Floor & Decor控股公司宣佈2024財年第三季度財務業績
111790萬美元的淨銷售額比2023財年第三季度增長了0.9%
可比店鋪銷售額下降了6.4%
每股攤薄收益爲0.48美元
開設了11家新倉庫店
亞特蘭大-（BUSINESS WIRE）- 2024年10月30日- Floor & Decor Holdings, Inc.（紐交所：FND）（以下簡稱「我們」、「我們的」、「公司」或「Floor & Decor」）宣佈截至2024年9月26日的財務業績，即2024財年第三季度的財務業績。
首席執行官湯姆·泰勒表示：「我們非常自豪，我們的店鋪和店鋪支持團隊執行了我們的計劃並在需求對大型項目離散家居改善和硬表面地板支出仍然具有挑戰性的時期內管理了成本。在這些挑戰面前，我們員工的辛勤工作與奉獻精神使我們能夠交付2024財年第三季度每股攤薄收益爲0.48美元，這超出了我們的預期。我們繼續實施和執行旨在增加市場份額的戰略，同時謹慎管理盈利能力，並在這一困難時期保持健全的資產負債表。我特別感謝受最近颶風影響的員工，感謝他們對自己社區的辛勤工作與奉獻精神。由於他們的努力，我們迅速重新開放店鋪，開始爲受颶風影響的客戶提供服務，幫助他們開始恢復和重建工作。」
在2024財年第三季度，我們開設了11家新的倉庫式商店，其中包括在9月份開設的8家。因此，截至第三季度結束，我們經營着241家倉庫式商店和5家設計工作室，相比去年同期的207家倉庫式商店和5家設計工作室。我們計劃在2024財年第四季度開設十家倉庫式商店，以實現我們在2024財年的30家新倉庫式商店開設計劃。
請查看下面的「可比店鋪銷售額」以獲取有關公司如何計算同比店鋪銷售額變化的信息。
截至2024年9月26日的十三週
•2023財年第三季度淨銷售額爲111790萬美元，比110780萬美元增長了0.9%。
•可比店鋪銷售額下降了6.4%。
•我們新開了11家倉庫店，季末共有241家倉庫店和五家設計工作室。
•2023財年第三季度營業收入爲6630萬美元，較2023財年第三季度的8480萬美元減少了21.8%。營業利潤率爲5.9%，較2023財年第三季度下降了180個點子。
•5170萬美元的淨利潤較2023財年第三季度的6590萬美元下降了21.6%。每股稀釋收益（「EPS」）爲0.48美元，較2023財年第三季度的0.61美元下降了21.3%。
•2023財年第三季度，經調整後的EBITDA*爲13290萬美元，較上一季度的14090萬美元下降5.7%。
截至2024年9月26日的三十九周
•截止2023財年同期，銷售額爲334840萬美元，較336580萬美元下降了0.5%。
•可比銷售額下降了9.0%。
•我們開了20家新的倉庫商店。
•19700萬美元的營業收入較2023財年同期的27530萬美元下降了28.4%。營業利潤率爲5.9%，較2023財年同期下降了230個點子。
•淨利潤爲15840萬美元，較2023財年同期的20890萬美元下降了24.2%。攤薄後每股收益爲1.46美元，較2023財年同期的1.94美元下降了24.7%。
•2023財政同期，調整後的息稅折舊及攤銷前利潤（Adjusted EBITDA*）爲39280萬美元，較44340萬美元下降了11.4%。
*此處的非GAAP財務指標。更多信息請參見下方「非GAAP財務指標」和「GAAP財務指標與非GAAP財務指標調節」。.
