Tile Shop Reports Lower Income on Higher Sales

Minneapolis, MN, Oct. 28, 2014 -- Tile Shop Holdings reported third quarter net income of $ 1.5 million, down from $ 4.05 million a year ago.

The company said net sales grew 10.6% to $62.8 million compared with $56.8 million for the third quarter of 2013.

The $6.0 million increase was driven by incremental net sales of $5.7 million from stores not included in the comparable store base and comparable store sales growth of 0.6% or $0.3 million in the quarter.

The firm also announced that founder and CEO Robert Rucker will retire Jan. 1, and be replaced by current chief operating officer Chris Homeister.   

"Given the lack of proven traction in certain macro factors, particularly year-over-year existing home sales, we are taking a more cautious outlook for the remainder of the year," Rucker said.