Tile Shop Q2 net sales up 11.9% to $107.6M; gross margin contracts to 66.0%

TILE SHOP HOLDINGS, INC.

2022-Q2 EPS reported $0.20 revenue$210,075,000

Net sales $107.6M (+11.9% YoY); comparable store sales +12.0% driven by higher prices.
Gross margin 66.0% vs 69.1% a year ago; inflation and higher freight costs partially offset by price increases.
Net income $6.9M ($0.13 diluted EPS) vs $5.5M ($0.11) in Q2 2021.
Adjusted EBITDA $16.8M (15.6% of sales) vs $15.4M (16.0%) in prior year.
Inventory $110.0M, up $5.3M from Q1; debt unchanged at $5.0M; cash $10.5M.

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