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Mar 30, 2023
Floor & Decor Q1 2023 Earnings Report
Net sales increased, comparable store sales decreased, and earnings per share remained flat.
Key Takeaways
Floor & Decor reported a 9.1% increase in net sales to $1,122.1 million for the first quarter of fiscal 2023. Comparable store sales decreased by 3.3%. Diluted earnings per share were $0.66, unchanged from the previous year. The company opened three new warehouse stores, bringing the total to 194, and aims to reach 500 stores in the long term.
Net sales increased by 9.1% to $1,122.1 million compared to the first quarter of fiscal 2022.
Comparable store sales decreased by 3.3%.
Operating income increased by 1.6% to $95.5 million.
The company opened three new warehouse stores, ending the quarter with 194 warehouse stores and five design studios.
Forward Guidance
For the fiscal year ending December 28, 2023, Floor & Decor anticipates net sales between $4,610 million and $4,750 million, comparable store sales ranging from -3.0% to flat, and diluted EPS in the range of $2.55 to $2.85. They plan to open 32 to 35 new warehouse-format stores.
Positive Outlook
- Net sales of approximately $4,610 million to $4,750 million
- Comparable store sales of approximately (3.0)% to flat
- Diluted EPS to be in the range of $2.55 to $2.85
- Open 32 to 35 new warehouse-format stores
- Adjusted EBITDA in the range of $605 million to $650 million
Challenges Ahead
- An overall decline in the health of the economy, the hard surface flooring industry, consumer confidence and spending and the housing market, including as a result of rising inflation or interest rates
- Demand fluctuations in the housing industry, and demand for our products and services may be adversely affected by unfavorable economic conditions, including rising interest rates, inflation, a decline in disposable income levels and recession fears
Historical Earnings Impact
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Avg. Return Before/After Earnings
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