Floor & Decor Profits increase 20.6% in Q1 2020

Floor & Decor reported a net income of $37.1 million in the first quarter of 2020, a 20.6% increase compared with the same period last year.

The company’s net sales increased 16.3% to $554.9 million during the quarter.

Faced with the economic impacts of the COVID-19 crisis, the company said it took substantial measures to lower expenses during the period and has been leveraging the strength of its e-commerce platform and call center during the crisis. It has been operating a curbside pickup model since late March. 

“We are pleased that our first quarter fiscal 2020 adjusted earnings met our expectations, considering we were dealing with the impact from the COVID-19 pandemic, which forced us to limit our store operations, and in some cases close stores,” CEO Tom Taylor said in a statement. “We will continue to adhere to guidelines and recommendations from health authorities. We look forward to returning to full store operations as soon as local conditions permit.”