Floor & Décor Q1 Sales Down 2.2%, Income Down 30%

Atlanta, GA, May 3, 2024-Floor & Décor reported net sales of $1,097.3 million for Q1 2024, a decline of 2.2% from $1,122.1 million in Q1 2023.

Comparable store sales decreased 11.6%.

The company opened four new warehouse stores, ending the quarter with 225 warehouse stores and five design studios.

Q1 2024 net income was $50.0 million, a 30.0% decline from $71.5 million in Q1 2023.

Tom Taylor, chief executive officer, stated, “We are pleased to report better-than-expected fiscal 2024 first quarter diluted earnings per share of $0.46. We take pride in these first quarter results as they demonstrate how our teams continue to work to strategically grow our gross margin rate and prudently manage expenses without sacrificing customer service amid the near-term uncertain macroeconomic challenges. We are focused on continuing to grow our market share by opening new warehouse-format stores, capitalizing on our everyday low prices and value-driven options, trend-right product assortments, in-stock job lot quantities, and exceptional customer service.

“We have a busy fiscal 2024 second quarter store opening plan, including opening in Brooklyn, New York. We remain focused on managing our profitability in the short run while at the same time continuing to make long-term growth investments toward our plan to operate 500 warehouse-format stores in the United States over time.”