- Tile Shop Holdings Inc (NASDAQ:TTSH) reported first-quarter FY22 sales growth of 11.3% year-on-year, to $102.47 million, beating the consensus of $95.03 million.
- The comparable store sales increased 10.7% versus last year.
- The gross margin contracted 450 basis points Y/Y to 65.2%. The operating margin contracted 290 basis points to 4.6%, and the operating income was $4.7 million.
- Adjusted EBITDA of $11.7 million fell 20.6% Y/Y, and the adjusted EBITDA margin contracted 460 basis points to 11.4%.
- EPS of $0.07 missed the consensus of $0.09.
- Tile Shop held $14.11 million in cash and equivalents as of March 31, 2022. Net cash provided by operating activities amounted to $7.6 million.
- "While our store sales productivity continues to improve, inflationary cost pressures had an adverse impact on our gross margin rate during the quarter," said Cabell Lolmaugh, CEO.
- Price Action: TTSH shares are trading lower by 9.38% at $5.41 on the last check Friday.
