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05/06/2022

Floor & Decor sales jump 32%

The company opened 9 new warehouse stores and 3 design centers in Q1.
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Floor & Decor, the rapidly growing home improvement retailer, reported first quarter 2022 sales jumped nearly 32% to $1.03 billion from sales of $782.5 million in the prior first quarter.

Comparable store sales increased 14.3% during the first quarter.

The Atlanta-based retailer opened six new warehouse-format stores in the first quarter, including its first location in Portland, Ore., and its fourth store on Long Island, N.Y. Additionally, Floor & Decor opened three new design centers during the period.

Floor & Decor said it remains on track to open 9 new locations in the second quarter and 32 total stores in fiscal 2022.

Despite sales growth, the company’s net income decreased 6.4% to $71 million for the first quarter compared to $75.8 million in the same period last year.

Floor & Decor operates 166 warehouse-format stores and five design studios across 34 states.  

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The Bottom Line: Floor & Decor continues to quickly grow its U.S. footprint as profits slip 6.4$ to $71 million in the first quarter.

What the CEO said: “We entered fiscal 2022 with good momentum in our business and are pleased to deliver first-quarter sales and earnings that exceed expectations, especially considering our record sales and earnings last year,” said Tom Taylor, CEO of Floor & Decor. “The strong first-quarter performance directly results from our store, commercial, and support teams successfully executing our growth strategies in a dynamic and challenging industry-wide operating environment.”

Company info: Click here to read Floor & Decor’s first quarter 2022 financial report.

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