Floor & Decor reported a net income of $56.7 million in the second quarter of 2024, a 20.7% drop compared with the same period last year.
Net sales were $1.133 billion in the quarter, down 0.2% from $1.135 billion in the second quarter of 2023.
“We and our industry continue to contend with monetary policy affecting the housing market and repair and remodeling spending, including ongoing soft demand for large project discretionary hard surface flooring,” CEO Tom Taylor said in a statement. “Consequently, our second quarter total and comparable store sales were modestly below our expectations. However, our gross margin rate exceeded our expectations, which, coupled with prudent expense management, helped mitigate most of the impact from weak sales.”
Floor & Decor’s full financial report can be found here.
