Floor & Decor Holdings, Inc. (FND) Q3 2022 Earnings Call Transcript

For the period ending September 29, 2022

November 3, 2022 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon, and welcome to the Floor & Decor Holdings Third Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.

I would now like to turn the conference over to Wayne Hood, VP Investor Relations. Please go ahead.

Wayne Hood

Thank you, operator, and good afternoon, everyone. Joining me on our third quarter earnings conference call today are Tom Taylor, Chief Executive Officer; and Trevor Lang, Executive Vice President and Chief Financial Officer.

Before we get started, I would like to remind everyone of the company's safe harbor language. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement. The company's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Floor & Decor assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

During this conference call, the company will discuss non-GAAP financial measures as defined by SEC Regulation G. We believe non-GAAP disclosures enable investors to better understand our core operating performance on a comparable basis between periods. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings press release, which is available on our Investor Relations website at ir.flooranddecor.com. A recorded replay of this call, together with the related materials will be available on our Investor Relations website.

Let me now turn the call over to Tom.

Tom Taylor

Thank you, Wayne and everyone for joining us on our fiscal 2022 third quarter earnings conference call. During today's call, I will discuss some of the highlights of our fiscal 2022 third quarter earnings. Trevor will then review our financial performance in more detail and discuss how we are thinking about the remainder of 2022.

We are pleased with our fiscal 2022 third quarter and year-to-date financial results and excited about approaching 14 consecutive years of comparable store sales growth, a significant accomplishment considering the current macroeconomic challenges. Additionally, we are pleased with the execution of our growth strategies and gross margin rate recapture, which enabled us to deliver better than expected third quarter 2022 adjusted diluted earnings per share of $0.70 per share, an increase of 16.7% from last year's $0.60 per share.