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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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      "text": "In less than two years between May 2020 and March 2022, FND dramatically changed its customer profile claims.",
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      "text": "In less than two years between May 2020 and March 2022, FND dramatically changed its customer profile claims. At first it claimed the average customer income was between $100,000 to $125,000 and then said it was switching to evaluating the household median income of $96,000 after using an external consultant . Even more concerning, FND said that the typical customer has lived in its home between 11 to 15 years but revised this claim to a median of 7 years. The Company has made no updated claims about its typical homeowner demographic since March 2022.",
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      "text": "\"And when we dug through some of that, our average customer income now, we estimate is between $100,000 and $125,000 versus the U.S. median in the $60,000 range. We age up. We're probably 35 to 64 years old. They've lived in that house for 11 to 15 years\" — Fmr. CFO (Now President) Lang, Q1 2020 Conf Call, May 1, 2020. \"Our median household income is $96,000. Now you've heard us talked in our earnings release that we have -- we're using ranges. So our highest penetrating range was $100,000 to $125,000. We've hired a new external company to help us better understand our customer. They've given us a lot more insight and a lot more precise data. So we're now switching to use median household income, and that's $96,000, and that will be the benchmark going forward.\" — Fmr. President Lisa Laube, Investor Day, March 16, 2022.",
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      "text": "Source: 2022 Investor Day Presentation, Q1'20 Conference Call",
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      "text": "#8: FND Dramatically Shifted Its Homeowner Demographic Claims With Little Explanation",
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