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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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  "notes": "Uses a chronological sequence of quotes to expose management's shifting narrative on store strategy.",
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      "text": "It's highly suspicious that FND would pivot toward opening more large format stores when the design studios have clearly failed to grow.",
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      "text": "It’s highly suspicious that FND would pivot toward opening more large format stores when the design studios have clearly failed to grow.",
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      "text": "FND is already closing design studios which it started piloting in 2020 to target more densely populated, higher-income areas where large store formats don't fit. One natural explanation to explain these challenges is that FND may have a branding problem and it fails to attract more affluent clientele.",
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      "text": "The design studio represents a test for us, where we will see an opportunity to increase our market share in densely populated, higher-income areas, where we're not able to fit a large-format store. Our research tells us that these are mostly new, untapped customers. — Floor & Decor Q4 2019 Earnings Call",
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      "text": "Source: Conference calls and SEC filings. Note: New Orleans design studio closed in 2023.",
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      "text": "Design Studios table showing 2020-Q1 2024 store counts",
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      "text": "#5: Design Studios Appear To Be A Bust",
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