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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "notes": "The slide uses a bar chart to compare FND's growth expectations against peers, highlighting a negative outlier (Tile Shop) and a high outlier (Floor & Decor).",
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      "text": "Pool Corp Warning, June 24, 2024: The discretionary components of our business... have been challenged... remodeling activity for 2024 may be down as much as 15%...",
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      "text": "Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025.",
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      "text": "Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025. Pool Corp's (Nasdaq: POOL) recent warning about a decline in remodeling activity which may also be a leading indicator for FND since it also sells pool tiles.",
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      "text": "The discretionary components of our business, have been challenged by cautious consumer spending on big ticket items like swimming pools and outdoor living projects resulting in sales of building materials declining 11% for the year compared to the same period in 2023. and We now believe that new pool units could be down 15% to 20% in 2024, and remodeling activity for 2024 may be down as much as 15% compared to our previous estimate of flat to down 10% compared to 2023. — Pool Corp Warning, June 24, 2024",
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      "text": "Source: Bloomberg consensus, Spruce Point research, Pool Corp Press Release",
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      "kind": "title",
      "text": "We Think The Market's Sales Expectations Appear Too Rosy",
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