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Mar 28, 2024
Floor & Decor Q1 2024 Earnings Report
Floor & Decor's financial performance declined due to decreased net sales and comparable store sales.
Key Takeaways
Floor & Decor reported a decrease in net sales by 2.2% to $1,097.3 million and a comparable store sales decrease of 11.6% for the first quarter of fiscal year 2024. Diluted earnings per share were reported at $0.46. The company opened four new warehouse stores, ending the quarter with 225 warehouse stores and five design studios.
Net sales decreased by 2.2% to $1,097.3 million compared to the first quarter of fiscal 2023.
Comparable store sales decreased by 11.6%.
Diluted earnings per share were $0.46, a decrease of 30.3% from the first quarter of fiscal 2023.
Four new warehouse stores were opened, bringing the total to 225 warehouse stores and five design studios.
Forward Guidance
Floor & Decor provided its outlook for the fiscal year ending December 26, 2024.
Positive Outlook
- Net sales of approximately $4,600 million to $4,770 million
- Comparable store sales of approximately (5.5)% to (2.0)%
- Diluted EPS of approximately $1.75 to $2.05
- Adjusted EBITDA* of approximately $520 million to $560 million
- Open 30 to 35 new warehouse stores
Challenges Ahead
- Depreciation and amortization expense of approximately $230 million
- Interest expense, net of approximately $9 million to $11 million
- Tax rate of approximately 20%
- Diluted weighted average shares outstanding of approximately 109 million shares
- Capital expenditures of approximately $400 million to $475 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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