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Jun 29, 2023
Floor & Decor Q2 2023 Earnings Report
Floor & Decor's financial performance reflected resilience amidst economic challenges, with net sales increasing and earnings per share exceeding expectations.
Key Takeaways
Floor & Decor Holdings, Inc. reported a 4.2% increase in net sales to $1,135.9 million for the second quarter of fiscal 2023. Despite a 6.0% decrease in comparable store sales, diluted earnings per share of $0.66 exceeded expectations. The company opened nine new warehouse stores, ending the quarter with 203 warehouse stores and five design studios.
Net sales increased by 4.2% to $1,135.9 million compared to the second quarter of fiscal 2022.
Comparable store sales decreased by 6.0%.
Diluted earnings per share reached $0.66, surpassing expectations.
Nine new warehouse stores were opened, bringing the total to 203 warehouse stores and five design studios.
Forward Guidance
Floor & Decor provided an outlook for the fiscal year ending December 28, 2023, including net sales of approximately $4,460 million to $4,530 million and diluted EPS of approximately $2.30 to $2.50.
Positive Outlook
- Net sales of approximately $4,460 million to $4,530 million
- Diluted EPS of approximately $2.30 to $2.50
- Adjusted EBITDA of approximately $570 million to $595 million
- Depreciation and amortization expense of approximately $200 million
- Open 32 new warehouse stores
Challenges Ahead
- Comparable store sales of approximately (7.0)% to (5.5)%
- Interest expense, net of approximately $16 million to $17 million
- Tax rate of approximately 22%
- Diluted weighted average shares outstanding of approximately 108 million shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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