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Dec 28, 2023
Floor & Decor Q4 2023 Earnings Report
Floor & Decor's financial performance remained stable with flat net sales, while diluted earnings per share met expectations due to better-than-anticipated comparable store sales.
Key Takeaways
Floor & Decor's Q4 2023 results showed flat net sales of $1,048.1 million compared to Q4 2022, with a comparable store sales decrease of 9.4%. Diluted earnings per share were reported at $0.34. The company opened 14 new warehouse stores during the quarter, ending with 221 warehouse stores and 5 design studios.
Net sales remained flat at $1,048.1 million compared to the fourth quarter of fiscal 2022.
Comparable store sales decreased by 9.4%.
The company opened 14 new warehouse stores, concluding the quarter with 221 warehouse stores and five design studios.
Diluted earnings per share were reported at $0.34.
Forward Guidance
The company provided guidance for fiscal year 2024, including net sales of approximately $4,600 million to $4,770 million and diluted EPS of approximately $1.75 to $2.05.
Positive Outlook
- Net sales of approximately $4,600 million to $4,770 million
- Comparable store sales of approximately (5.5)% to (2.0)%
- Diluted EPS of approximately $1.75 to $2.05
- Adjusted EBITDA* of approximately $520 million to $560 million
- Open 30 to 35 new warehouse stores
Challenges Ahead
- Depreciation and amortization expense of approximately $230 million
- Interest expense, net of approximately $12 million to $14 million
- Tax rate of approximately 21% to 22%
- Diluted weighted average shares outstanding of approximately 109 million shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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