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  "docSlug": "75aa3b2bd0fb",
  "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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  "notes": "Uses a table to present chronological quotes from management to expose a narrative shift.",
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      "kind": "callout",
      "text": "FND claimed that rigid core vinyl was its hottest product and highest ticket with sales growing from 12% of total to 28% of sales. FND no longer calls out the category growth, but last referenced that it continued to take share from wood.",
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      "text": "FND claimed that rigid core vinyl was its hottest product and highest ticket with sales growing from 12% of total to 28% of sales. FND no longer calls out the category growth, but last referenced that it continued to take share from wood. We believe a major producer of LVP is Asian-based Novalis which recently expanded production into the U.S. with a new facility.(1) FND has not disclosed that it has exclusive or long-dated relationships with suppliers that would prevent others from purchasing from Novalis.",
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      "kind": "quote",
      "text": "I think what was also interesting about the most recent quarters, we had a much more balanced growth across most of the categories with the exception of our wood business, which is still getting very heavily cannibalized by rigid core vinyl, water-resistant laminate. — Lang, Morgan Stanley Conference, Dec 2, 2020",
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      "text": "1) Georgia announcement of Novalis\nSource: Q4'22 and Q2'23 Conference Calls",
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      "kind": "table",
      "text": "Vinyl Rigid Core Discussion table with quotes from Lang",
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      "kind": "title",
      "text": "#2: Vinyl Rigid Core's Rapid Growth Appears To Have Stalled, But Still Cannibalizes Wood",
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