Floor & Decor's Sales Up 31.4% in Q3, Net Income Up 67.8%
Atlanta, GA, October 30, 2020-Floor & Decor reported a Q3 2020 net sales increase of 31.4% to $684.8 million from $521.1 million in Q3 2019.
Comparable store sales increased 18.4%.
Net income increased 67.8% to $68.8 million, compared to $41.0 million in Q3 2019.
The company opened three new warehouse-format stores and one design center during Q3 2020, ending the quarter with 128 warehouse-format stores and two design centers.
For the first three quarters of 2020, net sales increased 12.1% to $1,702.1 million from $1,518.5 million in the same period 2019. Comparable store sales growth was flat compared to the same period of 2019.
Net income increased 19.6% to $137.8 million, compared to $115.3 million in the same period 2019.
Tom Taylor, chief executive officer, stated, “We are encouraged that housing market conditions improved in the third quarter from low interest rates, the secular demand for housing and from homeowners’ undertaking projects to repurpose and personalize their homes to work, learn, exercise and play. These factors, among others, leave us optimistic about the remainder of fiscal 2020. We are on track to open a total of 13 new warehouse stores and one design center in fiscal 2020 and intend to grow our new warehouse stores by approximately 20% annually in fiscal 2021 and for the next several years.”