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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-07-01 00:00:00",
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      "kind": "callout",
      "text": "Stopped reporting new store square footage in press releases",
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      "text": "Largest increase in store size during COVID-19 peak year",
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      "text": "In fact, it's possible that 2024 new store capex per square foot could be upwards of $168 per square foot based on FND comments.",
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      "text": "Capex per square foot: $168",
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      "text": "Every year FND reports the average square footage of its stores. By using the new stores added per year, we can estimate the implied square footage of new stores and then estimate the capex per new store added.",
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      "text": "Source: FND SEC filings. 1) On the Q4'23 call... 2) See previous slide...",
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      "text": "Implied Capex Per Sqft of New Store Expansion Is Exploding",
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