Floor & Decor reported a net income of $74.6 million in the third quarter of 2021, an 8.5% increase compared with the same period last year. The flooring retailer’s net sales increased 28.0% to $876.6 million.
“We continue to benefit from our unique business model that offers broad, innovative trend-forward assortments in project-ready quantities, which enable our Pro and Homeowner customers to choose from multiple options to complete their projects on time,” CEO Tom Taylor said in a statement. “These benefits have been particularly important as disruptions in the global supply chain have created uncertainty in product lead times and rising costs.”
The company opened 20 warehouse stores year-to-date, bringing its total to 153 warehouse locations operating in 33 states. The company plans to open seven additional warehouse stores in the upcoming fourth quarter, an overall 20.3% growth from fiscal 2020, Taylor added: “Our strong year-to-date results continue to reinforce our belief that the new store classes of 2020 and 2021 will likely represent the most robust first-year sales and profit classes in our history.”
The full Floor & Decor third quarter report can be found here.
