Floor & Decor is a specialty retailer of hard surface flooring and related products, selling laminate, vinyl, tile, wood, and natural stone flooring alongside installation materials, decorative accessories, and adjacent categories like vanities and kitchen cabinets. Floor & Decor operates 270 large-format warehouse stores averaging ~76,000 sq ft across 39 states, carrying approximately 4,200 SKUs per store. The company serves two core customer types: professional installers and contractors (roughly 50% of retail sales) and homeowners, both DIY and those buying for professional installation. Floor & Decor also operates Spartan Surfaces, a commercial flooring business serving healthcare, education, and hospitality markets through a specialized sales force, generating ~$243M in sales in FY25. Floor & Decor buys directly from over 240 vendors across 26 countries, bypassing importers and distributors, which lowers input costs and supports everyday low pricing alongside gross margins of ~43.5-43.6%. Profitability is driven by sales volume per store, with mature stores averaging ~$21-22M in annual sales and ~23% EBITDA margins. A large portion of store costs are fixed, so comparable store sales performance is a key margin lever. Floor & Decor's long-term growth strategy centers on expanding from 270 to 500 U.S. stores, deepening Pro customer relationships through a loyalty program relaunch, growing Spartan Surfaces in commercial verticals, and expanding adjacent categories within existing stores. Near-term performance is closely tied to existing home sales activity, which has been running at historically depressed levels since late 2022.