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Sep 26, 2024
Floor & Decor Q3 2024 Earnings Report
Floor & Decor's financial performance was affected by challenging demand for large project discretionary home improvement and hard surface flooring spending, but the company exceeded expectations through cost management and strategic execution.
Key Takeaways
Floor & Decor Holdings, Inc. reported a slight increase in net sales, but experienced a decrease in comparable store sales and overall profitability for the third quarter of fiscal 2024. Despite market challenges, the company's earnings per share exceeded expectations due to effective cost management.
Net sales increased by 0.9% to $1,117.9 million compared to Q3 2023.
Comparable store sales decreased by 6.4%.
Diluted earnings per share were $0.48, a decrease from $0.61 in Q3 2023.
The company opened 11 new warehouse stores, bringing the total to 241 warehouse stores and five design studios.
Forward Guidance
The company provided an updated outlook for the fiscal year ending December 26, 2024, including net sales of approximately $4,400 million to $4,430 million and diluted EPS of approximately $1.65 to $1.75.
Positive Outlook
- Net sales of approximately $4,400 million to $4,430 million
- Open 30 new warehouse stores
Challenges Ahead
- Comparable store sales of approximately (8.5)% to (7.5)%
- Diluted EPS of approximately $1.65 to $1.75
Historical Earnings Impact
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Avg. Return Before/After Earnings
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