Floor & Decor (NYSE:FND) reported a flat revenue of $1.11 billion in Q3 FY2023 on Thursday, marking a 1.39% revenue miss and failing to meet analysts' expectations amidst challenging economic conditions. The company's outlook for the next quarter also fell short of projections.
Despite the revenue shortfall, FND recorded a GAAP profit of $0.61 per share, surpassing EPS expectations by 9.32%, albeit lower than the $0.71 per share reported in the same period last year.
In response to these developments, the company revised its full-year revenue guidance downwards by 2.89%, from $4.5 billion to $4.37 billion.
However, not all indicators were negative for the specialty retailer of hard surface flooring. The company saw its Free Cash Flow rise from -$109 million to $87.8 million and improved its Gross Margin from 41.4% to 42.2%.
Additionally, Floor & Decor reported a growth in same-store sales by 9.3% and expanded its store count by 29 over the past year, bringing the total to 207 stores at the end of the quarter.
CEO Tom Taylor acknowledged the tough economic landscape but expressed optimism about the company's resilience and commitment to executing its growth and customer engagement strategies.
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