The retailer breaks the $1 billion sales mark as comps see double-digit growth.
Rising retailer Floor & Decor reported third quarter sales jumped more than 25% to $1.1 billion from sales of $877 million in the third quarter 2021.
Comparable store sales 11.6% for the quarter.
The company also posted a net income of $76.2 million for the period, rising 2% from a net income of $74.6 million for the same period a year ago.
Floor & Decor opened four new warehouse store locations and five design studios during the third quarter. As of Sept. 29, Floor & Decor operated 178 locations in 35 states.
Through the first three quarters of 2022, the retailer has opened 19 new warehouse stores and three design studios while closing one warehouse store.
Based in Atlanta, Ga., Floor & Decor stores offer a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone. The retailer also carries decorative accessories and wall tile, installation materials, and adjacent categories such as tools.
The Bottom Line: As profits rise 2%, Floor & Decor sales jump over 25% as the retailer breaks the $1 billion mark.
What the CEO said: “We are pleased with our fiscal 2022 third-quarter financial results and excited about approaching 14 consecutive years of comparable store sales growth, a significant accomplishment considering current macroeconomic challenges,” said Tom Taylor, CEO of Floor & Decor.
Company info:Click here to read the third quarter 2022 financial report from Floor & Decor.