ATLANTA, GA - Floor & Decor Holdings, Inc. (NYSE:FND), a leading specialty retailer of hard surface flooring, announced today that the settlement hearing for the pending derivative litigation has been rescheduled. The hearing, initially set for today, will now take place on December 23, 2024, at the Court of Chancery of the State of Delaware.
The litigation, known as Lincolnshire Police Pension Fund v. Taylor, et al., No. 2020-0487-JTL, involves claims against certain officers, directors, and stockholders of the company. Details of the litigation and the settlement terms have been made available on the company's investor relations website. InvestingPro data shows the company maintains a FAIR financial health rating, with strong cash flows sufficient to cover interest payments.
Floor & Decor Holdings, Inc., with its principal executive offices located in Atlanta, Georgia, operates under the retail sector, specializing in the sale of lumber and other building materials. The company has been publicly traded on the New York Stock Exchange under the ticker symbol FND.
In other recent news, Floor & Decor Holdings, Inc. has announced significant changes to its board and mixed results in its third-quarter earnings for fiscal year 2024. The company appointed Nada Aried, an executive with extensive technology and retail experience, to its Board of Directors effective January 1, 2025. Concurrently, the company disclosed the upcoming retirement of Peter Starrett from the Board of Directors, scheduled for February 28, 2025.
On the financial front, despite industry headwinds such as hurricanes and a challenging macroeconomic environment, Floor & Decor reported an increase in gross margin to 43.5% and a rise in connected customer sales. However, comparable transactions fell by 4.1% year-over-year, and net income dropped by 21.6% to $51.7 million. The company also adjusted its full-year sales expectations and maintains a cautious outlook for the future.
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