- Net sales increased 18.4% from the
first quarter 2018 to $477.1 million
- Comparable store sales increased 3.1%
from the first quarter 2018; Comparable store sales excluding
Houston increased 7.1%
- Diluted earnings per share (“EPS”)
decreased 3.3% to $0.29 from $0.30 in the first quarter 2018;
Adjusted diluted EPS increased 11.5% to $0.29 from $0.26 in the
first quarter 2018
- Provides second quarter and updates
full year fiscal 2019 sales and earnings outlook
Floor & Decor Holdings, Inc. (NYSE:FND) (“We,” “Our,” the
“Company,” or “Floor & Decor”) announces its financial results
for the first quarter of fiscal 2019, which ended March 28,
2019.
Tom Taylor, Chief Executive Officer, stated, “We are very
pleased with our first quarter results, and the start to 2019, as
we delivered earnings per share that exceeded the high-end of our
guidance on solid execution across all of our functional areas.
Comparable-store sales grew 3.1% on top of last year’s strong 15.6%
increase, representing our 41st consecutive quarter of growth and
further reinforcing the long-term growth prospects of our highly
differentiated, multi-channel, hard-surface flooring and
accessories business model.”
Mr. Taylor continued, “We are making excellent progress on our
growth initiatives that we have planned for fiscal 2019, including
our goal of opening 20 new warehouse stores, which would represent
another year of 20% unit growth. We are also excited about the
improvements we are seeing in our customer satisfaction and
engagement scores. We strongly believe that delivering a
consistently great value proposition with a differentiated and
ever-improving experience across all of our touch points with our
Professional, Do-it-Yourself and Buy-it-Yourself customers will
drive continued market share gains. As we look to the remainder of
fiscal 2019, we remain focused on execution of our key growth
strategies and aim to capitalize on the significant growth
opportunity that exists for Floor & Decor.”
Please see “Comparable Store Sales” below for information on how
the Company calculates its comparable store sales growth.
For the Thirteen Weeks Ended March 28, 2019
- Net sales increased 18.4% to $477.1
million from $402.9 million in the first quarter of fiscal 2018.
Comparable store sales increased 3.1%. Comparable store sales
excluding Houston increased 7.1%.
- The Company opened three new stores
during the first quarter of fiscal 2019, ending the quarter with
103 warehouse format stores.
- Operating income increased 8.9% to
$39.8 million from $36.5 million in the first quarter of fiscal
2018. Operating margin decreased 80 basis points to 8.3%.
- Net income decreased 3.6% to $30.7
million compared to $31.9 million in the first quarter of fiscal
2018. Diluted EPS was $0.29 compared to $0.30 in the first quarter
of fiscal 2018.
- Adjusted net income* increased 12.1% to
$30.0 million compared to $26.7 million in the first quarter of
fiscal 2018. Adjusted diluted EPS* was $0.29 compared to $0.26 in
the first quarter of fiscal 2018, an increase of 11.5%.
- Adjusted EBITDA* increased 25.6% to
$60.1 million compared to $47.8 million in the first quarter of
fiscal 2018.
*Non-GAAP financial measures. Please see “Non-GAAP
Financial Measures” and “Reconciliation of GAAP to Non-GAAP
Financial Measures” below for more information.
Second Quarter and Fiscal 2019 Sales and Earnings
Outlook
(In millions, except EPS and store
count)
Thirteen
Weeks Ending 6/27/2019 Net sales $505 - $515 Comparable
store sales 1.0% to 3.0% GAAP diluted EPS $0.28 - $0.29 Adjusted
diluted EPS $0.29 - $0.31 Diluted weighted average shares
outstanding 104.6 Adjusted EBITDA $60.8 - $63.0 Warehouse format
store count 106 New warehouse format stores 3
Updated
Outlook Prior Outlook Year Ending Year
Ending 12/26/2019 12/26/2019
Net sales $2,020 - $2,055 $2,060 - $2,094 Comparable store
sales 3.0% to 5.0% 6.0% to 8.0% GAAP diluted EPS $1.03 - $1.09
$1.01 - $1.06 Adjusted diluted EPS $1.07 - $1.12 $1.07 - $1.12
Diluted weighted average shares outstanding 104.7 104.5 Adjusted
EBITDA $235.5 - $243.0 $233.8 - $240.9 Depreciation and
amortization
Approximately $73.7
Approximately $69.9 Interest expense Approximately $9.8
Approximately $9.5 Tax rate 23.3% for the remainder of fiscal 2019
23.1% Warehouse format store count 120 120 New warehouse format
stores 20 20 Capital Expenditures $220 - $230 $220 - $230
The above guidance includes certain non-GAAP financial measures
(namely Adjusted EBITDA and Adjusted diluted EPS). Please see
“Non-GAAP Financial Measures” and “Reconciliation of GAAP to
Non-GAAP Financial Measures” below for more information.
