ATLANTA – Floor & Decor Holdings, Inc. (NYSE:) reported third quarter earnings that exceeded analyst expectations, sending shares up 5% in after-hours trading.
The specialty retailer of hard surface flooring posted adjusted earnings per share of $0.48, surpassing the consensus estimate of $0.44. Revenue came in at $1.12 billion, slightly below analysts’ projections of $1.14 billion but up 0.9% YoY.
Comparable store sales decreased 6.4% in the quarter as demand for large discretionary home improvement projects remained challenging. However, the company managed costs effectively to deliver better-than-expected profitability.
“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,” said CEO Tom Taylor.
Floor & Decor opened 11 new warehouse stores in Q3, ending the quarter with 241 warehouse stores and five design studios compared to 207 warehouse stores a year ago.
For the full fiscal year 2024, the company expects earnings per share between $1.65 and $1.75 on revenue of $4.4 billion to $4.43 billion. The EPS guidance midpoint of $1.70 is above the current analyst consensus of $1.67.
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