Tile Shop Holdings Inc (NASDAQ: TTS) ailed a bit Thursday after the company reported upbeat Q3 revenue.
The Minneapolis-based Tile Shop, a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, reported net sales of $89.2 million, compared to $84.4 million in the prior-year quarter.
The increase was due to $3.0 million in net sales generated by stores not included in the comparable store base and an increase of $1.8 million in net sales generated by comparable store sales. Comparable store sales growth was 2.1% for the third quarter of 2018 versus 1.1% for the third quarter of 2017.
Net income tracked $2.5 million, compared to $2.43 million in the prior-year quarter. What’s more, the Board of Directors declared a quarterly dividend of $0.05 per common share. The dividend is payable November 9, to shareholders of record at the close of business on October 29
Said Interim CEO Robert Rucker, "We made good progress in the third quarter on our strategy to deliver the best product, the best presentation and the best service in our industry.
"We are nearly complete with our year-long product assortment initiative and we continue to attract pros who share in our focus on serving a higher-end demographic. With the improvement we are now beginning to see in our sales execution, we continued to make additional investments in inventory, store merchandising, and service during the third quarter."
Shares dwindled four cents Thursday to $6.67
