Floor & Decor Comparable Store Sales Declined 9.3% in Q3

November 14, 2023, from Floor Focus FloorDaily News

 

Atlanta, GA, November 3, 2023 – Floor & Décor reported net sales of $1.1 billion in Q3 2023, up 0.9% from $1.1 billion in Q3 2022.

Comparable store sales decreased 9.3%.

For Q3 2023, the company reported net income of $65.9 million, down 13.5% from $76.2 million in Q3 2022.

Floor & Décor opened five new warehouse stores and closed one warehouse store, ending Q3 2023 with 207 warehouse stores and five design studios.

For the first nine months of 2023, net sales of $3.4 billion increased 4.6% from $3.2 billion in the same period of fiscal 2022. Comparable store sales decreased 6.3%.

In the first nine months of 2023, net income of $208.9 million decreased 8.8% from $229.0 million in the same period of fiscal 2022.

Tom Taylor, Chief Executive Officer, stated, “Amidst the continuing economic challenges posed by rising mortgage interest rates, near-record-low existing home sales, ongoing pressure on housing affordability, and slowing sales of large ticket discretionary products, we are pleased to deliver third-quarter diluted earnings per share of $0.61. Our fiscal 2023 third-quarter results are a testament to our company’s agility and unwavering commitment to executing our key growth and customer engagement strategies at an exceptional level. We remain focused on continuing to grow our market share by capitalizing on our everyday low prices and value-driven options, trend-right product assortments, in-stock job lot quantities, and the exceptional customer service provided by our store associates. We believe that our execution and new warehouse store openings will position us for accelerating sales and earnings growth when industry growth returns.”

Taylor continued, “In the third quarter of fiscal 2023, we opened five new warehouse stores. We continue to open new warehouse stores and intend to open 15 in the fourth quarter of fiscal 2023 toward achieving our 32 new store opening plan for fiscal 2023.”