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When the dust austere afterwards trading on October 31, shares of Lumber Liquidators Holdings Inc (NYSE: LL) were bottomward about 11.5% on the day, afterward the absolution of its third-quarter results. If you aloof apprehend the account on any of the accepted accounts websites that awning the company, the bright consequence would be that it was an animal division for the attic retail specialist.

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The reality? Sure, Lumber Liquidators did "miss" Wall Street analyst estimates for revenue, which was up 5.4%, to $257.2 million, and GAAP earnings, which were a net accident of $18.9 million. But it's added important to admit that sales and chump cartage connected to improve, margins were stronger, and abundant of the antithesis "miss" was because the aggregation took a allegation accompanying to article actual acceptable for the aggregation and investors: clearing action angry to Chinese-made coat attic and putting an animal allotment of its accomplished durably abaft it.

Let's booty a afterpiece attending at the company's after-effects and breach bottomward the three key takeaways from the division that investors should be admiring about.

For retailers like Lumber Liquidators, comps -- or sales at food accessible for added than one year -- is an important metric. A advantageous business should be able to access comps through a aggregate of added traffic, college prices, affairs added appurtenances and/or services, or some aggregate of these things. Lumber Liquidators' 3.8% comps advance in the division wasn't "lights-out" growth, but it was still a footfall forward, and included increases in traffic, as able-bodied as commodity sales.

Management estimates that it potentially absent addition 90 base credibility -- or about 0.9% -- in comps sales due to the acting closing of about 40 food during hurricanes Irma and Harvey during the quarter. The apprehension is that Irma and Harvey should accept a absolute appulse on the company's after-effects in the fourth division -- both due to absent sales during the storm, as able-bodied as barter replacing damaged flooring. CFO Martin Agard said administration is assured comps advance could be anywhere amid mid-to-high single-digit advance in the fourth quarter, depending abundantly on the Houston and Florida markets.

This marks afterwards abode of both cartage and commodity sales advance for the company, afterwards advertisement comps in the aboriginal quarter that alone were absolute because of college cartage and added accession sales. All said, that's bristles abode of afterwards comps advance -- a absolute aftereffect the aggregation can hopefully abide to body upon.

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A man barometer and appearance a allotment of balk attic to cut.

Image source: Getty Images.

Gross allowance percent was 36% in the quarter, up big from 31.4% aftermost year, but bottomward hardly from 37% in the additional quarter. The aggregation said the advance in gross allowance percent was due to management's efforts to fix its artefact mix, abacus higher-margin vinyl products, as able-bodied as bigger margins in the copse and bamboo categories due to bargain approval activity. The aggregation has additionally bargain its busline costs and account write-offs over the accomplished year, advocacy margins.

Ironically, one of the company's key initiatives -- affairs added accession -- bargain the gross allowance percent in the quarter. Over time, a college assimilation of accession sales could lower gross allowance percent alike further, but this isn't a "bad" affair aback it doesn't account high-margin attic sales, and increases all-embracing profitability. CEO Dennis Knowles said all food will be able to action accession casework by the end of 2017.

Story Continues

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Management says to apprehend addition year-over-year improvement, with gross allowance percent in the high 30% ambit in the fourth quarter. However, it may not be as acceptable as the consecutive aftereffect due to added promotional seasonality in the accessible quarter, as able-bodied as added accession mix.

The boilerplate Wall Street analyst was assured Lumber Liquidators to abode antithesis of $0.03 per share, while the company's aftereffect was a loss of $0.66 per share. The net accident in accomplished numbers was $18.9 million. But here's the thing: Lumber Liquidators took an $18 actor allegation in the division to access its assets accompanying to the accepted adjustment of the advancing class-action litigation.

The bad account is it's addition $18 actor in losses accompanying to the Chinese-made coat affair activity aback to 2015, bringing the absolute to $36 million. The acceptable account is it will achieve this litigation. Twenty-two actor dollars will be cash, while $14 actor will be in-store vouchers that will accomplish a abate banking appulse on the aggregation to armamentarium than would cash.

The aggregation additionally spent addition $2.9 actor in acknowledged fees during the division that were accompanying to this advancing litigation. As anon as the adjustment is accustomed by the courts -- hopefully during the accepted division -- those incremental acknowledged costs will additionally appear to an end.

Combined, that's $20.9 actor in non-recurring costs during the division absolutely accompanying to action that's about to end. If we acclimatize non-recurring items out of Lumber Liquidators' operating after-effects in the quarter, the aggregation would accept "beat" Wall Street's expectations and delivered $5.1 actor in absolute operating income.

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While it will still accept an appulse on the fourth quarter, the company's costs are about to advance by about $3 actor per division with the resolution of its advancing litigation. Considering that its antithesis area has been beneath burden over the accomplished brace of years, this is a actual acceptable thing.

At the end of the third quarter, Lumber Liquidators appear banknote and equivalents of $18.9 million, up $11 actor sequentially, while the antithesis owed on its revolving acclaim ability was $25 actor lower. However, the company's account was additionally bottomward by $20 million, which, accumulated with added changes, bargain its absolute alive basic by about $36 actor aback the additional quarter. The acceptable news? That's absolutely the bulk of the accretion the aggregation has taken to abode the multi-district litigation, listed as a accepted accountability on the antithesis sheet.

To put it bluntly, investors should pay actual abutting absorption to how administration addresses the antithesis area in advancing quarters. The abatement of the acknowledged amount should chargeless up banknote to pay off debt, reinvest aback in abundance growth, or -- added acceptable -- a aggregate of both. It will be important to see how Knowles approaches this activity forward.

On the antithesis call, he said they apprehend they will pay the action adjustment in February of 2018 and assets the appropriate to use either banknote off the antithesis area -- or adjourned by debt -- or affair and advertise banal to accession some of the capital. At quarter-end, Lumber Liquidators had $115 actor accessible amid its banknote and acclaim revolver. This has the aggregation in appealing solid banking appearance as it assuredly moves anytime afterpiece to closing the book on the Chinese-made coat saga.

What's next? The aggregation now should alpha alive absolutely from stabilizing the business and crisis administration to active on a advance plan. Stay acquainted in the accessible abode to apprentice what administration affairs to do with the anew freed-up basic it will no best accept to accord to its attorneys.

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