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Sep 30, 2021
Floor & Decor Q3 2021 Earnings Report
Reported record financial results due to the steadfast efforts of associates and a unique business model.
Key Takeaways
Floor & Decor Holdings, Inc. reported a strong third quarter with a 28.0% increase in net sales to $876.6 million and a 10.9% increase in comparable store sales. Diluted earnings per share increased 6.2% to $0.69.
Net sales increased 28.0% to $876.6 million compared to Q3 2020.
Comparable store sales increased 10.9% compared to Q3 2020.
Operating income increased 5.8% to $83.4 million compared to Q3 2020.
Diluted EPS increased 6.2% to $0.69 compared to Q3 2020.
Floor & Decor
Floor & Decor
Forward Guidance
The company updated select annual guidance for new store openings and certain other financial measures that we believe we can reasonably forecast.
Positive Outlook
- Depreciation and amortization expense of approximately $115 million
- Interest expense, net of approximately $5 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 107 million shares
- Open 27 new warehouse-format stores
Challenges Ahead
- The COVID-19 pandemic had a material negative impact on our financial results during the first half of fiscal 2020.
- The full impact that the pandemic could have on our business remains highly uncertain.
- The extent of the impact of the COVID-19 pandemic on our business and financial results will depend on future developments, including the duration of the COVID-19 pandemic.
- The effect of the pandemic on consumer confidence and spending.
- Actions taken by government entities in response to the pandemic, all of which are highly uncertain.