Tile Shop Holdings Reports Lower Q2 Earnings
Minneapolis, MN, July 29, 2014 -- Tile Shop Holdings reported second quarter net income of $4.0 million, down from $6.5 million in the same quarter last year.
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However, net sales grew 14.7% to $66.7 million, compared with $58.1 million for the second quarter of 2013.
The $8.6 million increase in sales was driven by incremental net sales of $8.4 million from stores not included in the comparable stores base.
Comparable store sales increased 0.3% or $0.2 million in the quarter.
The company said that sales at both new and existing stores were hurt by significant changes in the economic environment as compared to the prior year.