Summary

• Given four consecutive years of Floor & Decor's same-store sales decline, even the more “settled” bull thesis is under the scanner these days.
• While HD’s share somewhat stabilized post-2022, LOW and other independent stores continue to donate share to FND.
• To be fair, FND critics are more focused on per-store metrics than overall market share since they believe FND is gaining share primarily via opening new stores.

One of the ironies of operating in a cyclical end market is that management can sound like genius to somewhat hopeless depending on the stage of the cycle they are in. And if you are

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