-
Net sales increased 23.5% from fiscal 2017 to $1,709.8 million
-
Comparable store sales increased 9.2% from fiscal 2017
-
Diluted earnings per share (“EPS”) increased 7.8% to $1.11 from
$1.03 in fiscal 2017; Adjusted diluted EPS increased 40.6% to $0.97
from $0.69 in fiscal 2017
-
Provides first quarter and full year fiscal 2019 sales and earnings
outlook
ATLANTA--(BUSINESS WIRE)--
Floor & Decor Holdings, Inc. (NYSE:FND) (“We,” “Our” the “Company,” or
“Floor & Decor”) announces its financial results for the fourth quarter
and fiscal 2018, which ended December 27, 2018.
Tom Taylor, Chief Executive Officer, stated, “We are pleased with our
fourth quarter and fiscal 2018 results. We successfully opened 17 new
stores during fiscal 2018, including the opening of our 100th store in
Burlingame, California. This is a significant milestone for our Company,
as we continue down a path towards 400 potential stores. Our fourth
quarter and full year 2018 results are a testament to the hard work and
dedication that all our associates demonstrate every day serving our
customers and communities. They are key to our success.”
Mr. Taylor continued, “We remain highly confident in the long-term
momentum that is building at Floor & Decor and are proud to have
finished 2018 with our 10th consecutive year of double-digit
comparable same store sales growth excluding the impact on the Houston
market due to Hurricane Harvey and our sixth consecutive year of 20% new
store growth. We enter 2019 in a strong position and remain committed to
and building on the same strategies and investments in our business that
have made us successful for almost two decades.”
Unless indicated otherwise, the information in this release has been
adjusted to give effect to a 321.820-for-one stock split of our common
stock effected on April 24, 2017. Please see “Comparable Store Sales”
below for information on how the Company calculates its comparable store
sales growth.
For the Fiscal Year Ended December 27, 2018
-
Net sales increased 23.5% to $1,709.8 million from $1,384.8 million in
the same period of fiscal 2017. Comparable store sales increased 9.2%.
Comparable store sales excluding Houston increased 10.0%.
-
The Company opened 17 new stores and relocated one store during the
year ending December 27, 2018.
-
Operating income increased 11.5% to $131.3 million from $117.8 million
in the same period of fiscal 2017. Operating margin decreased 80 basis
points to 7.7%.
-
Net income increased 13.0% to $116.2 million compared to $102.8
million in the same period of fiscal 2017. Diluted EPS was $1.11
compared to $1.03 in the same period of fiscal 2017.
-
Adjusted net income* increased 42.9% to $101.5 million compared to
$71.0 million in the same period of fiscal 2017. Adjusted diluted EPS*
was $0.97 compared to $0.69 in the same period of fiscal 2017, an
increase of 40.6%.
-
Adjusted EBITDA* increased 20.9% to $191.9 million compared to $158.8
million in the same period of fiscal 2017.
For the Thirteen Weeks Ended December 27, 2018
-
Fourth quarter net sales increased 12.1% to $436.7 million from $389.5
million in the fourth quarter of fiscal 2017. Comparable store sales
increased 0.5%. Comparable store sales excluding Houston increased
8.7%.
-
The Company opened five new stores and relocated one store during the
fourth quarter of fiscal 2018, ending the quarter with 100 warehouse
format stores.
-
Operating income decreased 28.0% to $23.3 million from $32.4 million
in the fourth quarter of fiscal 2017. Operating margin decreased 300
basis points to 5.3%.
-
Net income decreased 62.7% to $17.9 million compared to $48.0 million
in the fourth quarter of fiscal 2017. Diluted EPS was $0.17 compared
to $0.46 in the fourth quarter of fiscal 2017.
-
Adjusted net income* increased 4.7% to $20.8 million compared to $19.9
million in the fourth quarter of fiscal 2017. Adjusted diluted EPS*
was $0.20 compared to $0.19 in the fourth quarter of fiscal 2017, an
increase of 5.3%.
-
Adjusted EBITDA* increased 2.3% to $44.5 million compared to $43.5
million in the fourth quarter of fiscal 2017.
*Non-GAAP financial measures. Please see “Non-GAAP Financial
Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures”
below for more information.
|
|
|
|
|
|
First Quarter and Fiscal 2019 Sales and Earnings Outlook
(In millions, except EPS and store count)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
3/28/2019
|
|
Net sales
|
|
|
|
$474 - $482
|
|
Comparable store sales
|
|
|
|
2.0% to 4.0%
|
|
GAAP diluted EPS
|
|
|
|
$0.25 - $0.27
|
|
Adjusted diluted EPS
|
|
|
|
$0.26 - $0.28
|
|
Diluted weighted average shares outstanding
|
|
|
|
104.1
|
|
Adjusted EBITDA
|
|
|
|
$56.1 - $58.7
|
|
Warehouse format store count
|
|
|
|
103
|
|
New warehouse format stores
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/26/2019
|
|
Net sales
|
|
|
|
$2,060 - $2,094
|
|
Comparable store sales
|
|
|
|
6.0% to 8.0%
|
|
GAAP diluted EPS
|
|
|
|
$1.01 - $1.06
|
|
Adjusted diluted EPS
|
|
|
|
$1.07 - $1.12
|
|
Diluted weighted average shares outstanding
|
|
|
|
104.5
|
|
Adjusted EBITDA
|
|
|
|
$233.8 - $240.9
|
|
Depreciation and amortization
|
|
|
|
Approximately $69.9
|
|
Interest expense
|
|
|
|
Approximately $9.5
|
|
Tax rate
|
|
|
|
23.1%
|
|
Warehouse format store count
|
|
|
|
120
|
|
New warehouse format stores
|
|
|
|
20
|
|
Capital Expenditures
|
|
|
|
$220 - $230
|
|
|
|
|
|
The above guidance includes certain non-GAAP financial measures (namely
Adjusted EBITDA and Adjusted diluted EPS). Please see “Non-GAAP
Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial
Measures” below for more information.
