The Tile Shop Holdings, Inc. announced its fourth quarter and full-year results for 2024 on February 27, 2025. Net sales for the fourth quarter decreased by 5.9% compared to the prior year, with comparable store sales declining by 5.8%.
For the full year 2024, net sales decreased by 8.0%, and comparable store sales were down 7.8%. The company reported a net loss of $0.628 million, or 1 cent per share, for the fourth quarter, while full-year net income was $2.3 million, or 5 cents per share.
Gross profit for the fourth quarter decreased by 6.7%, resulting in a gross margin rate of 64.2%. However, the full-year gross margin rate improved to 65.7% from 64.4% in 2023, driven by lower international freight rates and supplier price reductions, partially offset by inventory write-offs.
Selling, general and administrative (SG&A) expenses decreased by 2.4% in the fourth quarter to $51.9 million, and by 1.1% for the full year to $224.4 million. These reductions were primarily due to decreases in depreciation, variable compensation, and marketing spend.
As of December 31, 2024, the company reported $21.0 million in cash and cash equivalents and had no outstanding borrowings on its $75.0 million line of credit. Management highlighted efforts to enhance the Superior line of installation products, refine the luxury vinyl tile assortment, and expand opening price point tile products to capitalize on opportunities in 2025.
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