Tile Shop Sales Down 8.3% in Q3, Income Down 97.7%

Minneapolis, MN, November 11, 2024-The Tile Shop reported Q3 sales of $8.5 million, an 8.3% decline compared to $9.2 million in the same period last year. Comparable sales declined 7.9% in Q3. 

Net income for the company was $41,000 in Q3 2024, a 97.7% decline compared to $1.8 million in the same period in the prior year.

For the first nine months of 2024, net sales were $26.8 million, an 8.6% decline compared to net sales of $29.3 million in the first nine months of 2023. Comparable sales declined 8.4% in the first nine months of 2024. 

Net income for The Tile Shop was $2.9 million in the first nine months of 2024, a 69% decline compared to $9.4 million in the same period last year.

Says Cabell Lolmaugh, CEO, “Despite continued headwinds impacting the home improvement industry and our near-term performance, we have continued to be proactive with driving connections with our professional customers, expanding our assortment for customers seeking products at lower price points, enhancing our e-commerce capabilities, and maintaining our unwavering commitment to provide exceptional service to our customers. Together with our strong balance sheet, we are in a great position to serve our professional and retail customers with any size of project, both in our stores or digitally.”