1
截至2024年12月26日的財政年度展望已更新：
•約440000萬至443000萬美元的淨銷售額
•大約爲(8.5)%至(7.5)%的可比店鋪銷售額。
•攤薄後每股收益約爲$1.65至$1.75
•調整後的EBITDA*約爲49000萬至50000萬
•大約2.35億美元的折舊和攤銷費用
•利息支出，淨額約爲$400萬
•稅率約爲18%
•稀釋加權平均每股約10800萬股
•開設30個新的倉庫商店
•資本支出約爲36000萬至39000萬美元
*非通用會計準則財務指標。更多信息請參閱以下「非通用會計準則財務指標」及「通用會計準則轉非通用會計準則財務指標」部分。
電話會議詳情
討論第三季度財務業績的電話會議定於2024年10月30日（星期二）美國東部時間下午5:00舉行。您可以在ir.flooranddecor.com網上觀看電話會議的現場音頻網絡廣播，以及相關資料。 2024年財年第三季度財務業績電話會議將於今天(2024年10月30日)美國東部時間下午5:00舉行。您可以在ir.flooranddecor.com網上觀看電話會議的現場音頻網絡廣播，以及相關材料。
預計會議通話的錄音重播將在通話結束後約三小時後提供，可以通過ir.flooranddecor.com網站在線訪問，也可以撥打844-512-2921（國際用戶請撥打412-317-6671）進行訪問。查看電話重播的PIN碼是13748389。重播將持續到2024年11月6日。
2
關於石材石料供應商Floor & Decor Holdings, Inc.
Floor & Decor是一家多渠道的特色零售商和商用地板經銷商，截至2024年9月26日，在38個州運營241家倉庫式門店和五家設計工作室。該公司提供廣泛的現貨硬麪地板產品，包括瓷磚、木材、強化地板、乙烯基地板和天然石材，以及裝飾配件和牆磚、安裝材料以及其他相關類別的產品，價格低廉。該公司成立於2000年，總部位於佐治亞州亞特蘭大。
可比店鋪銷售額
可比銷售額是指在可比店鋪群中進行當期與基期間淨銷售的比較，這是基於客戶獲得產品所有權的時機，通常是在銷售時。 可比銷售額計算中的商店將在該商店開業之後的第十三個全財政月的第一天計入，我們認爲此時已實現可比性。 兩個期間內我們的可比銷售額的變動是基於在這兩個期間內均處於運營中的商店的淨銷售。 對於現有可比店鋪的面積變動，包括翻新和位移至現有店鋪所在的同一主要商圈內，不會使該店鋪從可比銷售額計算中排除。 對於全財政月或更長時間停業的商店，每個停業全財政月將被排除在可比銷售額的計算之外。 由於我們的電子商務、區域型帳戶經理和設計工作室銷售是由各個商店履行的，因此僅在履行條件符合上述商店標準時才包括在可比銷售額中。 通過我們的Spartan Surfaces，LLC（以下簡稱「斯巴達」）子公司進行的銷售並不涉及我們的商店，因此在可比銷售額的計算中排除。
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA (which are shown in the reconciliation below) are presented as supplemental measures of financial performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). We define EBITDA as net income before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted to eliminate the impact of non-cash stock-based compensation expense and certain items that we do not consider indicative of our core operating performance. Reconciliations of these measures to the most directly comparable GAAP financial measure are set forth in the table below.
EBITDA and Adjusted EBITDA are key metrics used by management and our board of directors to assess our financial performance and enterprise value. We believe that EBITDA and Adjusted EBITDA are useful measures, as they eliminate certain items that are not indicative of our core operating performance and facilitate a comparison of our core operating performance on a consistent basis from period to period. We also use Adjusted EBITDA as a basis to determine covenant compliance with respect to our credit facilities, to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry.
EBITDA and Adjusted EBITDA are non-GAAP measures of our financial performance and should not be considered as alternatives to net income as a measure of financial performance, or any other performance measure derived in accordance with GAAP, and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of liquidity or free cash flow for management’s discretionary use. In addition, these non-GAAP measures exclude certain non-recurring and other charges. Each of these non-GAAP measures has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine EBITDA and Adjusted EBITDA, such as stock-based compensation expense, fair value adjustments related to contingent earn-out liabilities, and other adjustments. Our presentation of EBITDA and Adjusted EBITDA should not be construed to imply that our future results will be unaffected by any such adjustments. Definitions and calculations of EBITDA and Adjusted EBITDA differ among companies in the retail industry, and therefore EBITDA and Adjusted EBITDA disclosed by us may not be comparable to the metrics disclosed by other companies.
Please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures. The Company does not provide a reconciliation of forward-looking measures where it believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and the Company is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
3
Floor & Decor Holdings, Inc.
