The Tile Shop Holdings, Inc. announced its financial results for the third quarter ended September 30, 2024, on November 7, 2024. The company reported net sales decreased by 8.3% compared to the prior year period, with comparable store sales declining by 7.9%.
Despite the sales decline, the gross margin rate for the third quarter was 66.5%. Net income for the quarter was $41 thousand, and Adjusted EBITDA stood at $5.0 million.
As of September 30, 2024, The Tile Shop maintained a strong capital structure with $25 million of cash and no outstanding bank debt. Management noted that challenges facing the home improvement sector continued to persist during the quarter.
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