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Floor & Decor Holdings (NYSE:FND) shares fell sharply in Thursday’s extended session despite narrowly beating Q1 expectations.
For the first quarter, a GAAP EPS report of $0.66 came in $0.01 above expectations while an 8.7% jump in revenue to $1.12B exceeded expectations by $10M. Comparable store sales decreased 3.3% as compared to Q1 2022.
“We take pride in these first-quarter 2023 earnings results as they demonstrate the continuing strong execution of our long-term growth strategies and our near-term agility in adapting to the significant year-over-year declines in existing home sales and broader macroeconomic challenges,” CEO Tom Taylor commented. “As consumers prioritize value and savings, we are capitalizing on our low prices and value options, our trend-forward broad assortments, in-stock job lot quantities, and superior customer service provided by our store associates.”
Management expects net sales in a range between $4.61B to $4.75B for the full year while comparable store sales are expected to fall in a range from -3% to flat. Diluted EPS are expected to be in the range of $2.55 to $2.85. Analysts had forecast $2.69 in earnings per share on $4.67B in revenue.
Shares of Floor & Decor (FND) fell 4.95% in after hours trading on Thursday.
Dig into the details of the earnings update.