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Floor & Decor (FND) Boosts Presence With New Store Opening
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Floor & Decor Holdings, Inc. (FND - Free Report) recently announced the opening of new store location in Kentwood. This marks the company's fourth store in Michigan, signifying its continuous focus on domestic expansion.
Nestled in the Grand Rapids metropolitan area, this expansion reflects on the company's commitment to serve professionals and homeowners nationwide and offer easier, inspired and affordable renovation solutions.
Focus on Expansion
In the first quarter of fiscal 2023, Floor & Decor accomplished significant growth by opening three new warehouse format stores, expanding its total store count to 194 across 36 states. The company closed the original design studio in New Orleans, as its lease expires and it no longer aligns with the current prototype. This leaves Floor & Decor with five design studios. Looking ahead to the second quarter, Floor & Decor anticipates reaching a remarkable milestone with the opening of the 200th warehouse store in Metairie, Louisiana, marking a momentous achievement in the company's history.
Focusing on its continuous expansion plans, Floor & Decor intends to open eight additional warehouse stores in the second quarter. This includes entering three new markets — Temple, TX, Huntsville, AL, and Grand Rapids, MI. The company strengthens its presence in the Greater Washington, D.C., area with the opening of a store in Aspen Hill, Maryland. Florida also sees growth, with two warehouse stores set to open in Orlando and one in Fort Myers.
Along with store expansion, FND is committed to investing in associates, remodeling existing stores and enhancing their e-commerce platform for an improved customer experience. These openings align with the company's goal of launching 32-35 warehouse stores in 2023, with a majority expected in existing markets during the second half of the year.
During first-quarter fiscal 2023, the company invested 139.4 million as capital expenditure, up 37.5% from the year-ago quarter’s levels. The upside was primarily driven by an increase in new stores under construction and settlement of outstanding construction payables for recently-completed stores compared with the prior-year period’s levels.
Floor & Decor expects total capital expenditures for fiscal 2023 to be between $620 million and $675 million. These expenditures will primarily be funded through cash generated from operations and borrowings under the ABL Facility. The investment plan for the year includes opening 32 to 35 warehouse-format stores, store relocations, remodeling projects and investments in information technology infrastructure, e-commerce and store support center initiatives.
Image Source: Zacks Investment Research
Shares of FND have increased 39.7% in year-to-date period compared with the industry’s rise of 8.4%.
Zacks Rank & Key Picks
Floor & Decor currently carries a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for DY’s 2024 sales and EPS indicates a rise of 8.3% and 41%, respectively, from the year-ago period’s levels.
Eagle Materials Inc. (EXP - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 6.5%, on average. Shares of EXP have increased 55.9% in the past year.
The Zacks Consensus Estimate for EXP’s 2024 sales and EPS indicates a rise of 2% and 8.4%, respectively, from the year-ago period’s levels.
Vulcan Materials Company (VMC - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of VMC have increased 46.9% in the past year.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates a rise of 5.9% and 27.6%, respectively, from the year-ago period’s levels.
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Floor & Decor (FND) Boosts Presence With New Store Opening
Floor & Decor Holdings, Inc. (FND - Free Report) recently announced the opening of new store location in Kentwood. This marks the company's fourth store in Michigan, signifying its continuous focus on domestic expansion.
Nestled in the Grand Rapids metropolitan area, this expansion reflects on the company's commitment to serve professionals and homeowners nationwide and offer easier, inspired and affordable renovation solutions.
Focus on Expansion
In the first quarter of fiscal 2023, Floor & Decor accomplished significant growth by opening three new warehouse format stores, expanding its total store count to 194 across 36 states. The company closed the original design studio in New Orleans, as its lease expires and it no longer aligns with the current prototype. This leaves Floor & Decor with five design studios. Looking ahead to the second quarter, Floor & Decor anticipates reaching a remarkable milestone with the opening of the 200th warehouse store in Metairie, Louisiana, marking a momentous achievement in the company's history.
Focusing on its continuous expansion plans, Floor & Decor intends to open eight additional warehouse stores in the second quarter. This includes entering three new markets — Temple, TX, Huntsville, AL, and Grand Rapids, MI. The company strengthens its presence in the Greater Washington, D.C., area with the opening of a store in Aspen Hill, Maryland. Florida also sees growth, with two warehouse stores set to open in Orlando and one in Fort Myers.
Along with store expansion, FND is committed to investing in associates, remodeling existing stores and enhancing their e-commerce platform for an improved customer experience. These openings align with the company's goal of launching 32-35 warehouse stores in 2023, with a majority expected in existing markets during the second half of the year.
During first-quarter fiscal 2023, the company invested 139.4 million as capital expenditure, up 37.5% from the year-ago quarter’s levels. The upside was primarily driven by an increase in new stores under construction and settlement of outstanding construction payables for recently-completed stores compared with the prior-year period’s levels.
Floor & Decor expects total capital expenditures for fiscal 2023 to be between $620 million and $675 million. These expenditures will primarily be funded through cash generated from operations and borrowings under the ABL Facility. The investment plan for the year includes opening 32 to 35 warehouse-format stores, store relocations, remodeling projects and investments in information technology infrastructure, e-commerce and store support center initiatives.
Image Source: Zacks Investment Research
Shares of FND have increased 39.7% in year-to-date period compared with the industry’s rise of 8.4%.
Zacks Rank & Key Picks
Floor & Decor currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Zacks Construction sector are:
Dycom Industries, Inc. (DY - Free Report) sports a Zacks Rank #1. DY has a trailing four-quarter earnings surprise of 153.7%, on average. Shares of DY have gained 7.5% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DY’s 2024 sales and EPS indicates a rise of 8.3% and 41%, respectively, from the year-ago period’s levels.
Eagle Materials Inc. (EXP - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 6.5%, on average. Shares of EXP have increased 55.9% in the past year.
The Zacks Consensus Estimate for EXP’s 2024 sales and EPS indicates a rise of 2% and 8.4%, respectively, from the year-ago period’s levels.
Vulcan Materials Company (VMC - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of VMC have increased 46.9% in the past year.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates a rise of 5.9% and 27.6%, respectively, from the year-ago period’s levels.