While the Company is still completing its assessment of the
effectiveness of its internal control over financial reporting as of
December 27, 2018, it expects to report a material weakness in internal
control over financial reporting in its upcoming Annual Report on Form
10-K for fiscal 2018. This material weakness relates to ineffective
information technology general controls in the areas of user access and
program change-management over certain information technology systems
that support the Company’s financial reporting processes. As a result of
the identification of the material weakness, the Company has performed
further analysis and completed additional procedures intended to ensure
its consolidated financial statements for fiscal 2018 are prepared in
accordance with GAAP. Based on these procedures and analysis, and
notwithstanding the material weakness in the Company’s internal control
over financial reporting, there have been no misstatements identified in
the Company’s financial statements as a result of this material
weakness, and the Company expects to timely file its upcoming Form 10-K.
While remediation efforts have begun, the material weakness will not be
considered remediated until the applicable controls operate for a
sufficient period of time and the Company’s management has concluded,
through testing, that such controls are operating effectively. The
Company expects that the remediation of this material weakness will be
completed prior to the end of fiscal 2019.
Conference Call Details
A conference call to discuss the fourth quarter and full year fiscal
2018 financial results is scheduled for today, February 21, 2019, at
9:00 a.m. Eastern Time. A live audio webcast of the conference call,
together with related materials, will be available online at ir.flooranddecor.com.
A recorded replay of the conference call is expected to be available
approximately two hours following 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
13686467. The replay will be available until February 28, 2019.
About Floor & Decor Holdings, Inc.
Floor & Decor is a leading specialty retailer of hard surface flooring,
offering the broadest in-stock selection of tile, wood, stone, related
tools and flooring accessories at everyday low prices. The company was
founded in 2000 and is headquartered in Smyrna, Georgia.
Comparable Store Sales
Comparable store sales refer to period over period comparisons of our
net sales among the comparable store base, which has historically been
when customers obtained possession of their product. Starting in 2018,
when the new revenue recognition standard was adopted (as described in
the Company’s Annual Report for fiscal 2017 filed with the Securities
and Exchange Commission on March 5, 2018 (the “Annual Report”)) our
comparable store sales refer to period-over-period comparisons of our
net sales based on when the customer obtains control of their product,
which is typically at the time of sale and may be slightly different
than our historically reported net sales due to timing of when final
delivery of the product has occurred. A store is included in the
comparable store sales calculation on the first day of the thirteenth
full fiscal month following a store’s opening, which is when we believe
comparability has been achieved. Since our e-commerce sales are
fulfilled by individual stores, they are included in comparable store
sales only to the extent the fulfilling store meets the above mentioned
store criteria. Changes in our comparable store sales between two
periods are based on net sales for stores that were in operation during
both of the two periods. Any change in square footage of an existing
comparable store, including remodels and relocations, does not eliminate
that store from inclusion in the calculation of comparable store sales.
Stores that are closed temporarily and relocated within their primary
trade areas are included in same store sales. Additionally, any stores
that were closed during the current or prior fiscal year are excluded
from the definition of comparable stores.
Non-GAAP Financial Measures
Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted EBITDA
(which are shown in the reconciliations below) are presented as
supplemental measures of financial performance that are not required by,
or presented in accordance with, accounting principles generally
accepted in the United States ("GAAP"). We define Adjusted net income as
net income adjusted to eliminate the impact of certain items that we do
not consider indicative of our core operating performance and the tax
effect related to those items. We define Adjusted diluted EPS as
Adjusted net income divided by Adjusted diluted weighted average shares
outstanding (i.e., the weighted average shares outstanding during the
relevant period plus the weighted average impact of issuing shares in
our initial public offering (our “IPO”). We define EBITDA as net income
before interest, loss on early extinguishment of debt, taxes,
depreciation and amortization. We define Adjusted EBITDA as net income
before interest, loss on early extinguishment of debt, taxes,
depreciation and amortization, adjusted to eliminate the impact of
certain items that we do not consider indicative of our core operating
performance. Reconciliations of these measures to the most directly
comparable GAAP financial measure are set forth in the tables below.
Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted EBITDA
are key metrics used by management and our board of directors to assess
our financial performance and enterprise value. We believe that Adjusted
net income, Adjusted diluted EPS, EBITDA and Adjusted EBITDA are useful
measures, as they eliminate certain items that are not indicative of our
core operating performance and facilitate a comparison of our core
operating performance on a consistent basis from period to period. We
also use Adjusted EBITDA as a basis to determine covenant compliance
with respect to our credit facilities, to supplement GAAP measures of
performance to evaluate the effectiveness of our business strategies, to
make budgeting decisions, and to compare our performance against that of
other peer companies using similar measures. Adjusted net income,
Adjusted diluted EPS, EBITDA and Adjusted EBITDA are also used by
analysts, investors and other interested parties as performance measures
to evaluate companies in our industry.
Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted EBITDA
are non-GAAP measures of our financial performance and should not be
considered as alternatives to net income or diluted EPS as a measure of
financial performance, or any other performance measure derived in
accordance with GAAP and they should not be construed as an inference
that our future results will be unaffected by unusual or non-recurring
items. Additionally, Adjusted net income, EBITDA and Adjusted EBITDA are
not intended to be measures of liquidity or free cash flow for
management's discretionary use. In addition, these non-GAAP measures
exclude certain non-recurring and other charges. Each of these non-GAAP
measures has its limitations as an analytical tool, and you should not
consider them in isolation or as a substitute for analysis of our
results as reported under GAAP. In evaluating Adjusted net income,
Adjusted diluted EPS, EBITDA and Adjusted EBITDA, you should be aware
that in the future we will incur expenses that are the same as or
similar to some of the items eliminated in the adjustments made to
determine Adjusted net income, Adjusted diluted EPS, EBITDA and Adjusted
EBITDA, such as stock compensation expense, loss on asset disposal, and
other adjustments. Our presentation of Adjusted net income, Adjusted
diluted EPS, EBITDA and Adjusted EBITDA should not be construed to imply
that our future results will be unaffected by any such adjustments.
Definitions and calculations of Adjusted net income, Adjusted diluted
EPS, EBITDA and Adjusted EBITDA differ among companies in the retail
industry, and therefore Adjusted net income, Adjusted diluted EPS,
EBITDA and Adjusted EBITDA disclosed by us may not be comparable to the
metrics disclosed by other companies.
Please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below
for reconciliations of non-GAAP financial measures used in this release
to their most directly comparable GAAP financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor & Decor Holdings, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
|
|
|
12/27/2018
|
|
|
|
12/28/2017
|
|
|
|
% Increase
|
|
|
|
|
|
Actual
|
|
|
% of Sales
|
|
|
|
Actual
|
|
|
% of Sales
|
|
|
|
(Decrease)
|
|
|
Net sales
|
|
|
|
$
|
436,739
|
|
|
100.0
|
%
|
|
|
$
|
389,501
|
|
|
100.0
|
%
|
|
|
12.1
|
%
|
|
Cost of sales
|
|
|
|
|
255,721
|
|
|
58.6
|
|
|
|
|
227,127
|
|
|
58.3
|
|
|
|
12.6
|
|
|
Gross profit
|
|
|
|
|
181,018
|
|
|
41.4
|
|
|
|
|
162,374
|
|
|
41.7
|
|
|
|
11.5
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling & store operating expenses
|
|
|
|
|
119,120
|
|
|
27.3
|
|
|
|
|
102,223
|
|
|
26.2
|
|
|
|
16.5
|
|
|
General & administrative expenses
|
|
|
|
|
30,332
|
|
|
6.9
|
|
|
|
|
25,090
|
|
|
6.5
|
|
|
|
20.9
|
|
|
Pre-opening expenses
|
|
|
|
|
8,253
|
|
|
1.9
|
|
|
|
|
2,660
|
|
|
0.7
|
|
|
|
210.3
|
|
|
Total operating expenses
|
|
|
|
|
157,705
|
|
|
36.1
|
|
|
|
|
129,973
|
|
|
33.4
|
|
|
|
21.3
|
|
|
Operating income
|
|
|
|
|
23,313
|
|
|
5.3
|
|
|
|
|
32,401
|
|
|
8.3
|
|
|
|
(28.0)
|
|
|
Interest expense
|
|
|
|
|
2,817
|
|
|
0.6
|
|
|
|
|
2,400
|
|
|
0.6
|
|
|
|
17.4
|
|
|
Income before income taxes
|
|
|
|
|
20,496
|
|
|
4.7
|
|
|
|
|
30,001
|
|
|
7.7
|
|
|
|
(31.7)
|
|
|
Provision for income taxes
|
|
|
|
|
2,594
|
|
|
0.6
|
|
|
|
|
(17,975)
|
|
|
(4.6)
|
|
|
|
NM
|
|
|
Net income
|
|
|
|
$
|
17,902
|
|
|
4.1
|
%
|
|
|
$
|
47,976
|
|
|
12.3
|
%
|
|
|
(62.7)
|
%
|
|
Basic weighted average shares outstanding
|
|
|
|
|
97,428
|
|
|
|
|
|
|
|
94,961
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
103,790
|
|
|
|
|
|
|
|
104,238
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
$
|
0.18
|
|
|
|
|
|
|
$
|
0.51
|
|
|
|
|
|
|
(64.7)
|
%
|
|
Diluted earnings per share
|
|
|
|
$
|
0.17
|
|
|
|
|
|
|
$
|
0.46
|
|
|
|
|
|
|
(63.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
12/27/2018
|
|
|
|
12/28/2017
|
|
|
% Increase
|
|
|
|
|
|
Actual
|
|
|
% of Sales
|
|
|
|
Actual
|
|
|
% of Sales
|
|
|
(Decrease)
|
|
|
Net sales
|
|
|
|
$
|
1,709,848
|
|
|
100.0
|
%
|
|
|
$
|
1,384,767
|
|
|
100.0
|
%
|
|
23.5
|
%
|
|
Cost of sales
|
|
|
|
|
1,007,580
|
|
|
58.9
|
|
|
|
|
812,203
|
|
|
58.7
|
|
|
24.1
|
|
|
Gross profit
|
|
|
|
|
702,268
|
|
|
41.1
|
|
|
|
|
572,564
|
|
|
41.3
|
|
|
22.7
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling & store operating expenses
|
|
|
|
|
439,495
|
|
|
25.7
|
|
|
|
|
353,647
|
|
|
25.5
|
|
|
24.3
|
|
|
General & administrative expenses
