Floor & Decor Posts Mixed Q3 Results Amid Challenging Market; Continues Expansion

In a period when demand for large-project discretionary home improvement and hard surface flooring spending remained challenging, Floor & Decor reported net sales increased 0.9% to $1,117.9 million for the third quarter ended September 26, 2024, compared to $1,107.8 million in the third quarter of fiscal 2023. Net income decreased 21.6% to $51.7 million from $65.9 million in the third quarter of fiscal 2023. Comparable store sales decreased 6.4%. 

The retailer opened 11 new warehouse-format stores in the third quarter, bringing its total to 241 warehouse-format stores and five design studios, compared with 207 warehouse-format stores and five design studios in the same period last year. The company said it plans to open 10 warehouse-format stores in the fourth quarter of fiscal 2024 to achieve our 30 new warehouse-format store opening plan in fiscal 2024.

“We continue implementing and executing strategies designed to grow our market share while working prudently to manage our profitability and maintain a strong balance sheet in this challenging period,” said Floor & Decor CEO Tom Taylor. “I particularly want to thank our associates affected by the recent hurricanes for their hard work and dedication to their communities. Thanks to their efforts, we quickly reopened our stores to begin serving customers affected by the hurricanes as they began their recovery and rebuilding efforts.”