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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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      "kind": "callout",
      "text": "Something seems off. 40.7% was reported for Q3 2022, but then a year later they said it was 43%",
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      "text": "Something seems off. 42.1% less 3.85% (385bp) would have meant that penetration was 36% in Q1 2022. However, FND reported 33.1% penetration in the prior year.",
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      "kind": "callout",
      "text": "Something seems off 40.7% was reported for Q3 2022, but then a year later they said it was 43%",
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      "text": "Pro sales penetration: 40.7%",
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      "text": "Turning to our Pro business. We are successfully executing a holistic strategy to grow our wallet share among Pros. In the third quarter, total and comparable store sales to Pros exceeded the company's total sales growth of 25.2%. Consequently, Pros accounted for 40.7% of our third quarter sales, up from 39% in the second quarter of fiscal 2022. — Floor & Decor Q3 2022 Earnings Call",
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      "text": "Source: Q1'23, Q1'22, Q3'22, Q3'23",
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      "text": "Unreliable PROs Revenue",
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