Why Floor & Decor Stock Rose as Much as 13% This Morning
Shares of Floor & Decor Holdings (NYSE: FND), a retailer of flooring products, rose sharply at the open on Friday, gaining as much as 13% in morning trading. The big story was the company's second-quarter 2022 earnings release, which hit the market after the close on Thursday.
On the top line, Floor & Decor witnessed a 26.7% year-over-year sales increase. But the retailer has been opening new stores (it opened nine in the second quarter alone), a move that boosts the top line but might not actually be indicative of a strong underlying business.
Which is why the solid 9.2% year-over-year gain in same-store sales was so impressive, given that the company's existing operations appear to be doing just fine.
Source Fool.com
