Tile Shop Sales Down 3.4% in Q4, Income Down 58%

March 04, 2024, from Floor Focus FloorDaily News

Minneapolis, MN, March 4, 2024 – The Tile Shop reported net sales for Q4 2023 were $84.5 million, a decrease of 3.4% compared to Q4 2022’s $87.5 million.

Sales decreased at comparable stores by 3.2% during Q4 2023 compared to Q4 2022, primarily due to a decrease in traffic, which was partially offset by an increase in average ticket value.

Net income for Q4 2023 was $636,000, a 58% decline compared to income of $1.5 million in Q4 2022.

For 2023, net sales were $377 million, a decline of 4.4% compared to net sales of $395 million in 2022. Sales decreased at comparable stores by 4.1% during 2023 compared to 2022, primarily due to a decrease in traffic, which was partially offset by an increase in average ticket value.

For 2023, net income was $10.1 million, a 36% decline compared with net income of $15.7 million in 2022.

Said Cabell Lolmaugh, CEO, “We were pleased to see the sequential improvement in comparable store sales trends when compared to the third quarter of 2023. During the fourth quarter of 2023, we battled macro headwinds together with the typical seasonal slowdown in home remodel projects during the holidays. We are proud of the results we’ve delivered in 2023 by executing our strategy, managing expenses and reducing inventory levels. This helped us generate strong operating cash flows which made it possible to pay off our debt by year-end.”