.

Reported net income totaled a loss of $7.9 million, or a loss of 29 cents per share, compared to income of $13.6 million, or 49 cents per share, in the year-earlier period.