Floor & Decor reported a net income of $69.2 million in the fourth quarter of 2022, a 38.8% increase compared with the same period last year.
The flooring retail chain’s net sales increased 14.6% to $1.048 billion. The results of the fourth quarter were “better than expected,” according to CEO Tom Taylor. “We continued to grow our market share by remaining agile, focusing on executing our key growth strategies, and continuing to invest in initiatives that further widened our competitive moat,” Taylor said in a statement.
Floor & Decor opened 16 warehouse-format stores in the fourth quarter, hitting its goal of 32 new warehouses in fiscal 2022. The company is planning to open 32 to 35 additional warehouses in 2023.
The company’s full fourth quarter report can be found here.