Conference Call Details
A conference call to discuss the first quarter fiscal 2019
financial results is scheduled for today, May 2, 2019, at 4:30 p.m.
Eastern Time. A live audio webcast of the conference call, together
with related materials, will be available online at
ir.flooranddecor.com.
A recorded replay of the conference call is expected to be
available approximately two hours following the conclusion of the
call and can be accessed both online at ir.flooranddecor.com and by
dialing 844-512-2921 (international callers please dial
412-317-6671). The pin number to access the telephone replay is
13689543. The replay will be available until May 9, 2019.
About Floor & Decor Holdings, Inc.
Floor & Decor is a multi-channel specialty retailer
operating 103 warehouse-format stores across 28 states at the end
of the first quarter 2019. The company offers a broad assortment of
in-stock hard-surface flooring, including tile, wood, laminate,
vinyl, and natural stone along with decorative and installation
accessories, at everyday low prices. The Company was founded in
2000 and is headquartered in Smyrna, Georgia.
Comparable Store Sales
Comparable store sales refer to period-over-period comparisons
of our net sales based on when the customer obtains control of
their product, which is typically at the time of sale and may be
slightly different than our historically reported net sales due to
timing of when final delivery of the product has occurred. A store
is included in the comparable store sales calculation on the first
day of the thirteenth full fiscal month following its opening,
which is when we believe comparability has been achieved. Since our
e-commerce sales are fulfilled by individual stores, they are
included in comparable store sales only to the extent the
fulfilling store meets the above mentioned store criteria. Changes
in our comparable store sales between two periods are based on net
sales for stores that were in operation during both of the two
periods. Any change in square footage of an existing comparable
store, including remodels and relocations, does not eliminate that
store from inclusion in the calculation of comparable store sales.
Stores that are closed temporarily and relocated within their
primary trade areas are included in same store sales. Additionally,
any stores that were closed during the current or prior fiscal year
are excluded from the definition of comparable stores.
Non-GAAP Financial Measures
Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted
EBITDA (which are shown in the reconciliations 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
Adjusted net income as net income adjusted to eliminate the impact
of certain items that we do not consider indicative of our core
operating performance and the tax effect related to those items. We
define Adjusted diluted EPS as Adjusted net income divided by
weighted average shares outstanding. We define EBITDA as net income
before interest, loss on early extinguishment of debt, taxes,
depreciation and amortization. We define Adjusted EBITDA as net
income before interest, loss on early extinguishment of debt,
taxes, depreciation and amortization, adjusted to eliminate the
impact of 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 tables below.
Adjusted net income, Adjusted diluted EPS, 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 Adjusted net income, Adjusted diluted EPS, 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. Adjusted net income,
Adjusted diluted EPS, EBITDA and Adjusted EBITDA are also used by
analysts, investors and other interested parties as performance
measures to evaluate companies in our industry.
Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted
EBITDA are non-GAAP measures of our financial performance and
should not be considered as alternatives to net income or diluted
EPS 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,
Adjusted net income, 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 Adjusted net
income, Adjusted diluted EPS, EBITDA and Adjusted EBITDA, you
should be aware that in the future we will incur expenses that are
the same as or similar to some of the items eliminated in the
adjustments made to determine Adjusted net income, Adjusted diluted
EPS, EBITDA and Adjusted EBITDA, such as stock compensation
expense, loss on asset disposal, and other adjustments. Our
presentation of Adjusted net income, Adjusted diluted EPS, 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 Adjusted net income, Adjusted
diluted EPS, EBITDA and Adjusted EBITDA differ among companies in
the retail industry, and therefore Adjusted net income, Adjusted
diluted EPS, 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.
