ATLANTA--(BUSINESS WIRE)--Floor & Decor Holdings, Inc. (NYSE: FND) (“We,” “Our,” the “Company,” or “Floor & Decor”) will host its 2022 Investor conference today, Wednesday, March 16, 2022 starting at 8:30 a.m. Eastern Time. In conjunction with the event, the company is announcing its long-term financial targets and strategic priorities through fiscal 2024.
Tom Taylor, Chief Executive Officer, stated, “We just completed our most successful year on record in 2021, and we are incredibly proud of what we have achieved over the last decade, but we still believe our best days are yet in the future. I would like to thank our approximately 11,000 Floor & Decor associates serving each other and our customers every day as none of this would be possible without their dedication. We have made thoughtful and meaningful investments year after year to continually differentiate our retail and commercial hard surface flooring models and our customers are rewarding us with continued sales and market share growth. We have strong momentum in the business in the first quarter of 2022, and we look forward to discussing our strategies and financial plans for the next three years.”
Strategic Priorities and Long-Term Financial Targets. As part of today’s webcast, Floor & Decor’s management team will outline their strategic priorities and long-term financial targets. These estimated growth rate targets represent long-term annual targets over fiscal 2022 to fiscal 2024. Performance in any individual year may be lower or higher than these targets. Management will provide insights on these long-term financial targets at today’s event.
- Total net sales growth of at least 20% as measured over a three-year compounded annual growth period;
- New warehouse format store growth of 20% through 2024;
- Adjusted operating income approximately doubling from 2021 to 2024, representing approximately 25% growth when measured over a three-year compounded annual growth period;
- Adjusted EBITDA margins (as a % of sales) in the mid-teen range; and
- Maintain low balance sheet leverage and prioritize operating cash flow back into the business to support 20% new warehouse-format store growth while continuing to improve return on invested capital.
The Company will hold a webcast event with a live Q&A session today, Wednesday, March 16, 2022 at 8:30 a.m. ET. The event is anticipated to conclude by 12:00 p.m. ET. A live audio webcast of the event, together with related materials, will be available online at ir.flooranddecor.com.
A recorded replay of the conference call is expected to be available within two hours of the conclusion of the call and can be accessed both online at ir.flooranddecor.com and by dialing 844-512-2921 (international callers please dial 412-317-6671). The pin number to access the telephone replay is 13727342. The replay will be available until March 3, 2023.
About Floor & Decor Holdings, Inc.
Floor & Decor is a multi-channel specialty retailer and commercial flooring distributor, operating 160 warehouse-format stores and two design studios across 33 states as of December 30, 2021. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone, along with decorative accessories and wall tile, installation materials, and adjacent categories at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.
This release and the associated webcast/conference call contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this release, including statements regarding the Company’s future operating results and financial position, expectations related to our growth as a result of the acquisition of Spartan Surfaces, Inc. (“Spartan”), business strategy and plans, objectives of management for future operations, and the impact of the coronavirus (COVID-19) pandemic, are forward-looking statements. These statements are based on our current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business, the economy and other future conditions, including the impact of the COVID-19 pandemic.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The forward-looking statements contained in this release or the associated webcast/conference call speak only as of the date hereof. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company’s forward-looking statements occurs, the Company’s business, financial condition and operating results may vary materially from those expressed in the Company’s forward-looking statements. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained herein or in the associated webcast/conference call, whether as a result of any new information, future events or otherwise.