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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "Uses anecdotal evidence from former employees and a price comparison screenshot to contradict company claims.",
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      "kind": "callout",
      "text": "Spruce Point understands that FND claims that it doesn't lose money in any product category and has no loss leaders.",
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      "text": "Today's Price Burlingame, CA",
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      "text": "March 2022 Price Burlingame, CA",
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      "text": "Spruce Point understands that FND claims that it doesn't lose money in any product category and has no loss leaders. However, based on interviews of former employees who worked there in the 2021-2022 time period, we heard a different opinion.",
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      "kind": "quote",
      "text": "I mean the only category I saw they weren't profitable in was unfinished hardwood.",
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      "kind": "quote",
      "text": "Now you could argue like LVP, I don't know, we weren't making any money on it.",
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      "kind": "quote",
      "text": "Now you could argue like LVP, I don't know, we weren't making any money on it. — Former Store Manager. I mean the only category I saw they weren't profitable in was unfinished hardwood. — Former FND Pro Leader",
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      "kind": "source-note",
      "text": "Source: Tegus Research and Spruce Point Interview, FND unfinished wood (today and 2022)",
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      "kind": "title",
      "text": "#2: Do All Product Categories Make Money As FND Claims?",
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