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Jun 30, 2022
Floor & Decor Q2 2022 Earnings Report
Net sales and comparable store sales increased, while diluted EPS decreased slightly, but adjusted diluted EPS increased.
Key Takeaways
Floor & Decor Holdings, Inc. reported a 26.7% increase in net sales to $1,089.8 million and a 9.2% increase in comparable store sales compared to the second quarter of fiscal 2021. Diluted EPS decreased by 1.3% to $0.76, while adjusted diluted EPS increased by 4.1% to $0.76.
Net sales increased by 26.7% to $1,089.8 million.
Comparable store sales increased by 9.2%.
Operating income increased 8.0% to $106.4 million.
Nine new warehouse stores were opened.
Floor & Decor
Floor & Decor
Forward Guidance
The company provided an updated outlook for the fiscal year ending December 29, 2022, including net sales of approximately $4,290 to $4,330 million and comparable store sales growth of approximately 10% to 11%.
Positive Outlook
- Net sales of approximately $4,290 to $4,330 million
- Comparable store sales growth of approximately 10% to 11%
- Diluted EPS to be in the range of $2.65 to $2.80
- Adjusted EBITDA in the range of $565 million to $580 million
- Open 32 new warehouse-format stores and four small design studios
Challenges Ahead
- Global inflationary pressures on raw materials could cause our vendors to seek further price increases on the products we sell
- Any disruption in our distribution capabilities, including from difficulties operating our distribution centers
- Any disruption in our supply chain, including carrier capacity constraints, higher shipping prices and other supply chain costs or product shortages
- A pandemic, such as COVID-19, or other natural disaster or unexpected event, and its impacts on our suppliers, customers, employees, lenders, operations, including our ability to operate our distribution centers and stores or on the credit markets or our future financial and operating results
- Our dependence on foreign imports for the products we sell, which may include the impact of tariffs and other duties