In the News – The Tile Shop Reports Third Quarter 2016 Results
Tile Shop Holdings, Inc. (NASDAQ:TTS) (the “Company”), a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories, today announced results for its third quarter ended September 30, 2016.
Net sales grew 8.5% to $78.6 million for the third quarter of 2016 compared with $72.4 million for the third quarter of 2015. The $6.2 million increase in net sales was due to a comparable store sales increase of 5.7%, or $4.1 million in the quarter and incremental net sales of $2.1 million from stores not included in the comparable store base. Comparable store sales growth was 9.7% in the third quarter of 2015.
“We are pleased to report another quarter with strong results and continued momentum for our business,” said Chris Homeister, CEO. “Our ability to deliver sustained progress across all of our key initiatives resulted in another quarter with outstanding sales performance and significant earnings growth, as well as an increase to our full year outlook. We look forward to building upon our accomplishments as we seek a strong finish to 2016 and the continued delivery of significant growth in sales, operating margins and earnings per share in 2017.”
Gross margin for the third quarter of 2016 was 70.2% compared with 70.0% for the third quarter of 2015.
Find out more information from Seeking Alpha