|
|
|
|
|
105,327
|
|
|
6.2
|
|
|
|
|
84,661
|
|
|
6.1
|
|
|
24.4
|
|
|
Pre-opening expenses
|
|
|
|
|
26,145
|
|
|
1.5
|
|
|
|
|
16,485
|
|
|
1.2
|
|
|
58.6
|
|
|
Total operating expenses
|
|
|
|
|
570,967
|
|
|
33.4
|
|
|
|
|
454,793
|
|
|
32.8
|
|
|
25.5
|
|
|
Operating income
|
|
|
|
|
131,301
|
|
|
7.7
|
|
|
|
|
117,771
|
|
|
8.5
|
|
|
11.5
|
|
|
Interest expense
|
|
|
|
|
8,917
|
|
|
0.5
|
|
|
|
|
13,777
|
|
|
1.0
|
|
|
(35.3)
|
|
|
Loss on early extinguishment of debt
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
5,442
|
|
|
0.4
|
|
|
(100.0)
|
|
|
Income before income taxes
|
|
|
|
|
122,384
|
|
|
7.2
|
|
|
|
|
98,552
|
|
|
7.1
|
|
|
24.2
|
|
|
Provision for income taxes
|
|
|
|
|
6,197
|
|
|
0.4
|
|
|
|
|
(4,236)
|
|
|
(0.3)
|
|
|
NM
|
|
|
Net income
|
|
|
|
$
|
116,187
|
|
|
6.8
|
%
|
|
|
$
|
102,788
|
|
|
7.4
|
%
|
|
13.0
|
%
|
|
Basic weighted average shares outstanding
|
|
|
|
|
96,770
|
|
|
|
|
|
|
|
90,951
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
104,561
|
|
|
|
|
|
|
|
99,660
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
$
|
1.20
|
|
|
|
|
|
|
$
|
1.13
|
|
|
|
|
|
6.2
|
%
|
|
Diluted earnings per share
|
|
|
|
$
|
1.11
|
|
|
|
|
|
|
$
|
1.03
|
|
|
|
|
|
7.8
|
%
|
NM – Not Meaningful
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
|
|
December 27,
|
|
|
December 28,
|
|
|
|
|
2018
|
|
|
2017
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
644
|
|
|
$
|
556
|
|
Income taxes receivable
|
|
|
|
|
4,324
|
|
|
|
12,472
|
|
Receivables, net
|
|
|
|
|
67,527
|
|
|
|
54,041
|
|
Inventories, net
|
|
|
|
|
471,014
|
|
|
|
427,950
|
|
Prepaid expenses and other current assets
|
|
|
|
|
15,949
|
|
|
|
8,193
|
|
Total current assets
|
|
|
|
|
559,458
|
|
|
|
503,212
|
|
Fixed assets, net
|
|
|
|
|
328,366
|
|
|
|
220,952
|
|
Intangible assets, net
|
|
|
|
|
109,330
|
|
|
|
109,362
|
|
Goodwill
|
|
|
|
|
227,447
|
|
|
|
227,447
|
|
Other assets
|
|
|
|
|
9,490
|
|
|
|
7,019
|
|
Total long-term assets
|
|
|
|
|
674,633
|
|
|
|
564,780
|
|
Total assets
|
|
|
|
$
|
1,234,091
|
|
|
$
|
1,067,992
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current portion of term loans
|
|
|
|
$
|
3,500
|
|
|
$
|
3,500
|
|
Trade accounts payable
|
|
|
|
|
313,503
|
|
|
|
258,730
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
82,038
|
|
|
|
74,547
|
|
Deferred revenue
|
|
|
|
|
5,244
|
|
|
|
22,523
|
|
Total current liabilities
|
|
|
|
|
404,285
|
|
|
|
359,300
|
|
Term loans
|
|
|
|
|
141,834
|
|
|
|
144,562
|
|
Revolving line of credit
|
|
|
|
|
—
|
|
|
|
41,000
|
|
Deferred rent
|
|
|
|
|
36,980
|
|
|
|
25,570
|
|
Deferred income tax liabilities, net
|
|
|
|
|
26,838
|
|
|
|
27,218
|
|
Tenant improvement allowances
|
|
|
|
|
37,295
|
|
|
|
26,779
|
|
Other liabilities
|
|
|
|
|
2,550
|
|
|
|
703
|
|
Total long-term liabilities
|
|
|
|
|
245,497
|
|
|
|
265,832
|
|
Total liabilities
|
|
|
|
|
649,782
|
|
|
|
625,132
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
Capital stock:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0
shares issued and
outstanding at December 27, 2018 and
December 28, 2017
|
|
|
|
|
—
|
|
|
|
—
|
|
Common stock Class A, $0.001 par value; 450,000,000 shares
authorized; 97,588,539
shares issued and outstanding at
December 27, 2018 and 95,509,179 issued and
outstanding at
December 28, 2017
|
|
|
|
|
98
|
|
|
|
96
|
|
Common stock Class B, $0.001 par value; 10,000,000 shares
authorized; 0 shares
issued and outstanding at December 27,
2018 and December 28, 2017
|
|
|
|
|
—
|
|
|
|
—
|
|
Common stock Class C, $0.001 par value; 30,000,000 shares
authorized; 0 shares
issued and outstanding at December 27,
2018 and December 28, 2017
|
|
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
|
|
340,462
|
|
|
|
323,419
|
|
Accumulated other comprehensive income (loss), net
|
|
|
|
|
186
|
|
|
|
(205)
|
|
Retained earnings
|
|
|
|
|
243,563
|
|
|
|
119,550
|
|
Total stockholders’ equity
|
|
|
|
|
584,309
|
|
|
|
442,860
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
1,234,091
|
|
|
$
|
1,067,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
December 27,
|
|
|
December 28,
|
|
|
|
|
2018
|
|
|
2017
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
116,187
|
|
|
$
|
102,788
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
51,992
|
|
|
|
38,062
|
|
Non-cash loss on early extinguishment of debt
|
|
|
|
|
—
|
|
|
|
5,442
|
|
Loss on asset disposals
|
|
|
|
|
23
|
|
|
|
128
|
|
Amortization of tenant improvement allowances