Floor & Decor Holdings, Inc. Consolidated
Statements of Income
(In thousands, except per share data)
(Unaudited)
Thirteen Weeks Ended 3/28/2019
3/29/2018 % Increase Actual % of
Sales Actual % of Sales (Decrease)
Net sales $ 477,050 100.0 % $ 402,948 100.0 % 18.4 % Cost of sales
275,676 57.8 237,562 59.0 16.0 Gross profit 201,374
42.2 165,386 41.0 21.8 Operating expenses: Selling & store
operating expenses 127,383 26.7 102,567 25.4 24.2 General &
administrative expenses 30,202 6.4 23,339 5.8 29.4 Pre-opening
expenses 4,027 0.8 2,974 0.7 35.4 Total operating
expenses 161,612 33.9 128,880 31.9 25.4 Operating
income 39,762 8.3 36,506 9.1 8.9 Interest expense 2,921 0.6
1,784 0.5 63.7 Income before income taxes 36,841 7.7 34,722
8.6 6.1 Provision for income taxes 6,121 1.3 2,851
0.7 NM Net income $ 30,720 6.4 % $ 31,871 7.9 % (3.6) % Basic
weighted average shares outstanding 97,785 95,714 Diluted weighted
average shares outstanding 104,321 104,665 Basic earnings per share
$ 0.31 $ 0.33 (6.1) % Diluted earnings per share $ 0.29 $ 0.30
(3.3) %
NM – Not Meaningful
Consolidated Balance Sheets
(In thousands, except share and per share
data)
(Unaudited)
As of As of March 28,
December 27, 2019 2018 Assets Current
assets: Cash and cash equivalents $ 451 $ 644 Income taxes
receivable — 4,324 Receivables, net 66,101 67,527 Inventories, net
437,504 471,014 Prepaid expenses and other current assets
23,342 15,949
Total current assets 527,398 559,458
Fixed assets, net 338,888 328,366 Right of use assets 659,115 —
Intangible assets, net 109,322 109,330 Goodwill 227,447 227,447
Other assets 11,181 9,490
Total long-term
assets 1,345,953 674,633
Total assets $
1,873,351 $ 1,234,091
Liabilities and stockholders’ equity
Current liabilities: Current portion of term loans $ 3,500 $ 3,500
Current portion of lease liabilities 73,615 — Trade accounts
payable 229,498 313,503 Accrued expenses and other current
liabilities 76,390 82,038 Income taxes payable 8,765 — Deferred
revenue 6,581 5,244
Total current liabilities
398,349 404,285 Term loans 141,152 141,834 Revolving line of credit
2,100 — Deferred rent — 36,980 Lease liabilities 683,672 — Deferred
income tax liabilities, net 25,666 26,838 Tenant improvement
allowances — 37,295 Commitments and contingencies 2,451
2,550
Total long-term liabilities 855,041
245,497
Total liabilities 1,253,390
649,782
Stockholders’ equity Capital stock: Preferred stock,
$0.001 par value; 10,000,000 shares authorized; 0 shares issued and
outstanding at March 28, 2019 and December 27, 2018 — — Common
stock Class A, $0.001 par value; 450,000,000 shares authorized;
97,997,529 shares issued and outstanding at March 28, 2019 and
97,588,539 issued and outstanding at December 27, 2018 98 98 Common
stock Class B, $0.001 par value; 10,000,000 shares authorized; 0
shares issued and outstanding at March 28, 2019 and December 27,
2018 — — Common stock Class C, $0.001 par value; 30,000,000 shares
authorized; 0 shares issued and outstanding at March 28, 2019 and
December 27, 2018 — — Additional paid-in capital 345,907 340,462
Accumulated other comprehensive income (loss), net (148) 186
Retained earnings 274,104 243,563
Total
stockholders’ equity 619,961 584,309
Total
liabilities and stockholders’ equity $ 1,873,351 $ 1,234,091
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Thirteen Weeks Ended March 28, March
29, 2019 2018 Operating activities Net
income $ 30,720 $ 31,871 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 17,184 11,534 Amortization of tenant improvement
allowances — (1,045) Deferred income taxes (1,057) 2,111 Interest
cap derivative contracts 610 (535) Stock based compensation expense
2,250 1,415 Changes in operating assets and liabilities:
Receivables, net 22,568 15,775 Inventories, net 33,510 (9,262)
