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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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  "notes": "The slide uses a red-highlighting technique to draw attention to the lack of disclosure in 2019 and 2023.",
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      "kind": "callout",
      "text": "FND recently omitted its discussion about its “Extensive Service Offerings to Enhance the Pro Customer Experience” and slightly revised its pro / homeowner sales mix.",
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      "text": "FND recently omitted its discussion about its “Extensive Service Offerings to Enhance the Pro Customer Experience” and slightly revised its pro / homeowner sales mix. FND also retracted the percentage of flooring purchases that involve Pro installation. Installation tools and materials has been FND’s fastest growing category in the pasts three years (ex: the small adjacent category).",
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      "text": "We estimate that retail sales during fiscal 2023 were approximately 55% from homeowners and 45% from Pros compared to approximately 58% from homeowners and 42% from Pros during fiscal 2022. — FND 10-Ks",
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      "text": "Source: FND 10-Ks",
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      "text": "#7: FND Made A Concerning Retraction of PROs Customer Experience Claims",
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