Condensed Consolidated Statements of Income
(In thousands, except for per share data)
(Unaudited)
| Thirteen Weeks Ended | |||||||||||||||||||||||||||||
| September 26, 2024 | September 28, 2023 | % Increase (Decrease) | |||||||||||||||||||||||||||
| Amount | % of Net Sales | Amount | % of Net Sales | ||||||||||||||||||||||||||
| Net sales | $ | 1,117,926 | 100.0 | % | $ | 1,107,812 | 100.0 | % | 0.9 | % | |||||||||||||||||||
| Cost of sales | 632,056 | 56.5 | 640,357 | 57.8 | (1.3) | % | |||||||||||||||||||||||
| Gross profit | 485,870 | 43.5 | 467,455 | 42.2 | 3.9 | % | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Selling and store operating | 339,135 | 30.3 | 308,581 | 27.9 | 9.9 | % | |||||||||||||||||||||||
| General and administrative | 67,687 | 6.1 | 59,870 | 5.3 | 13.1 | % | |||||||||||||||||||||||
| Pre-opening | 12,731 | 1.2 | 14,232 | 1.3 | (10.5) | % | |||||||||||||||||||||||
| Total operating expenses | 419,553 | 37.6 | 382,683 | 34.5 | 9.6 | % | |||||||||||||||||||||||
| Operating income | 66,317 | 5.9 | 84,772 | 7.7 | (21.8) | % | |||||||||||||||||||||||
| Interest expense, net | 189 | — | 1,246 | 0.2 | (84.8) | % | |||||||||||||||||||||||
| Income before income taxes | 66,128 | 5.9 | 83,526 | 7.5 | (20.8) | % | |||||||||||||||||||||||
| Income tax expense | 14,438 | 1.3 | 17,603 | 1.5 | (18.0) | % | |||||||||||||||||||||||
| Net income | $ | 51,690 | 4.6 | % | $ | 65,923 | 6.0 | % | (21.6) | % | |||||||||||||||||||
| Basic weighted average shares outstanding | 107,185 | 106,393 | |||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 108,292 | 108,002 | |||||||||||||||||||||||||||
| Basic earnings per share | $ | 0.48 | $ | 0.62 | (22.6) | % | |||||||||||||||||||||||
| Diluted earnings per share | $ | 0.48 | $ | 0.61 | (21.3) | % | |||||||||||||||||||||||
| Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||
| September 26, 2024 | September 28, 2023 | % Increase (Decrease) | |||||||||||||||||||||||||||
| Amount | % of Net Sales | Amount | % of Net Sales | ||||||||||||||||||||||||||
| Net sales | $ | 3,348,354 | 100.0 | % | $ | 3,365,763 | 100.0 | % | (0.5) | % | |||||||||||||||||||
| Cost of sales | 1,901,424 | 56.8 | 1,949,557 | 57.9 | (2.5) | % | |||||||||||||||||||||||
| Gross profit | 1,446,930 | 43.2 | 1,416,206 | 42.1 | 2.2 | % | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Selling and store operating | 1,014,888 | 30.3 | 923,658 | 27.4 | 9.9 | % | |||||||||||||||||||||||
| General and administrative | 202,135 | 6.0 | 185,060 | 5.5 | 9.2 | % | |||||||||||||||||||||||
| Pre-opening | 32,951 | 1.0 | 32,226 | 1.0 | 2.2 | % | |||||||||||||||||||||||
| Total operating expenses | 1,249,974 | 37.3 | 1,140,944 | 33.9 | 9.6 | % | |||||||||||||||||||||||
| Operating income | 196,956 | 5.9 | 275,262 | 8.2 | (28.4) | % | |||||||||||||||||||||||
| Interest expense, net | 2,807 | 0.1 | 9,006 | 0.3 | (68.8) | % | |||||||||||||||||||||||
| Income before income taxes | 194,149 | 5.8 | 266,256 | 7.9 | (27.1) | % | |||||||||||||||||||||||
| Income tax expense | 35,761 | 1.1 | 57,357 | 1.7 | (37.7) | % | |||||||||||||||||||||||
| Net income | $ | 158,388 | 4.7 | % | $ | 208,899 | 6.2 | % | (24.2) | % | |||||||||||||||||||
| Basic weighted average shares outstanding | 107,000 | 106,187 | |||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 108,282 | 107,850 | |||||||||||||||||||||||||||
| Basic earnings per share | $ | 1.48 | $ | 1.97 | (24.9) | % | |||||||||||||||||||||||
| Diluted earnings per share | $ | 1.46 | $ | 1.94 | (24.7) | % | |||||||||||||||||||||||
4
Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
(Unaudited)
