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Mar 31, 2022
Floor & Decor Q1 2022 Earnings Report
Reported a 31.5% increase in net sales and a 14.3% increase in comparable store sales compared to the first quarter of fiscal 2021.
Key Takeaways
Floor & Decor Holdings, Inc. announced its financial results for the first quarter of fiscal 2022. Net sales increased by 31.5% to $1,028.7 million, and comparable store sales increased by 14.3%. Diluted earnings per share decreased by 7.0% to $0.66, while adjusted diluted EPS decreased by 1.5% to $0.67.
Net sales increased 31.5% to $1,028.7 million compared to the first quarter of fiscal 2021.
Comparable store sales increased 14.3% compared to the first quarter of fiscal 2021.
Operating income decreased 2.1% to $94.0 million.
The company opened six new warehouse stores and three design studios during the quarter.
Forward Guidance
The company reaffirmed its outlook for the fiscal year ending December 29, 2022.
Positive Outlook
- Net sales of approximately $4,285 to $4,375 million
- Comparable store sales growth of approximately 10.5% to 13.0%
- Diluted EPS to be in the range of $2.75 to $3.00
- Adjusted EBITDA in the range of $575 million to $610 million
- Open 32 new warehouse-format stores and four small design studios
Challenges Ahead
- Depreciation and amortization expense of approximately $151 million
- Interest expense, net of approximately $7 million
- Tax rate of approximately 24%, excluding tax benefits resulting from stock option exercises and the vesting of restricted stock and restricted stock units
- Diluted weighted average shares outstanding of approximately 108.4 million shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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