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Flooring company doubles profits: The James City-based Lumber ...

The company's sales of $128 million in the second quarter were 21percent higher than the same period in 2007. Much of that growthcame from adding stores, but existing sites still sold 2.7 percentmore flooring than the year before as the company also improvedoverall profit margins.

    Lumber Liquidators, which sells hardwood flooring at low prices tothe public and contractors out of warehouses, has posted strongnumbers since the company went public last November. It has usedthe influx of cash to open 19 new stores, which have outperformedits expectations, and plans to open 33 to 38 in the year.

    "We are encouraged by our strong performance in the first sixmonths of 2008," said Lumber Liquidators CEO Jeffrey W. Griffiths,in a statement, "especially given the challenging environment, andwe are optimistic about our prospects for the second half of theyear."

    The company raised the lower end of its profit projection for theyear, and now expects to earn between $480 million and $490 millionfor the year. It has increased profit margins this year bypurchasing lumber from mills looking to liquidate at a discount,getting a favorable tariff ruling on imported bamboo and sellingmore high-end premium flooring.

    The company has its headquarters and manufacturing warehouse in theformer John Deere facility in an industrial park in James CityCounty, where it employees hundreds of workers.

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