| As of September 26, 2024 | As of December 28, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 180,771 | $ | 34,382 | |||||||
| Income taxes receivable | 3,317 | 27,870 | |||||||||
| Receivables, net | 104,351 | 99,513 | |||||||||
| Inventories, net | 1,046,007 | 1,106,150 | |||||||||
| Prepaid expenses and other current assets | 54,419 | 48,725 | |||||||||
| Total current assets | 1,388,865 | 1,316,640 | |||||||||
| Fixed assets, net | 1,763,980 | 1,629,917 | |||||||||
| Right-of-use assets | 1,346,653 | 1,282,625 | |||||||||
| Intangible assets, net | 151,119 | 153,869 | |||||||||
| Goodwill | 257,940 | 257,940 | |||||||||
| Deferred income tax assets, net | 16,635 | 14,227 | |||||||||
| Other assets | 7,037 | 7,332 | |||||||||
| Total long-term assets | 3,543,364 | 3,345,910 | |||||||||
| Total assets | $ | 4,932,229 | $ | 4,662,550 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of term loan | $ | 2,103 | $ | 2,103 | |||||||
| Current portion of lease liabilities | 134,629 | 126,428 | |||||||||
| Trade accounts payable | 737,845 | 679,265 | |||||||||
| Accrued expenses and other current liabilities | 305,971 | 332,940 | |||||||||
| Deferred revenue | 12,472 | 11,277 | |||||||||
| Total current liabilities | 1,193,020 | 1,152,013 | |||||||||
| Term loan | 194,630 | 194,939 | |||||||||
| Lease liabilities | 1,368,514 | 1,301,754 | |||||||||
| Deferred income tax liabilities, net | 53,373 | 67,188 | |||||||||
| Other liabilities | 11,637 | 15,666 | |||||||||
| Total long-term liabilities | 1,628,154 | 1,579,547 | |||||||||
| Total liabilities | 2,821,174 | 2,731,560 | |||||||||
| Stockholders’ equity | |||||||||||
| Capital stock: | |||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 26, 2024 and December 28, 2023 | — | — | |||||||||
Common stock Class A, $0.001 par value; 450,000,000 shares authorized; 107,223,985 shares issued and outstanding at September 26, 2024 and 106,737,532 issued and outstanding at December 28, 2023 | 107 | 107 | |||||||||
Common stock Class B, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 26, 2024 and December 28, 2023 | — | — | |||||||||
Common stock Class C, $0.001 par value; 30,000,000 shares authorized; 0 shares issued and outstanding at September 26, 2024 and December 28, 2023 | — | — | |||||||||
| Additional paid-in capital | 536,238 | 513,060 | |||||||||
| Accumulated other comprehensive (loss) income, net | (79) | 1,422 | |||||||||
| Retained earnings | 1,574,789 | 1,416,401 | |||||||||
| Total stockholders’ equity | 2,111,055 | 1,930,990 | |||||||||
| Total liabilities and stockholders’ equity | $ | 4,932,229 | $ | 4,662,550 | |||||||
5
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Thirty-nine Weeks Ended | |||||||||||
| September 26, 2024 | September 28, 2023 | ||||||||||
Operating activities | |||||||||||
| Net income | $ | 158,388 | $ | 208,899 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 172,690 | 146,947 | |||||||||
| Stock-based compensation expense | 25,618 | 20,336 | |||||||||
| Deferred income taxes | (15,813) | 4,953 | |||||||||
| Loss on asset impairments and disposals, net | 1,511 | 858 | |||||||||
| Change in fair value of contingent earn-out liabilities | (866) | 2,329 | |||||||||
| Interest cap derivative contracts | 110 | 85 | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisition: | |||||||||||
| Receivables, net | (4,838) | 2,931 | |||||||||
| Inventories, net | 60,143 | 195,590 | |||||||||
| Trade accounts payable | 60,747 | 109,338 | |||||||||
| Accrued expenses and other current liabilities | 21,939 | 2,950 | |||||||||
| Income taxes | 24,840 | (8,912) | |||||||||
| Deferred revenue | 1,195 | 3,323 | |||||||||
| Other, net | (3,896) | 9,348 | |||||||||
