Floor & Decor Holdings ( (FND) ) has realeased its Q3 earnings. Here is a breakdown of the information Floor & Decor Holdings presented to its investors.
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Floor & Decor Holdings, Inc. is a specialty retailer and commercial flooring distributor operating warehouse-format stores and design studios across the United States, offering a wide range of hard-surface flooring and related accessories at everyday low prices.
In the third quarter of fiscal 2024, Floor & Decor Holdings reported net sales of $1,117.9 million, reflecting a modest increase of 0.9% compared to the previous year. Despite the slight rise in sales, the company experienced a decline in comparable store sales by 6.4%, alongside opening 11 new warehouse stores, bringing their total to 241 stores.
Key financial metrics for the quarter included a diluted earnings per share of $0.48, a 21.3% decrease from the previous year, and a net income of $51.7 million, down by 21.6%. The company also saw a decline in operating income and adjusted EBITDA, decreasing by 21.8% and 5.7%, respectively. Despite the challenges, Floor & Decor continues to focus on expanding its market presence, with plans to open ten more warehouse-format stores by the end of the fiscal year.
Looking ahead, Floor & Decor Holdings remains committed to executing its growth strategies and maintaining financial stability amidst the challenging market conditions. The company plans to achieve net sales of approximately $4,400 million to $4,430 million and expects to open a total of 30 new stores throughout fiscal 2024.
