Floor & Decor Holdings (FND) Tops Q1 EPS by 8c

Floor & Decor Holdings (NYSE: FND) reported Q1 EPS of $0.34, $0.08 better than the analyst estimate of $0.26. Revenue for the quarter came in at $554.9 million versus the consensus estimate of $542.08 million.

Tom Taylor, Chief Executive Officer, stated, “We remain committed to supporting our customers and associates as we continue to navigate the uncertainty caused by the COVID-19 pandemic. Floor & Decor continues to make the best decisions we can with two goals in mind: maintaining a safe shopping environment for our associates and customers and serving the customers who rely on our products to complete their projects and support their businesses. We are pleased that our first quarter fiscal 2020 adjusted earnings met our expectations, considering we were dealing with the impact from the COVID-19 pandemic, which forced us to limit our store operations, and in some cases close stores. Prior to shifting to our curbside pickup model, our quarter-to-date comparable store sales were up approximately 6.1% from last year. Our curbside pickup model closely aligns with CDC safety protocols, including social distancing.”

Mr. Taylor continued, “It has been inspiring to see how our store and store support associates have rallied together to face the unique challenges caused by the COVID-19 pandemic, which speaks to the strong culture of our organization. Their tireless and creative efforts have enabled us to continue to serve our customers safely, including our professional customers who operate small businesses. We are leveraging the strength of our e-commerce platform and call center during these challenging times. We have also quickly taken substantial measures to lower expenses during this period with an emphasis on not impacting our customer-facing operations. We are fortunate to have a strong business model, leadership team, balance sheet, and access to liquidity. We have been operating our curbside model successfully since late March, and in certain markets have begun to reopen our stores to our professional customers and the public in accordance with current guidelines from health authorities. We will continue to adhere to guidelines and recommendations from health authorities. We look forward to returning to full store operations as soon as local conditions permit.”

For earnings history and earnings-related data on Floor & Decor Holdings (FND) click here.

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