Trade accounts payable (84,005) (3,723) Accrued expenses and other
current liabilities 3,017 (12,926) Income taxes 13,143 780 Deferred
revenue 1,337 1,500 Deferred rent — 2,707 Tenant improvement
allowances — 128 Other, net (12,256) 282 Net cash
provided by operating activities 27,021 40,612
Investing
activities Purchases of fixed assets (31,634)
(27,841) Net cash used in investing activities (31,634) (27,841)
Financing activities Borrowings on revolving line of credit
80,200 51,900 Payments on revolving line of credit (78,100)
(66,100) Payments on term loans (875) (1,750) Proceeds from
exercise of stock options 1,776 3,195 Proceeds from employee stock
purchase plan 1,419 — Net cash provided by (used in)
financing activities 4,420 (12,755) Net increase
(decrease) in cash and cash equivalents (193) 16 Cash and cash
equivalents, beginning of the period 644 556 Cash and
cash equivalents, end of the period $ 451 $ 572
Supplemental
disclosures of cash flow information Buildings and equipment
acquired under operating leases $ 53,049 $ — Cash paid for interest
$ 1,987 $ 2,368 Cash paid for income taxes $ — $ 19 Fixed assets
accrued at the end of the period $ 10,836 $ 16,332
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except EPS)
(Unaudited)
Adjusted net income and Adjusted diluted EPS
Thirteen Weeks Ended 3/28/2019
3/29/2018 Net income (GAAP): $ 30,720 $ 31,871
Secondary offering costs (a) 393 — Hurricane disaster recovery (b)
— (311) Store Support Center relocation and distribution center
closure (c) 1,596 — Tax benefit of stock option exercises (d)
(2,498) (4,902) Tax impact of adjustments to net income (e)
(251) 73 Adjusted net income $ 29,960 $ 26,731 Diluted
weighted average shares outstanding 104,321 104,665 Adjusted
diluted EPS $ 0.29 $ 0.26 (a) For the period ended
March 28, 2019, reflects costs incurred in connection with the
secondary public offering of the Company’s common stock by certain
of the Company’s stockholders completed on February 28, 2019, (the
“February 2019 Secondary Offering”). The Company did not sell any
shares in the February 2019 Secondary Offering and did not receive
any proceeds from the sales of shares by the selling stockholders.
(b) Reflects net insurance recoveries from hurricanes Harvey and
Irma. (c) Amounts for the thirteen weeks ended March 28, 2019,
relate to costs incurred in connection with the relocation of the
Company’s Store Support Center and closure of the Company’s Miami
distribution center. (d) Tax benefit due to stock option exercises.
(e) Adjustment for taxes related to pre-tax adjustments above.
EBITDA and Adjusted EBITDA
Thirteen Weeks Ended 3/28/2019
3/29/2018 Net income (GAAP): $ 30,720 $ 31,871 Depreciation
and amortization (a) 16,871 10,228 Interest expense 2,921 1,784
Income tax expense 6,121 2,851 EBITDA 56,633 46,734
Stock compensation expense (b) 2,250 1,415 Other (c) 1,185
(322) Adjusted EBITDA $ 60,068 $ 47,827 (a)
Excludes deferred financing amortization which is included as a
part of interest expense in the table above. For the thirteen weeks
ended March 29, 2018, amounts are net of tenant improvement
allowances. (b) Non-cash charges related to stock-based
compensation programs, which vary from period to period depending
on timing of awards and forfeitures. (c) Other adjustments include
amounts management does not consider indicative of our core
operating performance. Amounts for the thirteen weeks ended March
28, 2019, primarily relate to costs associated with the February
2019 Secondary Offering, the relocation of the Company’s Store
Support Center and the closure of the Company’s Miami distribution
center. Amounts for the thirteen weeks ended March 29, 2018,
primarily relate to net insurance recoveries from hurricanes Harvey
and Irma.
