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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Includes a red hand-drawn arrow connecting the 2020/2019 figures in the 2021 report to the 2020 report.",
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      "text": "In 2021 FND started revising down its ecommerce sales claims for 2020 and 2019. This is a strong indicator of revenue misstatement, yet the Company has not made a financial restatement.",
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      "text": "In 2021 FND started revising down its ecommerce sales claims for 2020 and 2019. This is a strong indicator of revenue misstatement, yet the Company has not made a financial restatement.",
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      "text": "For the year, our e-commerce sales increased 30.2% year-over-year and on a 52-week to 52-week basis and accounted for 16.1% of our sales compared with 17.4% in 2020 and 9.4% in 2019. — Floor & Decor Q4 2021 Earnings Report",
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      "text": "Q4 2020 Feb 25, 2021: \"For the full fiscal year, our e-commerce sales increased 120.3% to $461 million and accounted for 18.9% of our sales compared with 10.1% in 2019.\"",
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      "text": "Q4 2021 Feb 24, 2022: \"For the year, our e-commerce sales increased 30.2% year-over-year and on a 52-week to 52-week basis and accounted for 16.1% of our sales compared with 17.4% in 2020 and 9.4% in 2019.\"",
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