Floor & Decor reported net sales increased 31.5% to $1,028.7 million from $782.5 million in the first quarter of fiscal 2021 and comparable store sales increased 14.3% for the first quarter of fiscal 2022, which ended March 31, 2022.
“We entered fiscal 2022 with good momentum in our business and are pleased to deliver first-quarter sales and earnings that exceed expectations, especially considering our record sales and earnings last year," said CEO Tom Taylor. "The strong first-quarter performance directly results from our store, commercial, and support teams successfully executing our growth strategies in a dynamic and challenging industry-wide operating environment. We believe that our competitive moat from a product, price, and access to inventory standpoint has never been stronger, giving us added confidence in our ability to continue to grow our market share despite a wide range of macro-economic challenges.”
The retailer opened six new warehouse-format stores in the first quarter, including its first store in Portland, Oregon, and fourth store on Long Island in Garden City, New York. The company also opened three design studios in the first quarter.
"We remain on plan to open nine warehouse-format stores in the second quarter and 32 total warehouse-format stores in fiscal 2022," Taylor said. "We project a path towards operating at least 500 warehouse-format stores over time, implying we would be only 38% built out by the end of fiscal 2022.”
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