The Tile Shop Sales Rose 11.3% in Q1, Income Declined 34%
Minneapolis, MN, May 9, 2022-The Tile Shop announced net sales of $102.5 million for Q1 2022, an 11.3% increase compared to sales of $92.1 million in Q1 2021.
Comparable store sales increased 10.7%, primarily due to an increase in average ticket driven by higher prices.
Net income declined 34% in Q1 2022 to $3.5 million from $5.3 million in Q1 2021.
“We are pleased with our continued strong topline performance. We eclipsed $100 million of sales in a quarter for the first time in our history and this marks our fourth consecutive quarterly sales record,” stated Cabell Lolmaugh, CEO. “While our store sales productivity continues to improve, inflationary cost pressures had an adverse impact on our gross margin rate during the quarter. While we are encouraged that the rate of margin decline has slowed from the prior quarter, the economic environment remains volatile. We have taken and plan to continue to take pricing actions in response to the inflationary cost pressure.”