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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "pageNumber": 29,
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  "nDataPoints": 24,
  "notes": "The slide uses a reconstruction methodology to isolate new store sales from Spartan Surfaces sales.",
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      "kind": "callout",
      "text": "We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023.",
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      "text": "Revenue per new store sqft: -3%",
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      "toolName": "Quantification",
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      "componentId": "019dd953-0f1d-76e6-8711-52b04f744e90",
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      "kind": "paragraph",
      "text": "FND does not provide clean reporting of sales contributed from new stores. Rather, it combines Spartan (commercial) sales with new store sales in disclosing “non-comparable store sales”.",
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      "kind": "quote",
      "text": "Our subsidiary, Spartan Surfaces, reported another strong quarter with fiscal 2023 third quarter total sales increasing by 47.5% from last year.",
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    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Our subsidiary, Spartan Surfaces, reported another strong quarter with fiscal 2023 third quarter total sales increasing by 47.5% from last year.\" and \"We are incredibly pleased with Spartan Surfaces fiscal 2023 Fourth Quarter and full year sales and earnings results, which exceeded our expectations and were accretive to earnings\" — Floor & Decor Management",
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      "kind": "source-note",
      "text": "Source: (1) Spartan Deal Presentation (slide 4); 10-K Annual Reports and Conference Calls",
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      "text": "Spartan And New Store Sales Estimates table",
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      "kind": "title",
      "text": "We Estimate Revenue Per New Store Sqft. Declined -3% In 2023",
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      "evidence": "The document presents a detailed analysis of FND's struggles and challenges",
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      "name": "Cost Of Inaction",
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      "evidence": "The document presents a clear warning about the potential consequences of ignoring the risks associated with FND",
      "position": 0,
      "objective": "Highlight the risks of not taking action on FND's stock",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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