Floor & Decor Holdings, Inc.

Greetings, ladies and gentlemen, and welcome to the Floor & Deco Holdings first quarter of 2023 conference call. At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Start in 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Wayne Hood, Vice President of Investor Relations.

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's fiscal 23 first quarter earnings conference call. Joining me on our call today are Tom Taylor, Chief Executive Officer, Trevor Lang, President, and Brian Langley, Executive Vice President and Chief Financial Officer. Before we start, I want to remind everyone of the company's Safe Harbor language. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risk and uncertainties. Any statement that refers to expectations, projections, or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement. The company's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Warren, of course, assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results. During this conference call, the company will discuss non-GAAP financial measures as defined by SEC Regulation G. We believe non-GAAP disclosures enable investors to better understand our core operating performance on a comparable basis between periods. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings press release, which is available on our investor relations website at ir.florentecor.com. A recorded replay of this call and related materials will be available on our investor relations website. Let me now turn the call over to Tom.

Thank you, Wayne, and everyone for joining us on our fiscal 2023 first quarter earnings conference call. During today's call, Trevor and I will discuss some of our fiscal 2023 first quarter earnings highlights. Then Brian will provide a more in-depth review of our first quarter performance and share our thoughts about the remainder of fiscal 2023. In the first quarter of fiscal 2023, we delivered diluted earnings per share of 66 cents in line with our expectations and flat versus the previous year. We take pride in these earnings results as we believe they demonstrate the continued strong execution of our key long-term growth strategies and our remarkable agility in adapting to significant year-over-year declines in existing home sales amidst the broader macroeconomic challenges we continue to face in 2023. As we look forward, we expect existing home sales to remain challenging in 2023 and customers to increasingly prioritize value and savings, seeking out those retailers that best meet these needs. We believe we are well positioned to navigate these headwinds and grow our market share even as the flooring industry contracts in 2023. Because we source our products from 24 countries and over 240 suppliers, we are able to deliver low product prices and compelling value options across a broad range of products. Our broad assortments feature an exceptional range of price points and features and benefits for consumers looking to install any hard surface flooring. Furthermore, we are building on our value proposition in 2023 by passing along some favorable supply chain costs to our customers by selectively lowering prices on specific SKUs. We intend to maintain or widen our product price gaps with our competition and are monitoring unit price elasticity to enable us to drive incremental growth. We have introduced new lower price signage in our stores and website, further reinforcing our strong value message. Additionally, we are leading with compelling value options at the front of our stores and on our merchandising end caps. While maintaining our price leadership position, we are also focused on winning by driving newness and innovation through exciting new programs and initiatives in 2023. Finally, we are intently focused on driving further engagement with our homeowner and pro customers in 2023. Before I turn the call over to Trevor, I would like to say how inspiring it was to see our store managers leave our March annual meeting excited about developing market-specific plans to grow their market share in this challenging period and embrace the new store growth opportunities ahead of us. Let me now turn the call to Trevor to discuss our first quarter sales and growth pillars.