---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-055786"
form_type: "8-K"
ticker: "TTSH"
cik: "0001552800"
company_name: "TILE SHOP HOLDINGS, INC."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T21:50:50.558972+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Tile Shop Q1 net sales flat at $102M; net income down to $2.5M from $3.5M

## Summary
- Net sales $102.0M (down 0.4% YoY); comparable store sales +0.1%.
- Gross margin 64.2% vs 65.2% last year; declined on inflationary cost pressure.
- Net income $2.5M ($0.06 diluted EPS) vs $3.5M ($0.07) in Q1 2022.
- Adjusted EBITDA $10.3M vs $11.7M; margin 10.1% vs 11.4%.
- Repaid $20.4M of line of credit; debt balance reduced to $25.0M from $45.4M.

## SEC filing metadata
- accession: 0001104659-23-055786
- form_type: 8-K
- ticker: TTSH
- cik: 0001552800
- company_name: TILE SHOP HOLDINGS, INC.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1552800/000110465923055786/0001104659-23-055786-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1552800/000110465923055786/tm2314650d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-055786
- JSON: https://secwatch.observer/filing/0001104659-23-055786.json
- Plain text: https://secwatch.observer/filing/0001104659-23-055786.txt

## Key facts
- Earnings Releases
  TILE SHOP HOLDINGS, INC. reported first quarter ended March 31, 2023 results: revenue $ 102,019, net income $ 2,512, EPS $ 0.06.
  - Period: first quarter ended March 31, 2023
  - Revenue: $ 102,019
  - Net income: $ 2,512
  - EPS: $ 0.06
  - Result: reported results
  source text: our debt balance down to $25.0 million as of the end of the quarter.” Three Months Ended (unaudited, dollars in thousands, except per March 31, share data) 2023 2022 Net sales $ 102,019 $ 102,471 Net sales growth (1) (0.4 )% 11.3 % Comparable store sales growth (2) 0.1 % 10.7 % Gross margin rate 64.2 % 65.2 % Income from operations as a % of net sales 4.0 % 4.6 %
  evidence_url: https://www.sec.gov/Archives/edgar/data/1552800/000110465923055786/0001104659-23-055786-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.