Lumber Liquidators Falls 11% On Estimates Miss (LL)

Shares of Lumber Liquidators Holdings LL are trading down nearly 11% at $21.93 per share on Wednesday afternoon. The day's trading range for shares of Lumber Liquidators Holdings has been between $21.43 and $23.04 per share. Analysts covering the company's stock have a consensus price target of $28.17 per share. Volume of 874,000 shares is already more than double the daily average volume of 352,000 shares. Lumber Liquidators Holdings (LL) released financial results on Wednesday morning that missed Wall Street estimates when the company announced 2nd quarter earnings of 32 cents per share, on revenue of $168.7 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 33 cents per share, on revenue of $169.87 million. The company forecast full year earnings in the range of $1.13 to $1.23 per share, on revenue in the range of $630 million to $650 million. President and chief executive officer Jeffrey W. Griffiths said, "We continued our momentum through the second quarter, achieving our best-ever quarterly top and bottom line results. We are pleased with our ability to leverage our flexible and differentiated business model to generate further operating margin expansion. Our unique value proposition of price, selection, quality and availability continued to resonate well with customers and increase traffic. Enhancing our value proposition with targeted promotional pricing of certain hardwoods and a broadened assortment of entry level hardwood price points, our annual sale in April drew a very strong customer response. We remain focused on further improving our operations and building a foundation for long-term success and we are well positioned to continue our growth." Read more from Benzinga's Company news.