Floor & Decor (Atlanta) reported a 1.4% decline in comparable store sales for the third quarter, while net sales rose 3.0% to $1.21 billion on new-store growth.
The company opened one warehouse store during the quarter and ended the quarter with 282 warehouse stores and five design studios across 39 states.
Net income rose 13.2% to $64.8 million, and diluted earnings per share increased 15.1% to $0.61.
“We are pleased with our third quarter performance, delivering 15% earnings per share growth despite a 1.4% decline in comparable store sales,” said CEO Brad Paulsen. “The earnings growth we delivered this quarter underscores the resilience of our business model and our ability to drive profitability in a challenging demand environment.”
For the full year, the company expects comparable store sales to decline 2.0% to 3.5%, net sales of $4.77 billion to $4.84 billion, and 20 new warehouse store openings. Year-to-date comparable sales are down 2.4%.
Read the full report here.
