Floor & Decor Holdings (NYSE:FND) reported better-than-expected FQ4 earnings and revenue, sending its shares rising 3% in after-hours trading.
The company’s earnings per share (EPS) were reported at $0.34, topping the consensus estimate of $0.26. Revenue came in at $1.05 billion, also beating the market's expectation of $1.01 billion.
Meanwhile, comparable store sales fell 9.4% year-over-year in the fourth quarter.
Looking ahead, Floor & Decor expects EPS for the full year to be in the range of $1.75 to $2.05, missing the consensus projection of $2.14. Revenue is anticipated to land between $4.6 billion and $4.77 billion, slightly below the $4.73 billion expected by analysts.
Floor & Decor Holdings forecasts a decline in comparable store sales ranging from approximately 5.5% to 2.0% for the year.
“We are pleased to deliver better-than-expected fiscal 2023 fourth-quarter diluted earnings per share of $0.34, primarily due to comparable store sales that were better than anticipated,” said Tom Taylor, the company’s CEO.
“We are fortunate that our strong balance sheet and cash flow enable us to invest in new store growth during an industry downturn. We opened 14 new warehouse format stores in the fourth quarter and 31 new warehouse stores in fiscal 2023, ending fiscal 2023 with 221 warehouse format stores and five design studios across 36 states.