|
|
|
|
|
(4,494)
|
|
|
|
(3,311)
|
|
Deferred income taxes
|
|
|
|
|
(968)
|
|
|
|
(557)
|
|
Interest cap derivative contracts
|
|
|
|
|
(212)
|
|
|
|
—
|
|
Stock based compensation expense
|
|
|
|
|
6,514
|
|
|
|
4,959
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Receivables, net
|
|
|
|
|
(13,486)
|
|
|
|
(19,508)
|
|
Inventories, net
|
|
|
|
|
(53,557)
|
|
|
|
(134,248)
|
|
Other assets
|
|
|
|
|
(9,921)
|
|
|
|
(1,591)
|
|
Trade accounts payable
|
|
|
|
|
54,773
|
|
|
|
100,264
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
(1,731)
|
|
|
|
9,485
|
|
Income taxes
|
|
|
|
|
6,221
|
|
|
|
(18,259)
|
|
Deferred revenue
|
|
|
|
|
3,002
|
|
|
|
8,067
|
|
Deferred rent
|
|
|
|
|
14,455
|
|
|
|
9,243
|
|
Tenant improvement allowances
|
|
|
|
|
15,010
|
|
|
|
7,984
|
|
Other
|
|
|
|
|
1,816
|
|
|
|
259
|
|
Net cash provided by operating activities
|
|
|
|
|
185,624
|
|
|
|
109,207
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of fixed assets
|
|
|
|
|
(151,397)
|
|
|
|
(102,253)
|
|
Net cash used in investing activities
|
|
|
|
|
(151,397)
|
|
|
|
(102,253)
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
Borrowings on revolving line of credit
|
|
|
|
|
217,050
|
|
|
|
236,700
|
|
Payments on revolving line of credit
|
|
|
|
|
(258,050)
|
|
|
|
(245,700)
|
|
Payments on term loans
|
|
|
|
|
(3,500)
|
|
|
|
(197,500)
|
|
Net proceeds from initial public offering
|
|
|
|
|
—
|
|
|
|
192,336
|
|
Proceeds from exercise of stock options
|
|
|
|
|
10,531
|
|
|
|
8,874
|
|
Debt issuance costs
|
|
|
|
|
(170)
|
|
|
|
(1,559)
|
|
Net cash used in financing activities
|
|
|
|
|
(34,139)
|
|
|
|
(6,849)
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
88
|
|
|
|
105
|
|
Cash and cash equivalents, beginning of the period
|
|
|
|
|
556
|
|
|
|
451
|
|
Cash and cash equivalents, end of the period
|
|
|
|
$
|
644
|
|
|
$
|
556
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
|
$
|
7,563
|
|
|
$
|
15,748
|
|
Cash paid for income taxes
|
|
|
|
$
|
1,082
|
|
|
$
|
14,392
|
|
Fixed assets accrued at the end of the period
|
|
|
|
$
|
15,120
|
|
|
$
|
8,521
|
|
Fixed assets acquired as part of lease - paid for by lessor
|
|
|
|
$
|
—
|
|
|
$
|
1,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except EPS)
(Unaudited)
Adjusted diluted weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/27/2018
|
|
|
12/28/2017
|
|
Diluted weighted average shares outstanding (GAAP)
|
|
|
|
|
104,561
|
|
|
|
99,660
|
|
Adjustments for issuance of shares at IPO
|
|
|
|
|
—
|
|
|
|
3,289
|
|
Adjusted diluted weighted average shares outstanding
|
|
|
|
|
104,561
|
|
|
|
102,949
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income and Adjusted diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
12/27/2018
|
|
|
12/28/2017
|
|
Net income (GAAP):
|
|
|
|
$
|
17,902
|
|
|
$
|
47,976
|
|
Secondary offering costs (a) |
|
|
|
|
—
|
|
|
|
730
|
|
Hurricane disaster recovery (b) |
|
|
|
|
—
|
|
|
|
(397)
|
|
Miami distribution center exit (c) |
|
|
|
|
5,840
|
|
|
|
—
|
|
Tax benefit of stock option exercises (d) |
|
|
|
|
(1,572)
|
|
|
|
(10,555)
|
|
Research and development tax credits (e) |
|
|
|
|
—
|
|
|
|
(429)
|
|
Deferred tax adjustment due to tax reform and other credits (f) |
|
|
|
|
—
|
|
|
|
(17,842)
|
|
Tax impact of adjustments to net income (g) |
|
|
|
|
(1,332)
|
|
|
|
428
|
|
Adjusted net income
|
|
|
|
$
|
20,838
|
|
|
$
|
19,911
|
|
Adjusted diluted weighted average shares outstanding
|
|
|
|
|
103,790
|
|
|
|
104,238
|
|
Adjusted diluted EPS
|
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/27/2018
|
|
|
12/28/2017
|
|
Net income (GAAP):
|
|
|
|
$
|
116,187
|
|
|
$
|
102,788
|
|
Interest due to IPO (h) |
|
|
|
|
—
|
|
|
|
4,095
|
|
Term loan repricing (i) |
|
|
|
|
—
|
|
|
|
880
|
|
Secondary offering costs (a) |
|
|
|
|
1,134
|
|
|
|
1,712
|
|
Hurricane disaster (recovery) expenses (b) |
|
|
|
|
(516)
|
|
|
|
76
|
|
Loss on early extinguishment of debt (j) |
|
|
|
|
—
|
|
|
|
5,442
|
|
Miami distribution center exit (c) |
|
|
|
|
7,120
|
|
|
|
—
|
|
Tax benefit of stock option exercises (d) |
|
|
|
|
(19,728)
|
|
|
|
(21,771)
|
|
Research and development tax credits (e) |
|
|
|
|
—
|
|
|
|
(429)
|
|
Deferred tax adjustment due to tax reform and other credits (f) |
|
|
|
|
(1,174)
|
|
|
|
(17,842)
|
|
Tax impact of adjustments to net income (g) |
|
|
|
|
(1,550)
|
|
|
|
(3,930)
|
|
Adjusted net income
|
|
|
|
$
|
101,473
|
|
|
$
|
71,021
|
|
