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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.
Floor & Decor
Floor & Decor
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
- Capital expenditures in the range of approximately $550 million to $590 million