Floor & Decor reported first quarter net sales increased 9.1% to $1.122 billion for the period ending March 30, 2023, from $1.028 billion in the first quarter of fiscal 2022. Operating income increased 1.6% to $95.5 million from $94 million in the first quarter of fiscal 2022. Operating margin decreased 60 basis points to 8.5%. Comparable store sales decreased 3.3%.
CEO Tom Taylor stated: “We take pride in these first-quarter 2023 earnings results as they demonstrate the continuing strong execution of our long-term growth strategies and our near-term agility in adapting to the significant year-over-year declines in existing home sales and broader macroeconomic challenges. As consumers prioritize value and savings, we are capitalizing on our low prices and value options, our trend-forward broad assortments, in-stock job lot quantities, and superior customer service provided by our store associates.”
Taylor reported that the company anticipates opening its 200th warehouse store in May 2023, with an ultimate goal of reaching 500 stores. In the first quarter of 2023, Floor & Decor opened three new warehouse-format stores, and still intends to open 32 to 35 warehouse stores in fiscal 2023. "We ended the first quarter by operating 194 warehouse stores and five design studios across 36 states, Taylor added.
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