The Tile Shop's Sales & Earnings Fell in Q3
Minneapolis, MN, October 24, 2019-The Tile Shop reported a Q3 net sales decrease of 3.7% year over year (YOY).
Comparable store sales decreased 3.5% in Q3 2019 compared to Q3 2018, primarily due to lower customer traffic.
The net loss for Q3 2019 was $1.383 million, compared to net income of $2.553 million in Q3 2018.
Due to a long-term debt increase of $10.0 million to $63.0 million at the end of Q3 2019, used to fund share repurchases in Q2 2019, the board of directors has decided to suspend the company’s quarterly cash dividend and cancel the company’s share repurchase program, each effective immediately, to focus on debt reduction and continued investment in strategic initiatives.