Tile Shop Holdings Reports Higher Sales

Minneapolis, MN, May 3, 2013 -- Tile Shop Holdings reported a net loss of $44.7 million in the first quarter, compared to net income a year ago of $10.1 million.

The net loss was due to a change in warrant liability. Without that, net income would have been $7 million, the company said.

Net sales increased 23.9% to $56.8 million for the quarter, compared with $45.9 million for the first quarter last year.

The $11.0 million increase in sales was driven by an increase in comparable store sales of 10.4% or $4.8 million.

Income from operations was $12.0 million, compared to $10.5 million in the same quarter last year.