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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 a 'CEO Quote vs Reality' structure to expose management contradiction.",
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      "text": "Big Decline",
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      "text": "We believe that FND is playing a dangerous game of expanding stores faster than store workers.",
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      "text": "Average Store Employees / Avg. Store: 52",
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      "text": "We believe that FND is playing a dangerous game of expanding stores faster than store workers. By our estimate, in the past three years the average store employee per store has declined from 58 to 52 while over time the average store size has increased by 3,000 – 5,000 sqft. Management claims that its high customer service continues to set it apart from the competition. Meanwhile, G&A employment growth was a record in 2023.",
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      "text": "These results are a testament to our store associates' hard work and dedication, reflecting their tireless work to drive sales and engagement with our homeowner and Pro customers daily. We are happy to report that their efforts continue to result in high customer service across our all touch points, which helps set us apart from our competition.",
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      "text": "These results are a testament to our store associates' hard work and dedication, reflecting their tireless work to drive sales and engagement with our homeowner and Pro customers daily. We are happy to report that their efforts continue to result in high customer service scores across all our touch points, which helps set us apart from our competition. — CEO Taylor, Q1 2024",
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      "text": "Source: FND SEC filings, Q1'24 Conf Call and Spruce Point analysis",
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      "text": "#10: FND Is Seeing A Sharp Decline In Workers Per Store, While G&A Labor Increases",
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