AddThis

Tile Shop reports gains, sees work ahead

After making major investments in store openings and infrastructure in 2013, Tile Shop Holdings reported fourth-quarter improvements in sales and earnings.

But with a full-year loss of $35.7 million, the company said it still has a long way to go.

In the fourth quarter, the specialty retailer of manufactured and natural stone tiles, reported net sales of $57.8 million, up 25.2% from the year-ago period. Comparable-store sales increased 10.1%.

Fourth-quarter net income swung to a profit of $1.4 million, compared with a net income loss of $35.8 million in the fourth quarter last year.

“We have made significant investments in the company in 2013, including the opening of 20 new stores, a new distribution and manufacturing facility and additional corporate infrastructure, all of which are necessary and valuable for the future of the company,” said Robert Rucker, CEO. “While we made progress in strengthening The Tile Shop brand and infrastructure this past year, we recognize that we have more work in 2014 and beyond. We continue to firmly believe that as our new stores mature, the company will return to the historical levels of profitability.”

For the full year, the company posted a net loss of $35.7 million, compared with a net loss of $46.9 million in  2012.

Harsh weather conditions weighed on Tile Shops’ performance in the fourth quarter, according to the company. 

Tile Shop opened eight new stores in the quarter. The company operates 90 stores in 28 states.


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.