Floor & Decor reported a net income of $65.9 million in the third quarter of 2023, a 13.5% decline compared with the same period last year.
The company’s net sales grew 0.9% compared with the third quarter of 2022, rising to $1.1 billion.
“We remain focused on continuing to grow our market share by capitalizing on our everyday low prices and value-driven options, trend-right product assortments, in-stock job lot quantities, and the exceptional customer service provided by our store associates,” CEO Tom Taylor stated. “We believe that our execution and new warehouse store openings will position us for accelerating sales and earnings growth when industry growth returns.”
Taylor said the company faced continuing economic challenges during the quarter, such as rising mortgage interest rates and near-record-low existing home sales and ongoing pressure on housing affordability.
Floor & Decor opened five warehouse stores in the third quarter and plans to add another 15 in the fourth quarter of fiscal 2023.
The full financial report can be found here.
