Tile Shop Net Sales Declined 10.1% YOY in Q1, Income Down 32%

Minneapolis, MN, May 10, 2024-The Tile Shop reported net sales for Q1 2024 were $91.7 million, a decline of 10.1%, compared to Q1 2023’s $102 million. 

Sales decreased at comparable stores by 10.2% during Q1 2024 compared to Q1 2023, principally due to a decrease in traffic.

Net income for Q1 2024 was $1.7 million, a decline of 32% compared to net income of $2.5 million in Q1 2023.

“Continued softness in existing home sales contributed to lower levels of traffic in our stores and had an adverse impact on our comparable store sales during the first quarter of 2024. Despite these challenges, we saw an improvement in our gross margin rate and were able to generate strong operating cash flow. Additionally, we were able to make significant inroads executing our key strategies and controlling costs,” said Cabell Lolmaugh, CEO.