Floor and DĂ©cor reported a 97.4% increase in net income in the fourth quarter of 2019, growing to $35.3 million compared with $17.9 million in the fourth quarter of 2018.
Net sales increased 20.7% to $527.0 million during the quarter.
For the fiscal year, the company’s net income increased 29.6% to $150.6 million compared with 2018, as net sales grew 19.6% to $2.0 billion. CEO Tom Taylor called the sales jump a milestone for the company, as it almost doubled its sales from 2016.
“We believe our 2019 results continue to validate the strength of our value proposition in the hard-surface flooring industry,” Taylor stated.
Floor and DĂ©cor opened seven stores during the fourth quarter of 2019 and now operates 120 warehouse-format stores in 30 states. Taylor said the company expects to open 24 additional warehouse stores in 2020.
Floor and Décor’s adjusted earnings per share increased 18.6% year-over-year, from $0.97 to $1.15.
