Earnings Per Share Increase
Diluted earnings per share increased by 11.5% to $0.58, reaching the high end of expectations.
Sales and Comparable Store Sales Growth
Sales rose by 7.1% to $1.214 billion. Comparable store sales increased by 0.4%, marking the first quarterly increase since Q4 of fiscal 2022.
New Store Openings
Opened 3 new warehouse format stores, with a total of 7 new stores year-to-date, ending Q2 with 257 locations, up approximately 12% from 230 stores last year.
Pro Sales Performance
Total and comparable store sales to pros accounted for approximately 50% of sales, showing strong performance with increases in both transactions and average ticket size.
Spartan Surfaces Success
Spartan Surfaces delivered stronger-than-expected sales with sales rising approximately 7% year-over-year.
Gross Margin Improvement
Gross profit rose by 8.5%, with a 60 basis points improvement in the gross margin rate to 43.9%.
Design Services Growth
Design services delivered strong sequential and year-over-year sales growth, highlighting its strategic importance.