Floor & Décor Sales Up 0.9% in Q3, Earnings Down 21.6%

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Floor & Décor Sales Up 0.9% in Q3, Earnings Down 21.6%

Atlanta, GA, October 31, 2024-Floor & Décor announced net sales of $1,117.9 million for Q3 2024, an increase of 0.9% from $1,107.8 million in Q3 2023. Comparable store sales decreased 6.4%.

Net income for Q3 2024 was $51.7 million, a decline of 21.6% from $65.9 million in theQ3 2023. 

For the first nine months of 2024, net sales were $3,348.4 million, a 0.5% decline from $3,365.8 million in the same period of 2023. Comparable store sales decreased 9.0%.

Net income for the first nine months of 2024 was $158.4 million, down 24.2% from $208.9 million in the same period of fiscal 2023. 

Tom Taylor, chief executive officer, stated, “We are incredibly proud of how our store and store support teams executed our plans and managed costs during a period when demand for large project discretionary home improvement and hard surface flooring spending remained challenging. In the face of these challenges, the hard work and dedication of our associates enabled us to deliver fiscal 2024 third quarter diluted earnings per share of $0.48, which exceeded our expectations. We continue implementing and executing strategies designed to grow our market share while working prudently to manage our profitability and maintain a strong balance sheet in this challenging period. I particularly want to thank our associates affected by the recent hurricanes for their hard work and dedication to their communities. Thanks to their efforts, we quickly reopened our stores to begin serving customers affected by the hurricanes as they began their recovery and rebuilding efforts.

“In the third quarter of fiscal 2024, we opened 11 new warehouse-format stores, including eight openings in fiscal September. As a result, we ended the third quarter operating 241 warehouse-format stores and five design studios compared with 207 warehouse-format stores and five design studios in the same period last year. We plan to open ten warehouse-format stores in the fourth quarter of fiscal 2024 to achieve our 30 new warehouse-format store opening plan in fiscal 2024.”