Floor & Decor Holdings’ net sales edged up 0.9 per cent year on year to $1107.8 million in the third quarter as it capitalized on everyday low prices amid economic challenges. 

The Atlanta-based company, however, posted a 9.3 per cent decrease in comparable store sales and a 16.6 per cent drop in operating income.

Tom Taylor, CEO of Floor & Decor, cited several headwinds including rising mortgage interest rates, near-record-low existing home sales, ongoing pressure on housing affordability, and slowing sales of large ticket discretionary products.

“We remain focused on continuing to grow our market share by capitalizing on our everyday low prices and value-driven options, trend-right product assortments, in-stock job lot quantities, and the exceptional customer service provided by our store associates,” said Taylor.

The firm ended the quarter with 207 warehouse stores and five design studios, having opened five locations and closed one. It plans to open 15 more in the fourth quarter to reach the goal of 32 new store openings for FY23.

“We believe that our execution and new warehouse store openings will position us for accelerating sales and earnings growth when industry growth returns,” added Taylor.

For the full year, the company looks to achieve net sales of $4.345 billion to $4.385 billion, while comparable store sales are anticipated to fall 7.8-8.5 per cent.

Founded in 2002, Floor & Decor offers a broad assortment of in-stock hard-surface flooring, decorative accessories, wall tile, installation materials, and adjacent categories at everyday low prices.