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1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 18 to 20.Analyst Certification on page 16.Price Objective Basis/Risk on page 16.12891531 Floor and Decor Holdings,Inc.3Q Preview Bull/Bear:Distribution center headwinds&tariffs vs.LT outlook Reiterate Rating:BUY|PO:95.00 USD|Price:72.48 U

3、SD Flooring demand weak;EHS bounce along the bottom FND reports 3Q earnings on 10/30(AMC).We forecast 3Q EPS of$0.45(in-line with consensus,see Exhibit 2).Comp sales decelerated through 2Q and were down(1%)in July(3Q to date).Our 3Q comp forecast of flat y/y assumes some improvement in trend in Augu

4、st and September.EHS in September rose+1.5%m/m and+4.1%y/y however volumes remain depressed vs.historical levels.Spending on flooring declined(5%)in 3Q compared to(6%)in 2Q according to BAC aggregated credit and debit card data.See potential step down in comp from 3Q to 4Q FND will face its most dif

5、ficult comp comparison in 4Q given lap of hurricane benefit last year.Ticket in 2Q was primarily driven by mix(wood)rather than price increases/inflation.FND has mitigated tariff impact through vendor negotiations and expects modest price increases in 2H(committed to maintaining price gaps).We see p

6、ossibility of additional price announcements this fall,incremental to MSD-HSD%price increases taken this spring in response to tariffs(Exhibit 7 from Homebuilders report).DC headwind ramps in 2H and wraps into 2026 Our 2025 gross margin forecast of 43.7%assumes y/y expansion in 2H(though less than i