Backed by strong sales, Floor & Decor openings surge
Floor & Decor, the rapidly growing Atlanta-based specialty home improvement retailer, has expanded again.
The retailer has opened new locations in Denton, Texas and Leesburg, Va with another opening slated for Nov. 19 in Conyers, Ga. Additionally, Floor & Decor hosted grand openings for new stores in Rancho Cucamonga, Calif. and Dorchester, Mass. last month.
Floor & Decor now operates 25 stores in California and 10 in the Dallas market with 25 total stores in Texas.
The latest store openings follow a strong third quarter financial report as net sales jumped 28% to $876.6 million while comp store sales increased 10.8% for the period.
Floor & Decor’s net income also increased 8.5% in the third quarter to $74.6 million compared to $68.8 million in the third quarter of fiscal 2020.
According to CEO Tom Taylor, the retailer’s strength has been driven by “a unique business model that offers broad, innovative trend-forward assortments in project-ready quantities, which enable our Pro and Homeowner customers to choose from multiple options to complete their projects on time.”
“These benefits have been particularly important as disruptions in the global supply chain have created uncertainty in product lead times and rising costs,” Taylor added.
During the third quarter, Floor & Decor opened six new warehouse stores and has opened 20 new locations this year. As of Nov. 4, the company operated 153 locations in 33 states. And more locations are on the way.
“We intend to open seven new warehouse stores in the fourth quarter of fiscal 2021,” Taylor said. “As a result, we expect to open 27 new warehouse stores in fiscal 2021, representing 20.3% growth from fiscal 2020. Our strong year-to-date results continue to reinforce our belief that the new store classes of 2020 and 2021 will likely represent the most robust first-year sales and profit classes in our history.”
As has been the case with all of the retailer’s recent openings, Floor & Decor has put out an invitation to professional customers. This includes tours for builders, contractors, architects, designers, remodelers, flooring installers, and realtors.
“Building relationships with our local professionals is very important to us. Their success is our success,” said Derrick Lawman, chief executive merchant of the Conyers store. “The store tours and giveaways give us a chance to support our community and tell them about our PRO Premier Rewards and all the benefits it can bring to their business.”
Recent new stores have followed a 73,000-square-foot to 78,000-square-foot footprint.
Floor & Decor locations stock tools, decorative materials, wall tile, and related accessories for hard-surface flooring projects. Stores also carry over 1 million square feet of in-stock flooring and offer free design services, as well as a dedicated pro sales team.
