Tile Shop Sales Down 7.3% in Q2, Income Down Significantly

Minneapolis, MN, August 9, 2024-The Tile Shop reported net sales of $91.4 million for Q2 2024, a 7.3% decline from Q2 2023’s $98.6 million. Comparable store sales declined 6.9%. 

Net income for Q2 2024 was $1.2 million, a 76.5% decline compared to net income of $5.1 millioin in Q2 2024.

For the first half of 2024, net sales were $183.1 million, an 8.7% decline from the first half of 2023’s $200.6 million. Comparable store sales declined 8.6%.

Net income for the first half of 2024 was $2.9 million, a 61.8% decline compared to net income of $7.6 million in the first half of 2023.

Said Cabell Lolmaugh, CEO, “I’m pleased with the team’s execution during the quarter, which contributed to a sequential improvement in our comparable store sales results. We continue to see softness in existing home sales and resulting lower traffic in our stores, which contributed to a decrease in comparable store sales from the second quarter of 2023. Recent actions to enhance our Superior line of installation products and expand the selection of tile products that cater to customers seeking to complete smaller projects are showing promising early results.”