Tile Shop Q1 net sales hit record $102.5M (+11.3% YoY); net income falls to $3.5M

TILE SHOP HOLDINGS, INC.

2022-Q1 EPS reported $0.07 revenue$102,471,000

Net sales $102.5M (+11.3% YoY) and comparable store sales +10.7% driven by higher prices.
Gross margin 65.2% vs 69.7% due to vendor price increases and higher international freight.
Net income $3.5M ($0.07 diluted EPS) vs $5.3M ($0.10) YoY; Adjusted EBITDA $11.7M vs $14.7M.
Selling, general & admin expenses up 8.4% to $62.1M, primarily from payroll additions.
Cash $13.5M, debt $5.0M; 143 stores at quarter end, unchanged YoY.

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