Floor & Decor, a specialty retailer of hard-surface flooring, reported net sales increased 41% to $782.5 million from $554.9 million in the first quarter of fiscal 2021, which ended April 1, 2021. Comparable store sales increased 31.1%. The company opened seven new warehouse-format stores during the first quarter, bringing the total to 140 warehouse-format stores and two design studios. Net income increased 104.5% to $75.8 million compared to $37.1 million in the first quarter of fiscal 2020.
Tom Taylor, chief executive officer, stated: “We could not be more pleased with our first quarter earnings results, which are supported by the favorable macro-economic environment and Floor & Decor's strong execution. Our first quarter comparable store sales increased 31.1% and reflected robust sales momentum across all our merchandise categories and geographic regions. The broad-based strength in our merchandise categories is an acceleration of the strong trends from the second half of 2020 and further validates our position as the one-stop solution for all of our homeowners' and Pros' hard-surface flooring needs. We are continuing to successfully deliver on our differentiated strategy of offering the broadest in-stock and trend-forward assortment in every category.”
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