Adjusted diluted weighted average shares outstanding
|
|
|
|
|
104,561
|
|
|
|
102,949
|
|
Adjusted diluted EPS
|
|
|
|
$
|
0.97
|
|
|
$
|
0.69
|
|
(a) For the period ended December 27, 2018, reflects costs accrued
in connection with the secondary public offerings of
the
Company’s common stock by certain of the Company’s stockholders
completed on September 18, 2018, (the
“September 2018
Secondary Offering”) and May 29, 2018 (the “May 2018 Secondary
Offering” and, together with
the September 2018 Secondary
Offering, the “2018 Secondary Offerings”). For the period ended
December 28,
2017, reflects costs accrued in connection with
secondary public offerings of the Company’s common stock by
certain
of the Company’s stockholders completed on November 20, 2017, (the
“November 2017 Secondary
Offering”) and July 25, 2017 (the
“July 2017 Secondary Offering” and, together with the November 2017
Secondary
Offering, the “2017 Secondary Offerings”). The Company did not
sell any shares in the secondary
offerings and did not
receive any proceeds from the sales of shares by the selling
stockholders.
|
|
(b) Expenses and losses, net of recoveries, from hurricanes Harvey
and Irma.
|
|
(c) Amounts for the thirteen weeks and year ended December 27,
2018, relate to costs incurred in connection with the
exit of
the Company’s Miami distribution center.
|
|
(d) Tax benefit due to stock option exercises.
|
|
(e) Research and development tax credits related to prior periods
recorded as a reduction of current year tax expense.
|
|
(f) Effect of the Company’s deferred tax rate adjustment to
reflect the expected rate its deferred tax liabilities and assets
will
actualize at in future periods related to the 2017 tax reform act
passed in December 2017. 2018 amount reflects
the impact of
tax rate changes resulting from tax reform on temporary
differences as reported in the 2017 tax return
as compared to
what was originally recorded in the fiscal 2017 provision and
other credits.
|
|
(g) Adjustments for taxes related to pre-tax adjustments above.
|
|
(h) Adjustment to decrease interest expense due to utilizing net
IPO proceeds of approximately $192.0 million to pay
down a
portion of the Term Loan Facility (as described in the Company’s
Annual Report) on March 31, 2017.
|
|
(i) Adjustment to reflect the decrease in interest expense due to
the repricing of the Term Loan Facility on March 31,
2017, to
lower our interest rate by 0.75% and another 0.50% effective
October 1, 2017 (as described in the Annual
Report).
|
|
(j) Reflects the use of net proceeds from the IPO of approximately
$192.0 million to repay a portion of the amounts
outstanding
under the Term Loan Facility, which resulted in a loss on
extinguishment of debt in the amount of
approximately $5.4
million in 2017 (as described in the Annual Report).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
12/27/2018
|
|
|
12/28/2017
|
|
Net income (GAAP):
|
|
|
|
$
|
17,902
|
|
|
$
|
47,976
|
|
Depreciation and amortization (a) |
|
|
|
|
13,448
|
|
|
|
9,227
|
|
Interest expense
|
|
|
|
|
2,817
|
|
|
|
2,400
|
|
Income tax expense
|
|
|
|
|
2,594
|
|
|
|
(17,975)
|
|
EBITDA
|
|
|
|
|
36,761
|
|
|
|
41,628
|
|
Stock compensation expense (b) |
|
|
|
|
1,903
|
|
|
|
1,406
|
|
Loss on asset disposal
|
|
|
|
|
—
|
|
|
|
128
|
|
Other (c) |
|
|
|
|
5,847
|
|
|
|
332
|
|
Adjusted EBITDA
|
|
|
|
$
|
44,511
|
|
|
$
|
43,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/27/2018
|
|
|
12/28/2017
|
|
Net income (GAAP):
|
|
|
|
$
|
116,187
|
|
|
$
|
102,788
|
|
Depreciation and amortization (a) |
|
|
|
|
46,346
|
|
|
|
33,546
|
|
Interest expense
|
|
|
|
|
8,917
|
|
|
|
13,777
|
|
Loss on early extinguishment of debt (d) |
|
|
|
|
—
|
|
|
|
5,442
|
|
Income tax expense
|
|
|
|
|
6,197
|
|
|
|
(4,236)
|
|
EBITDA
|
|
|
|
|
177,647
|
|
|
|
151,317
|
|
Stock compensation expense (b) |
|
|
|
|
6,514
|
|
|
|
4,959
|
|
Loss on asset disposal
|
|
|
|
|
—
|
|
|
|
128
|
|
Other (c) |
|
|
|
|
7,778
|
|
|
|
2,377
|
|
Adjusted EBITDA
|
|
|
|
$
|
191,939
|
|
|
$
|
158,781
|
|
(a) Net of amortization of tenant improvement allowances and
excludes deferred financing amortization, which is
included
as a part of interest expense in the table above.
|
|
(b) Non-cash charges related to stock-based compensation programs,
which vary from period to period depending on
timing of
awards and forfeitures.
|
|
(c) Other adjustments include amounts management does not consider
indicative of our core operating performance.
