Tile Shop Q3 sales fall on price pressure
Overview
Tile Shop Q3 sales fell 1.7% yr/yr, with a net loss of $1.6 mln
Gross margin declined to 62.9% due to higher product costs and delivery expenses
Outlook
Tile Shop focuses on reducing expenses and limiting capital spending due to market challenges
Company sees no meaningful change in demand for home improvement projects
Tile Shop anticipates declining interest rates may eventually boost the industry
Result Drivers
UNIT VOLUME INCREASE - Modest increase in unit volumes driven by expanded range of competitively priced products
PRICE PRESSURE - Average selling prices faced pressure, contributing to 1.4% decrease in comparable store sales
MARGIN PRESSURE - Rising costs, delivery fees, and discounts led to lower gross margin
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales |
| $83.06 mln |
|
Q3 Net Income |
| -$1.61 mln |
|
Q3 Adjusted EBITDA |
| $2.04 mln |
|
Q3 Gross Margin |
| 62.90% |
|
Press Release: ID:nGNX6sBBh0
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