Floor & Decor to open 32 to 35 locations in 2023; Q4 sales top $1 billion
Floor & Decor Holdings ended its fiscal year on a strong note, with increases across its top- and bottom-lines and its 14th consecutive year of comp sales increases.
The specialty hard surface flooring retailer continued its expansion in 2022, opening 32 warehouse-format stores during the year. It ended the year with a total of 191 warehouse stores and six design studios across 36 states.
“We remain on plan to open 32 to 35 warehouse stores in 2023,” said CEO Tom Taylor.
The company’s net income increased 38.8% to $69.2 million, with earnings per share of $.64, in the quarter ended Dec. 29, 2022, compared to $49.9 million, with earnings per share of $0.46 in the year-ago period.
Net sales increased 14.6% to $1.048 billion from $914.3 million last year. Comparable store sales increased 2.5%.
“We are pleased to deliver better-than-expected fiscal 2022 fourth-quarter earnings and proud to report 14 consecutive years of comparable store sales growth, a significant accomplishment considering current macroeconomic challenges,” said Taylor. “We continued to grow our market share by remaining agile, focusing on executing our key growth strategies, and continuing to invest in initiatives that further widened our competitive moat.”
For the full year, Floor & Decor’s net sales increased 24.2% to $4.264 billion from $3.433 billion in fiscal 2021. Comparable store sales increased 9.2%. Net income increased 5.3% to $298.2 million. Earnings per share were $2.78 compared to $2.64 in fiscal 2021.
For fiscal 2023, the retailer expects net sales of approximately $4,610 million to $4,750 million Comparable store sales are expected to range from approximately (3.0)% to flat.
Based in Atlanta, Floor & Decor was founded in 2000. The company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative accessories and wall tile, installation materials, and adjacent categories such as vanities. Products from more than 60 proprietary brands are featured.
Stores carry over 1 million square feet of in-stock flooring and offer free design services, as well as a dedicated pro sales team.