| Net cash provided by operating activities | 501,768 | 698,975 | |||||||||
| Investing activities | |||||||||||
| Purchases of fixed assets | (349,360) | (413,717) | |||||||||
| Acquisition, net of cash acquired | — | (17,353) | |||||||||
| Net cash used in investing activities | (349,360) | (431,070) | |||||||||
| Financing activities | |||||||||||
| Payments on term loan | (1,577) | (1,577) | |||||||||
| Borrowings on revolving line of credit | 258,600 | 518,900 | |||||||||
| Payments on revolving line of credit | (258,600) | (729,100) | |||||||||
| Payments of contingent earn-out liabilities | (2,002) | (5,241) | |||||||||
| Proceeds from exercise of stock options | 6,211 | 7,909 | |||||||||
| Proceeds from employee stock purchase plan | 5,459 | 5,159 | |||||||||
| Tax payments for stock-based compensation awards | (14,110) | (12,121) | |||||||||
| Net cash used in financing activities | (6,019) | (216,071) | |||||||||
| Net increase in cash and cash equivalents | 146,389 | 51,834 | |||||||||
| Cash and cash equivalents, beginning of the period | 34,382 | 9,794 | |||||||||
| Cash and cash equivalents, end of the period | $ | 180,771 | $ | 61,628 | |||||||
| Supplemental disclosures of cash flow information | |||||||||||
| Buildings and equipment acquired under operating leases | $ | 167,135 | $ | 192,906 | |||||||
| Cash paid for interest, net of capitalized interest | $ | 3,959 | $ | 8,871 | |||||||
| Cash paid for income taxes, net of refunds | $ | 26,728 | $ | 62,105 | |||||||
| Fixed assets accrued at the end of the period | $ | 89,090 | $ | 150,111 | |||||||
6
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands)
(Unaudited)
EBITDA and Adjusted EBITDA
| Thirteen Weeks Ended | |||||||||||
| September 26, 2024 | September 28, 2023 | ||||||||||
| Net income (GAAP): | $ | 51,690 | $ | 65,923 | |||||||
| Depreciation and amortization (a) | 57,328 | 50,336 | |||||||||
| Interest expense, net | 189 | 1,246 | |||||||||
| Income tax expense | 14,438 | 17,603 | |||||||||
| EBITDA | 123,645 | 135,108 | |||||||||
| Stock-based compensation expense (b) | 10,031 | 5,289 | |||||||||
| Other (c) | (779) | 542 | |||||||||
| Adjusted EBITDA | $ | 132,897 | $ | 140,939 | |||||||
| Thirty-nine Weeks Ended | |||||||||||
| September 26, 2024 | September 28, 2023 | ||||||||||
| Net income (GAAP): | $ | 158,388 | $ | 208,899 | |||||||
| Depreciation and amortization (a) | 171,044 | 145,439 | |||||||||
| Interest expense, net | 2,807 | 9,006 | |||||||||
| Income tax expense | 35,761 | 57,357 | |||||||||
| EBITDA | 368,000 | 420,701 | |||||||||
| Stock-based compensation expense (b) | 25,618 | 20,336 | |||||||||
| Other (c) | (866) | 2,329 | |||||||||
| Adjusted EBITDA | $ | 392,752 | $ | 443,366 | |||||||
(a)Excludes amortization of deferred financing costs, which is included as part of interest expense, net in the table above.
(b)Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and forfeitures.
(c)Other adjustments include amounts management does not consider indicative of our core operating performance. Amounts for both the thirteen and thirty-nine weeks ended September 26, 2024 and September 28, 2023 relate to changes in the fair value of contingent earn-out liabilities.
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Forward-Looking Statements
This release and the associated webcast/conference call contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this release and the associated webcast/conference call, including statements regarding the Company’s future operating results and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “budget,” “potential,” or “continue” or the negative of these terms or other similar expressions.
