Floor & Decor Holdings Announces Second Quarter Financial Results
Atlanta -- Floor & Decor Holdings recently announced its financial results for the second quarter of fiscal 2019, which ended June 27.
“We are pleased with our second quarter 2019 results," said Tom Taylor, CEO. "We delivered earnings per share that exceeded the high-end of our guidance primarily as a result of robust sales growth from our new stores, higher product gross margin, as well as lower operating expenses, which led to strong earnings flow through.”
"We continue to make excellent progress on the growth initiatives we have planned for fiscal 2019, including our goal of opening 20 new warehouse stores, which would continue our pattern of averaging 20% unit growth over each of the last seven years," Taylor continued. "In the second quarter, we successfully opened three new warehouse stores, ending the quarter with 106 warehouse stores, up 20.5% from 88 warehouse stores as of the end of the second quarter of 2018. We are particularly pleased with the early performance of our class of 2019 stores as their results further reinforce our new store potential. As we look to the remainder of fiscal 2019, we remain focused on the execution of our key growth strategies and aim to capitalize on the significant growth opportunity that exists for Floor & Decor.”
Net sales increased 19.8% from the second quarter 2018 to $520.3 million. Comparable store sales increased 3.0% from the second quarter 2018; comparable store sales excluding Houston increased 5.5%. Diluted earnings per share (“EPS”) increased 10.5% to $0.42 from $0.38 in the second quarter 2018; adjusted diluted EPS increased 25.9% to $0.34 from $0.27 in the second quarter 2018.
For more information, visit www.flooranddecor.com.