Amounts for the
thirteen weeks and year ended December 27, 2018, primarily relate
to costs associated with the
2018 Secondary Offerings, the
exit of the Company’s Miami distribution center and expenses, net
of recoveries,
from hurricanes Harvey and Irma. Amounts for
the thirteen weeks and year ended December 28, 2017, relate to
costs
in connection with the IPO, the 2017 Secondary Offerings, and
expenses and losses from hurricanes Harvey
and Irma.
|
|
(d) Reflects the use of net proceeds from the IPO of approximately
$192.0 million to repay a portion of the amounts
outstanding
under the Term Loan Facility, which resulted in a loss on
extinguishment of debt in the amount of
approximately $5.4
million in 2017 (as described in the Annual Report).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
First Quarter 2019 Earnings Outlook
(In millions, except per share data)
(Unaudited)
Certain numbers may not sum due to rounding
Adjusted net income and Adjusted diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
3/28/2019
|
|
|
3/29/2018
|
|
|
|
|
Low End
|
|
|
High End
|
|
|
Actual
|
|
Net income (GAAP):
|
|
|
|
$
|
26.1
|
|
|
$
|
28.0
|
|
|
$
|
31.9
|
|
Hurricane disaster recovery (a) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
Miami distribution center exit (b) |
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
Store support center relocation (c) |
|
|
|
|
1.5
|
|
|
|
1.5
|
|
|
|
—
|
|
Tax benefit of stock option exercises (d) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4.9)
|
|
Tax impact of adjustments to net income (e) |
|
|
|
|
(0.4)
|
|
|
|
(0.4)
|
|
|
|
0.1
|
|
Adjusted net income
|
|
|
|
$
|
27.3
|
|
|
$
|
29.2
|
|
|
$
|
26.7
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
104.1
|
|
|
|
104.1
|
|
|
|
104.7
|
|
Adjusted diluted EPS
|
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
(a) Net insurance recoveries from hurricanes Harvey and Irma.
|
|
(b) Reflects costs associated with the exit of the Company’s Miami
distribution center.
|
|
(c) Reflects costs associated with relocating our store support
center in Smyrna, GA.
|
|
(d) Tax benefit due to stock option exercises.
|
|
(e) Adjustment for taxes related to pre-tax adjustments above.
|
|
|
|
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
3/28/2019
|
|
|
3/29/2018
|
|
|
|
|
Low End
|
|
|
High End
|
|
|
Actual
|
|
Net income (GAAP):
|
|
|
|
$
|
26.1
|
|
|
$
|
28.0
|
|
|
$
|
31.9
|
|
Depreciation and amortization (a) |
|
|
|
|
15.9
|
|
|
|
15.9
|
|
|
|
10.2
|
|
Interest expense
|
|
|
|
|
2.4
|
|
|
|
2.4
|
|
|
|
1.8
|
|
Income tax expense
|
|
|
|
|
7.8
|
|
|
|
8.5
|
|
|
|
2.9
|
|
EBITDA
|
|
|
|
|
52.2
|
|
|
|
54.8
|
|
|
|
46.7
|
|
Stock compensation expense (b) |
|
|
|
|
2.3
|
|
|
|
2.3
|
|
|
|
1.4
|
|
Other (c) |
|
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
(0.3)
|
|
Adjusted EBITDA
|
|
|
|
$
|
56.1
|
|
|
$
|
58.7
|
|
|
$
|
47.8
|
|
(a) Net of amortization of tenant improvement allowances and
excludes deferred financing amortization, which is
included
as a part of interest expense in the table above.
|
|
(b) Non-cash charges related to stock-based compensation programs,
which vary from period to period depending on
timing of
awards and forfeitures.
|
|
(c) Other adjustments include amounts management does not consider
indicative of our core operating performance.
Amounts for the
thirteen weeks ended March 28, 2019 relate to costs associated
with relocating our store support
center in Smyrna, GA and
the exit of the Company’s Miami distribution center. Amounts for
the thirteen weeks
ended March 29, 2018 relate to costs in
connection with the net insurance recoveries from hurricanes
Harvey and
Irma.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
Fiscal Year 2019 Earnings Outlook
(In millions, except per share data)
(Unaudited)
Certain numbers may not sum due to rounding
Adjusted net income and Adjusted diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/26/2019
|
|
|
12/27/2018
|
|
|
|
|
Low End
|
|
|
High End
|
|
|
Actual
|
|
Net income (GAAP):
|
|
|
|
$
|
105.8
|
|
|
$
|
111.1
|
|
|
$
|
116.2
|
|
Secondary offering costs (a) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.1
|
|
Hurricane disaster recovery (b) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.5)
|
|
Miami distribution center exit (c) |
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
7.1
|
|
Store support center relocation (d) |
|
|
|
|
7.0
|
|
|
|
7.0
|
|
|
|
—
|
|
Tax benefit of stock option exercises (e) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(19.7)
|
|
Deferred tax adjustment for tax reform and other credits (f) |
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.2)
|
|
Tax impact of adjustments to net income (g) |
|
|
|
|
(1.7)
|
|
|
|
(1.7)
|
|
|
|
(1.6)
|
|
Adjusted net income
|
|
|
|
$
|
111.5
|
|
|
$
|
116.8
|
|
|
$
|
101.5
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
104.5
|
|
|
|
104.5
|
|
|
|
104.6
|
|
Adjusted diluted EPS
|
|
|
|
$
|
1.07
|
|
|
$
|
1.12
|
|
|
$
|
0.97
|
|
(a) Amounts for the year ended 2018 relate to costs accrued in
connection with the 2018 Secondary Offerings. The
Company did
not sell any shares in the secondary offerings and did not receive
any proceeds from the sales of
shares by the selling
stockholders.
