Floor & Decor Holdings, Inc. Announces First Quarter Fiscal 2023 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 2023, which ended March 30, 2023.

Tom Taylor, Chief Executive Officer, stated, “We take pride in these first-quarter 2023 earnings results as they demonstrate the continuing strong execution of our long-term growth strategies and our near-term agility in adapting to the significant year-over-year declines in existing home sales and broader macroeconomic challenges. As consumers prioritize value and savings, we are capitalizing on our low prices and value options, our trend-forward broad assortments, in-stock job lot quantities, and superior customer service provided by our store associates.”

Mr. Taylor continued, “We are excited about achieving another milestone in our company’s history in May 2023, when we expect to open our 200th warehouse store, towards our goal of operating at least 500 warehouse stores over time. In the first quarter of 2023, we opened three new warehouse-format stores, and still intend to open 32 to 35 warehouse stores in fiscal 2023. We ended the first quarter by operating 194 warehouse stores and five design studios across 36 states.”

Please see “Comparable Store Sales” below for information on how the Company calculates period-over-period changes in comparable store sales.

For the Thirteen Weeks Ended March 30, 2023

• Net sales increased 9.1% to $1,122.1 million from $1,028.7 million in the first quarter of fiscal 2022.
• Comparable store sales decreased 3.3%.
• We opened three new warehouse stores during the first quarter of fiscal 2023, ending the quarter with 194 warehouse stores and five design studios.
• Operating income increased 1.6% to $95.5 million from $94.0 million in the first quarter of fiscal 2022. Operating margin decreased 60 basis points to 8.5%.
• Net income increased 0.8% to $71.5 million from $71.0 million in the first quarter of fiscal 2022. Diluted earnings per share (“EPS”) of $0.66 was flat compared to the first quarter of fiscal 2022.
• Adjusted EBITDA* increased 10.2% to $149.6 million from $135.8 million in the first quarter of fiscal 2022.

*Non-GAAP financial measures. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for more information.

Outlook for the Fiscal Year Ending December 28, 2023:

• Net sales of approximately $4,610 million to $4,750 million
• Comparable store sales of approximately (3.0)% to flat
• Diluted EPS to be in the range of $2.55 to $2.85
• Adjusted EBITDA* in the range of $605 million to $650 million
• Depreciation and amortization expense of approximately $190 million
• Interest expense, net of approximately $17 million to $18 million
• Tax rate of approximately 23%
• Diluted weighted average shares outstanding of approximately 108 million shares
• Open 32 to 35 new warehouse-format stores
• Capital expenditures in the range of approximately $620 million to $675 million

*Non-GAAP financial measure. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for more information.

For the complete press release, click here.

About Floor & Decor Holdings, Inc.

Floor & Decor is a multi-channel specialty retailer and commercial flooring distributor operating 178 warehouse-format stores and five design studios across 35 states at the end of the third quarter of fiscal 2022. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative accessories and wall tile, installation materials, and adjacent categories at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.

Contact:

Wayne Hood – Vice President of Investor Relations – wayne.hood@flooranddecor.com – (678) 505-4415

Source: Floor & Decor Holdings, Inc.