Floor & Decor sales and profits surge in Q4
Floor & Decor, one of the industry's fastest-growing retailers, reported fourth quarter 2022 sales increased 14.6% to $1.048 billion from sales of $914 million in the fourth quarter of 2021.
Comp sales for the period increased 2.5% as the company opened 13 new warehouse stores during the quarter.
Full year sales for 2022 increased 24.2% to $4.26 billion from $3.43 billion in fiscal 2021. Comp sales for the year were up 9.2%.
During the full year, Floor & Decor opened 32 new warehouse stores and four design studios and closed one warehouse store.
At the end of the fiscal year, Floor & Decor operated 191 warehouse stores and six design studios.
Net income for the fourth quarter increased 38.8% to $69.2 million compared to $49.9 million in the fourth quarter of fiscal 2021. Floor & Decor’s net income for the full year increased 5.3% to $298.2 million compared to $283.2 million in fiscal 2021.
The Atlanta, Georgia-based retailer also announced that Melissa Kersey has been nominated for election to serve on Floor & Decor’s Board of Directors. The vote will take place at the company’s stockholders meeting on May 10.
Kersey is the executive vice president and chief human resources officer at Tractor Supply Company. Before joining Tractor Supply in June 2020, she served as senior vice president and chief people officer for McDonald’s USA.
Kersey has also held executive roles with Walmart.
“Melissa brings to Floor & Decor executive-level experience from Walmart, Inc, McDonald’s USA, and, most recently, Tractor Supply Company,” Norman Axelrod, Floor & Decor’s Chairman, said. “Her deep expertise and experience in leadership development, diversity and inclusion, organizational effectiveness, and employee engagement will be invaluable to our Board as Floor & Decor continues to grow.”
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The Bottom Line: Profits at Floor & Decor jump nearly 40% in the fourth quarter as sales move ahead nearly 15%.
What the CEO said: “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 Tom Taylor, CEO of Floor & Decor. “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.”
Taylor also noted that Floor & Decor has a presence in the top 25 metro markets and plans to open another 32 to 35 stores in 2023.
Company info: Click here to read the full fourth quarter and year-end 2022 financial report from Floor & Decor.
