Floor & Decor Holdings, Inc. Announces First Quarter Fiscal 2021 Financial Results
Floor & Decor Holdings, Inc. (NYSE: FND) (“We,” “Our,” the “Company,” or “Floor & Decor”) announces its financial results for the first quarter of fiscal 2021, which ended April 1, 2021.
–Net sales increased 41.0% from the first quarter of fiscal 2020 to $782.5 million.
–Comparable store sales increased 31.1% from the first quarter of fiscal 2020.
–Diluted earnings per share (“EPS”) increased 102.9% to $0.71 from $0.35 in the first quarter of fiscal 2020; Adjusted diluted EPS* increased 100.0% to $0.68 from $0.34 in the first quarter of fiscal 2020.
Tom Taylor, Chief Executive Officer, stated, “We could not be more pleased with our first quarter earnings results, which are supported by the favorable macro-economic environment and Floor & Decor’s strong execution. Our first quarter comparable store sales increased 31.1% and reflected robust sales momentum across all our merchandise categories and geographic regions. The broad-based strength in our merchandise categories is an acceleration of the strong trends from the second half of 2020 and further validates our position as the one-stop solution for all of our homeowners’ and Pros’ hard-surface flooring needs. We are continuing to successfully deliver on our differentiated strategy of offering the broadest in-stock and trend-forward assortment in every category.”
Mr. Taylor continued, “We successfully opened a first quarter record seven new warehouse stores, more than double the three new warehouse stores we opened in the first quarter of fiscal 2020. For the full year, we still expect to open 27 new warehouse stores, an increase of 20.3% from 2020. We are pleased with the sales performance among all our store vintages with many stores experiencing record weekly sales in the first quarter of fiscal 2021. Our strong fiscal 2021 first quarter sales and profit results serve to reinforce our belief in the strength of the new store classes of 2020 and 2021.”
For the Thirteen Weeks Ended April 1, 2021
–Net sales increased 41.0% to $782.5 million from $554.9 million in the first quarter of fiscal 2020.
–Comparable store sales increased 31.1%.
–The Company opened seven new warehouse-format stores during the first quarter of fiscal 2021, ending the quarter with 140 warehouse-format stores and two design studios.
–Operating income increased 105.6% to $95.9 million from $46.7 million in the first quarter of fiscal 2020. Operating margin increased 390 basis points to 12.3%.
–Net income increased 104.5% to $75.8 million compared to $37.1 million in the first quarter of fiscal 2020. Diluted EPS was $0.71 compared to $0.35 in the first quarter of fiscal 2020, an increase of 102.9%.
–Adjusted net income* increased 100.2% to $72.7 million compared to $36.3 million in the first quarter of fiscal 2020. Adjusted diluted EPS* was $0.68 compared to $0.34 in the first quarter of fiscal 2020, an increase of 100.0%.
–Adjusted EBITDA* increased 73.8% to $127.1 million compared to $73.1 million in the first quarter of fiscal 2020.
The COVID-19 Pandemic Impact on Floor & Decor’s Business; Fiscal 2021 Outlook Reaffirmed
The COVID-19 pandemic had a material negative impact on our financial results during the first half of fiscal 2020. While our financial results during the second half of fiscal 2020 and the first quarter of fiscal 2021 have been strong, the full impact that the pandemic could have on our business remains highly uncertain.
We continue to monitor the impact of the COVID-19 pandemic on our associates, customers, business partners, and supply chain. However, given the evolving nature of the pandemic and uncertainty regarding its potential severity and duration, the full financial impact of the COVID-19 pandemic on our business cannot be reasonably estimated at this time. The extent of the impact of the COVID-19 pandemic on our business and financial results will depend on future developments, including the duration of the COVID-19 pandemic, the success of vaccination programs, the spread of COVID-19 within the markets in which we operate, the impact to countries from which we source inventory, fixed assets, and other supplies, the effect of the pandemic on consumer confidence and spending, and actions taken by government entities in response to the pandemic, all of which are highly uncertain. Due to the continued uncertainty regarding the ongoing impacts of the COVID-19 pandemic and the associated complexity of forecasting, we are reaffirming select annual guidance for new store openings and certain other financial measures that we believe we can reasonably forecast.
Reaffirmed Outlook for the Fiscal Year Ending December 30, 2021:
–Depreciation and amortization expense of approximately $116 million to $118 million
–Interest expense, net of approximately $5 million
–Tax rate of approximately 24%
–Diluted weighted average shares outstanding of approximately 107 million shares
–Open 27 new warehouse-format stores and two small design studios
–Capital expenditures in the range of approximately $440 million to $460 million
For the complete press release, click here.
About Floor & Decor Holdings, Inc.
Floor & Decor is a multi-channel specialty retailer operating 140 warehouse-format stores and two design studios across 32 states at the end of the first quarter of fiscal 2021. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative and installation accessories, at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.
Wayne Hood – Vice President of Investor Relations – email@example.com – (678) 505-4415
Source: Floor & Decor Holdings, Inc.