Floor & Decor reported a net income of $68.8 million in the third quarter of 2020, a 67.8% increase compared with the third quarter of 2019.
Floor & Decor reported a net income of $68.8 million in the third quarter of 2020, a 67.8% increase compared with the third quarter of 2019.
Net sales surged 31.4% during the quarter to $684.8 million.
“These strong third quarter earnings are the direct result of our associates’ responding tirelessly to the surging demand and the cross-functional collaboration among all our teams,” CEO Tom Taylor said in a statement. “We are encouraged that housing market conditions improved in the third quarter from low interest rates, the secular demand for housing and from homeowners’ undertaking projects to repurpose and personalize their homes to work, learn, exercise and play.”
Floor & Decor took a financial hit from the COVID-19 pandemic during the first two quarters of the fiscal year, and noted that the full impact of the pandemic on the company remains unclear at this time.
The company opened three new warehouse-format stores and one design center during the third quarter, ending the quarter with 128 warehouse-format stores and two design centers.
The full report can be found here.