The Tile Shop Comp Store Sales Down 0.6% in 2018
Minneapolis, MN, February 19, 2019--The Tile Shop reported a net sales increase of 3.7% in 2018. Comparable store sales fell 0.6%. The Tile Shop reported earnings of $10.442 million for the year, compared to $10.819 million in FY 2017.
The company reported a net sales increase of 6.8% for Q4 2018, compared to Q4 2017. Comparable store sales grew 5.0%. For the quarter, the company reported a loss of $1.080 million, compared to a loss of $7.351 million in Q4 2017.
The Tile Shop added two stores in 2018.
Says Cabell Lolmaugh, newly appointed CEO, “We ended the year on a strong note with our best comp performance since the third quarter of fiscal 2016. This has given us confidence to resume our store growth in 2019, primarily in the back half of the year.” Lolmaugh reports that the company added 2,000 new products to its assortment last year and remerchandized all 140 stores.