Floor & Decor Reports 2Q Sales Increase
Atlanta—Floor & Decor reported second quarter net sales increased 26.2% to $434.3 million with comparable store sales increasing 11.4%. Net income increased 95% to $39.8 million for the period ending June 28, 2018, compared to the second quarter of fiscal 2017. The company opened four new stores during the second quarter of fiscal 2018, ending the quarter with 88 warehouse format stores.
For the first half of 2018, net sales increased 28.5% to $837.2 million from the first half of fiscal 2017 with comparable store sales increasing 13.4%. Net income for the half increased 127.3% to $71.7 million compared to the first half of fiscal 2017.
“Floor & Decor’s differentiated business model with leading innovative product offerings, in-stock inventory, and compelling value proposition continues to resonate with both consumers and professional customers,” said CEO Tom Taylor in a statement. “Our new stores’ first-year sales and profitability have never been higher, and this reinforces our confidence in the 400-store opportunity we see for Floor & Decor. Our improving new store performance, combined with other strategic priorities, gives me confidence that our differentiated strategy is working well.”
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