The forward-looking statements contained in this release and the associated webcast/conference call are based on our current expectations, assumptions, estimates, and projections regarding the Company’s business, the economy, and other future conditions, including the impact of natural disasters on sales. These statements involve known and unknown risks, uncertainties, and other important factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
Although the Company believes that the expectations reflected in the forward-looking statements in this release and the associated webcast/conference call are reasonable, the Company cannot guarantee future events, results, performance or achievements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements in this release or the associated webcast/conference call, including, without limitation, (1) an overall decline in the health of the economy, the hard surface flooring industry, consumer confidence and discretionary spending, and the housing market, including as a result of persistently high or rising inflation or interest rates, (2) our failure to successfully manage the challenges that our planned new store growth poses or the impact of unexpected difficulties or higher costs during our expansion, (3) our inability to enter into leases for additional stores on acceptable terms or renew or replace our current store leases, (4) our failure to successfully anticipate and manage trends, consumer preferences, and demand, (5) our inability to successfully manage increased competition, (6) our inability to manage our inventory, including the impact of inventory obsolescence, shrinkage, and damage, (7) political and regulatory conditions that contribute to uncertainty and market volatility, including the upcoming U.S. presidential election and legislative, regulatory, trade and policies associated with a new administration, (8) any disruption in our distribution capabilities, supply chain, and our related planning and control processes, including carrier capacity constraints, port congestion or shut down, transportation costs, and other supply chain costs or product shortages, (9) any increases in wholesale prices of products, materials, and transportation costs beyond our control, including increases in costs due to inflation, (10) the resignation, incapacitation, or death of any key personnel, including our executive officers, (11) our inability to attract, hire, train, and retain highly qualified managers and staff, (12) the impact of any labor activities, (13) our dependence on foreign imports for the products we sell, including risks associated with obtaining products from abroad, (14) geopolitical risks, such as the conflict in the Middle East, the ongoing war in Ukraine, and U.S. policies related to global trade and tariffs, such as import restrictions under the Uyghur Forced Labor Prevention Act, or any antidumping and countervailing duties, any of which could impact our ability to import from foreign suppliers or raise our costs, (15) our ability to manage our comparable store sales, (16) any failure by any of our suppliers to supply us with quality products on attractive terms and prices or to adhere to the quality standards that we set for our products, (17) our inability to locate sufficient suitable natural products, (18) the effects of weather conditions, natural disasters, or other unexpected events, including public health crises, that may disrupt our operations, (19) our inability to maintain sufficient levels of cash flow or liquidity to fund our expanding business and service our existing indebtedness, (20) restrictions imposed by our indebtedness on our current and future operations, including risks related to our variable rate debt, (21) any allegations, investigations, lawsuits, or violations of laws and regulations applicable to us, our products, or our suppliers, (22) our inability to adequately protect the privacy and security of information related to our customers, us, our associates, our suppliers, and other third parties, (23) any material disruption in our information systems, including our website, (24) new or changing laws or regulations, including tax laws and trade policies and regulations, (25) any failure to protect our intellectual property rights or disputes regarding our intellectual property or the intellectual property of third parties, (26) the impact of any future strategic transactions, and (27) our ability to manage risks related to corporate social responsibility. Additional information concerning these and other factors are described in “Forward-Looking Statements,” Item 1, “Business,” Item 1A, “Risk Factors,” and Item 1C “Cybersecurity” of Part I and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 9A, “Controls and Procedures” of Part II of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2024 (the “Annual Report”) and elsewhere in the Annual Report, as well as those described in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 26, 2024 (the “10-Q”) and elsewhere in the 10-Q, and those described in the Company’s other filings with the SEC.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The forward-looking statements contained in this release or the associated webcast/conference call speak only as of the date hereof. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company’s forward-looking statements occurs, the Company’s business, financial condition, and operating results may vary materially from those expressed in the Company’s forward-looking statements. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained herein or in the associated webcast/conference call, whether as a result of any new information, future events, or otherwise.
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Contacts
Investor Contacts:
Wayne Hood
Senior Vice President of Investor Relations
678-505-4415
wayne.hood@flooranddecor.com
or
Matt McConnell
Senior Manager of Investor Relations
770-257-1374
matthew.mcconnell@flooranddecor.com
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