Floor & Décor Grew Sales by 4.2% in Q2, Earnings Down 12.7%

Friday, August 04, 2023, from Floor Focus FloorDaily News

Atlanta, GA, August 4, 2023 – For Q2 2023, Floor & Décor reported a net sales increase of 4.2% to $1.14 billion from $1.09 billion in Q2 fiscal 2022. Comparable store sales decreased 6.0%.

For the first half of 2023, net sales increased 6.6% to $2.26 billion from $2.12 billion in the same period of fiscal 2022.

For the quarter, net income declined 12.7% to $71.5 million from $81.8 million in Q2 2022.

In the first half net income of $143.0 million decreased 6.4% from $152.8 million in the same period of fiscal 2022.

The company opened nine new warehouse stores in Q2, ending the quarter with 203 warehouse stores and five design studios.

Tom Taylor, chief executive officer, stated, “Amidst the economic challenges of rising mortgage interest rates and near-record-low existing home sales, we are pleased to deliver second-quarter diluted earnings per share of $0.66, which was above our expectations. We are focused on what we can control by executing our growth and customer service strategies at a high level and effectively managing our profitability during this challenging period where sales are modestly below our expectations. As consumers prioritize value and savings, we intend to continue to grow our market share by capitalizing on our everyday low prices and value options, trend-forward broad assortments, in-stock job lot quantities, and the exceptional customer service provided by our store associates.”