Tile Shop Holdings Reports Higher Sales
Minneapolis, MN, May 1, 2014 -- Tile Shop Holdings reported first quarter net income of $3.7 million, up from a loss a year ago of $44.7 million.
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Adjusted EBITDA was $13.8 million compared to $16.4 million in the same period of the prior year.
Net sales grew 13.3% to $64.4 million for the quarter, compared with $56.8 million for the first quarter of 2013.
The firm said sales were hurt by harsh winter weather conditions in important mid-west, mid-Atlantic and east coast markets where the majority of its stores are located.
The company opened five new stores in the first quarter, four in new markets (Austin and Southlake, Texas; Albuquerque, New Mexico; and Scottsdale, Arizona) and one store in an existing market (Lincoln Park, Illinois).
With the opening of the Fort Wayne, Indiana and Tempe, Arizona stores in April, the company now has 95 locations in 30 states.