Reconciliation of GAAP to Non-GAAP
Financial Measures Second Quarter 2019 Earnings Outlook
(In millions, except per share data)
(Unaudited)
Certain numbers may not sum due to
rounding
Adjusted net income and Adjusted diluted EPS
Thirteen Weeks Ended 6/27/2019
6/28/2018 Low End High End
Actual Net income (GAAP): $ 28.8 $ 30.5 $ 39.8 Secondary
offering costs (a) — — 0.8 Hurricane disaster recovery (b) — —
(0.2) Store Support Center relocation and distribution center
closure (c) 2.2 2.2 0.6 Tax benefit of stock option exercises (d) —
— (12.5) Tax impact of adjustments to net income (e) (0.5)
(0.5) (0.2) Adjusted net income $ 30.5 32.2
28.4 Diluted weighted average shares outstanding 104.6 104.6
104.9 Adjusted diluted EPS $ 0.29 $ 0.31 $ 0.27 (a)
For the thirteen weeks ended June 28, 2018, reflects costs incurred
in connection with a secondary public offering of the Company’s
common stock by certain of the Company’s stockholders completed on
May 29, 2018 (the “May 2018 Secondary Offering”). The Company did
not sell any shares in the May 2018 Secondary Offering and did not
receive any proceeds from the sales of shares by the selling
stockholders. (b) Reflects net insurance recoveries from hurricanes
Harvey and Irma. (c) For the thirteen weeks ending June 27, 2019,
reflects costs associated with the relocation of the Company’s
Store Support Center and the closure of the Company’s Miami
distribution center. For the thirteen weeks ended June 28, 2018,
amounts reflect costs associated with the closure of the Company’s
Miami distribution center. (d) Tax benefit due to stock option
exercises. (e) Adjustments for taxes related to pre-tax adjustments
above.
EBITDA and Adjusted EBITDA
Thirteen Weeks Ended 6/27/2019 6/28/2018
Low End High End Actual Net income (GAAP): $
28.8 $ 30.5 $ 39.8 Depreciation and amortization (a) 17.3 17.3 10.7
Interest expense 2.2 2.2 2.1 Income tax expense 8.8
9.3 (4.7) EBITDA 57.1 59.3 47.9 Stock compensation expense
(b) 2.3 2.3 1.5 Other (c) 1.4 1.4 1.2 Adjusted
EBITDA $ 60.8 $ 63.0 $ 50.7 (a) Excludes deferred
financing amortization which is included as a part of interest
expense in the table above. For the thirteen weeks ended June 28,
2018, amounts are net of tenant improvement allowances. (b)
Non-cash charges related to stock-based compensation programs,
which vary from period to period depending on timing of awards and
forfeitures. (c) Other adjustments include amounts management does
not consider indicative of our core operating performance. Amounts
for the thirteen weeks ending June 27, 2019 primarily relate to
costs associated with the relocation of the Company’s Store Support
Center and the closure of the Company’s Miami distribution center.
Amounts for the thirteen weeks ended June 28, 2018 primarily relate
to costs associated with the May 2018 Secondary Offering, the
closing of the Company’s Miami distribution center and net
insurance recoveries from hurricanes Harvey and Irma.
Reconciliation of GAAP to Non-GAAP Financial Measures
Fiscal Year 2019 Earnings Outlook
(In millions, except per share data)
(Unaudited)
Certain numbers may not sum due to
rounding
Adjusted net income and Adjusted diluted EPS
Year Ended 12/26/2019 12/27/2018 Low
End High End Actual Net income (GAAP): $
108.0 $ 113.9 $ 116.2 Secondary offering costs (a) 0.4 0.4 1.1
Hurricane disaster recovery (b) — — (0.5) Store Support Center
relocation and distribution center closure (c) 7.3 7.3 7.1 Tax
benefit of stock option exercises (d) (2.5) (2.5) (19.7) Deferred
tax adjustment for tax reform and other credits (e) — — (1.2) Tax
impact of adjustments to net income (f) (1.6) (1.6)
(1.6) Adjusted net income $ 111.6 117.5 101.5
Diluted weighted average shares outstanding 104.7 104.7 104.6
Adjusted diluted EPS $ 1.07 $ 1.12 $ 0.97 (a) Amounts
for the year ending December 26, 2019 reflect costs incurred in
connection with the February 2019 Secondary Offering. The Company
did not sell any shares in the February 2019 Secondary Offering and
did not receive any proceeds from the sales of shares by the
selling stockholders. Amounts for the year ended December 27, 2018
relate to costs incurred in connection with the May 2018 Secondary
Offering and the secondary public offerings of the Company’s common
stock by certain of the Company’s stockholders completed on
September 14, 2018 (together with the May 2018 Secondary Offering,
the “2018 Secondary Offerings”). The Company did not sell any
shares in the 2018 Secondary Offerings and did not receive any
proceeds from the sales of shares by the selling stockholders. (b)
Reflects net insurance recoveries from hurricanes Harvey and Irma.
