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Sep 28, 2023
Floor & Decor Q3 2023 Earnings Report
Floor & Decor's third quarter results reflected resilience amidst economic challenges, with a focus on growth strategies and customer engagement.
Key Takeaways
Floor & Decor reported a 0.9% increase in net sales to $1,107.8 million for the third quarter of fiscal 2023. Despite a 9.3% decrease in comparable store sales, the company achieved diluted earnings per share of $0.61. Five new warehouse stores were opened during the quarter, contributing to a total of 207 warehouse stores and five design studios.
Net sales increased by 0.9% to $1,107.8 million compared to the third quarter of fiscal 2022.
Comparable store sales decreased by 9.3%.
Diluted earnings per share were reported at $0.61.
Five new warehouse stores were opened, with one closure, bringing the total to 207 warehouse stores and five design studios.
Floor & Decor
Floor & Decor
Forward Guidance
The company anticipates net sales between approximately $4,345 million and $4,385 million, comparable store sales to decline by approximately (8.5)% to (7.8)%, and diluted EPS between approximately $2.14 and $2.24 for the fiscal year ending December 28, 2023.
Positive Outlook
- Net sales of approximately $4,345 million to $4,385 million
- Adjusted EBITDA* of approximately $535 million to $550 million
- Open 32 new warehouse stores
- Diluted EPS of approximately $2.14 to $2.24
- Tax rate of approximately 21.5%
Challenges Ahead
- Comparable store sales of approximately (8.5)% to (7.8)%
- Depreciation and amortization expense of approximately $200 million
- Interest expense, net of approximately $11.5 million
- Diluted weighted average shares outstanding of approximately 108 million shares
- Capital expenditures of approximately $550 million to $575 million