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Lumber Liquidators plunge in extended trade following outlook cut
July 9, 2014 / 9:47 PM / 3 years ago

Lumber Liquidators plunge in extended trade following outlook cut

NEW YORK, July 9 (Reuters) - Shares of Lumber Liquidators Holdings Inc plunged in extended trade on Wednesday after the specialty retailer cut its earnings outlook, raising doubts about a pick up in retail spending from the first quarter.

Liquidators Holdings shares ended 8.1 percent lower at $70.42 on Wednesday and plunged nearly 25 percent in extended trade.

“The outlook cut could have an (negative) impact some sectors within the overall retail sector but I don’t think we can say the whole retail sector is in for a weak earnings season,” said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

The weak guidance comes a day after another storage-specialty retailer Container Store Group Inc reported a lower-than-expected first-quarter fiscal results. The stock tanked to its all-time low of $22.91 before closing down 8.4 percent at $24.80 on Wednesday.

Container Store Group’s chief executive officer Kip Tindell on Tuesday blamed a retail “funk” which other retailers were experiencing as well for the company’s weaker-than-expected results.

Reporting by Angela Moon

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