|
|
(b) Net insurance recoveries from hurricanes Harvey and Irma.
|
|
(c) Reflects costs associated with the exit of the Company’s Miami
distribution center.
|
|
(d) Reflects costs associated with relocating our store support
center in Smyrna, GA.
|
|
(e) Tax benefit due to stock option exercises.
|
|
(f) Effect of our deferred tax rate adjustment to reflect the
expected rate our deferred tax liabilities and assets will
actualize
at in future periods related to the 2017 tax reform act passed in
December 2017 and other credits.
|
|
(g) Adjustment for taxes related to pre-tax adjustments above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
12/26/2019
|
|
|
12/27/2018
|
|
|
|
|
Low End
|
|
High End
|
|
|
Actual
|
|
Net income (GAAP):
|
|
|
|
$
|
105.8
|
|
$
|
111.1
|
|
|
$
|
116.2
|
|
Depreciation and amortization (a) |
|
|
|
|
69.9
|
|
|
69.9
|
|
|
|
46.3
|
|
Interest expense
|
|
|
|
|
9.5
|
|
|
9.5
|
|
|
|
8.9
|
|
Income tax expense
|
|
|
|
|
31.7
|
|
|
33.5
|
|
|
|
6.2
|
|
EBITDA
|
|
|
|
|
216.9
|
|
|
224.0
|
|
|
|
177.6
|
|
Stock compensation expense (b) |
|
|
|
|
9.4
|
|
|
9.4
|
|
|
|
6.5
|
|
Other (c) |
|
|
|
|
7.5
|
|
|
7.5
|
|
|
|
7.8
|
|
Adjusted EBITDA
|
|
|
|
$
|
233.8
|
|
$
|
240.9
|
|
|
$
|
191.9
|
|
(a) Net of amortization of tenant improvement allowances and
excludes deferred financing amortization, which is
included
as a part of interest expense in the table above.
|
|
(b) Non-cash charges related to stock-based compensation programs,
which vary from period to period depending on
timing of
awards and forfeitures.
|
|
(c) Other adjustments include amounts management does not consider
indicative of our core operating performance.
Amounts for the
year ended 2019 relate to costs associated with relocating our
store support center in Smyrna, GA
and the exit of the
Company’s Miami distribution center. Amounts for the year ended
2018 relate to costs associated
with the 2018 Secondary
Offerings, the exit of the Company’s Miami distribution center and
expenses, net of
insurance recoveries from hurricanes Harvey
and Irma.
|
|
|
Forward-Looking Statements
This release and the associated webcast/conference call contain
forward-looking statements, including with respect to the Company’s
estimated net sales, comparable store sales growth, diluted EPS,
Adjusted diluted EPS, diluted weighted average shares outstanding,
Adjusted EBITDA, warehouse format store count and new warehouse format
stores for both the thirteen weeks ended March 28, 2019, and all of
fiscal 2019 and with respect to the Company’s estimated depreciation and
amortization expenses, interest expense, tax rate and capital
expenditures for fiscal 2019. All statements other than statements of
historical fact contained in this release, including statements
regarding the Company’s future operating results and financial position,
business strategy and plans and objectives of management for future
operations, 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 recent natural disasters on sales.
In some cases, you can identify forward-looking statements by terms such
as “may,” “will,” “should,” “expects,” “intends,” “plans,”
“anticipates,” “could,” “seeks,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “budget,”
“potential,” “focused on” or “continue” or the negative of these terms
or other similar expressions. The forward-looking statements contained
in this release are only predictions. Although the Company believes that
the expectations reflected in the forward-looking statements in this
release are reasonable, the Company cannot guarantee future events,
results, performance or achievements. A number of important factors
could cause actual results to differ materially from those indicated by
the forward-looking statements in this release or the associated
webcast/conference call, including, without limitation, those factors
described in “Forward-Looking Statements,” Item 1, “Business” and Item
1A, “Risk Factors” of Part I and Item 7, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” of Part II of
the Annual Report and elsewhere in the Annual Report.
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, including the Company’s
estimated net sales, comparable store sales growth, diluted EPS,
Adjusted diluted EPS, diluted weighted average shares outstanding,
Adjusted EBITDA, warehouse format store count and new warehouse format
stores for both the thirteen weeks ended March 28, 2019, and all of
fiscal 2019 and with respect to the Company’s estimated depreciation and
amortization expenses, interest expense, tax rate and capital
expenditures for fiscal 2019.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190221005134/en/
Investor Contacts:
Wayne Hood
Vice President of Investor Relations
678-505-4415
wayne.hood@flooranddecor.com
or
Matt McConnell
Manager of Investor Relations
770-257-1374
matthew.mcconnell@flooranddecor.com
Source: Floor & Decor Holdings, Inc.