Floor & Decor reported a net income of $71.5 million in the second quarter of 2023, a 12.7% drop compared with the same period last year.
Net sales rose 4.2% to $1.13 billion. The company’s second-quarter diluted earnings per share of $0.66 was above expectations, according to CEO Tom Taylor, who noted the recent economic challenges of rising mortgages and low existing home sales.
“We are focused on what we can control by executing our growth and customer service strategies at a high level and effectively managing our profitability during this challenging period where sales are modestly below our expectations,” Taylor said in a statement. “As consumers prioritize value and savings, we intend to continue to grow our market share by capitalizing on our everyday low prices and value options, trend-forward broad assortments, in-stock job lot quantities, and the exceptional customer service provided by our store associates.”
The company opened nine warehouse stores during the quarter and plans to open 32 more in fiscal 2023.
Floor & Decor’s full financial report can be found here.