(c) For the year ending December 26, 2019, reflects costs
associated with the relocation of the Company’s Store Support
Center and the closure of the Company’s Miami distribution center.
For the year ended December 27, 2018, amounts reflect costs
associated with the closure of the Company’s Miami distribution
center. (d) Tax benefit due to stock option exercises. (e) Reflects
the impact of tax rate changes resulting from tax reform on
temporary differences as reported in the Company’s 2017 tax return
as compared to the amount the Company originally recorded for such
impacts in fiscal 2017 and other credits. (f) Adjustment for taxes
related to pre-tax adjustments above.
EBITDA and Adjusted EBITDA
Year Ended 12/26/2019 12/27/2018
Low End High End Actual Net income
(GAAP): $ 108.0 $ 113.9 $ 116.2 Depreciation and amortization (a)
73.7 73.7 46.3 Interest expense 9.8 9.8 8.9 Income tax expense
29.8 31.4 6.2 EBITDA 221.3 228.8 177.6 Stock
compensation expense (b) 9.2 9.2 6.5 Other (c) 5.0
5.0 7.8 Adjusted EBITDA $ 235.5 $ 243.0 $ 191.9 (a)
Excludes deferred financing amortization which is included
as a part of interest expense in the table above. For the year
ended December 27, 2018, amounts are net of tenant improvement
allowances. (b) Non-cash charges related to stock-based
compensation programs, which vary from period to period depending
on timing of awards and forfeitures. (c) Other adjustments include
amounts management does not consider indicative of our core
operating performance. Amounts for the year ending December 26,
2019 primarily relate to costs associated with the February 2019
Secondary Offering, the relocation of the Company’s Store Support
Center and the closure of the Company’s Miami distribution center.
Amounts for the year ended December 27, 2018 primarily relate to
costs associated with the 2018 Secondary Offerings, the closing of
the Company’s Miami distribution center and net insurance
recoveries from hurricanes Harvey and Irma.
Forward-Looking Statements
This release and the associated webcast/conference call contain
forward-looking statements, including with respect to the Company’s
estimated net sales, comparable store sales growth, diluted EPS,
Adjusted diluted EPS, diluted weighted average shares outstanding,
Adjusted EBITDA, warehouse format store count and new warehouse
format stores for both the thirteen weeks ending June 27, 2019, and
all of fiscal 2019 and with respect to the Company’s estimated
depreciation and amortization expenses, interest expense, tax rate
and capital expenditures for fiscal 2019. All statements other than
statements of historical fact contained in this release, 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.
These statements are based on our current expectations,
assumptions, estimates and projections. 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. Forward-looking statements are based on
management’s current expectations and assumptions regarding the
Company’s business, the economy and other future conditions,
including the impact of recent natural disasters on sales.
In some cases, you can identify forward-looking statements by
terms such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “could,” “seeks,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“budget,” “potential,” “focused on” or “continue” or the negative
of these terms or other similar expressions. The forward-looking
statements contained in this release are only predictions. Although
the Company believes that the expectations reflected in the
forward-looking statements in this release 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, those
factors described in “Forward-Looking Statements,” Item 1,
“Business” and Item 1A, “Risk Factors” 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 for fiscal 2018 filed with
the Securities and Exchange Commission on February 25, 2019 (the
“Annual Report”) and elsewhere in the Annual Report.
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, including the Company’s
estimated net sales, comparable store sales growth, diluted EPS,
Adjusted diluted EPS, diluted weighted average shares outstanding,
Adjusted EBITDA, warehouse format store count and new warehouse
format stores for both the thirteen weeks ending June 27, 2019, and
all of fiscal 2019 and with respect to the Company’s estimated
depreciation and amortization expenses, interest expense, tax rate
and capital expenditures for fiscal 2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20190502005607/en/
Investor Contacts:
Wayne HoodVice President of Investor
Relations678-505-4415wayne.hood@flooranddecor.com
or
Matt McConnellSenior Manager of Investor
Relations770-257-1374matthew.mcconnell@flooranddecor.com
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