Tile Shop Holdings Inc (NASDAQ:TTSH) reported a fourth-quarter fiscal 2023 sales decline of 3.4% year-over-year, to $84.46 million, missing the consensus of $91.61 million.
Comparable store sales decreased 3.2% due to a decrease in traffic, which was partially offset by an increase in average ticket value.
The gross margin expanded 20 bps YoY to 64.7%. The operating margin contracted 130 basis points to 1.7%.
Adjusted EBITDA of $6.62 million fell 25.9% Y/Y, and the adjusted EBITDA margin contracted 237 basis points to 7.8%.
EPS was $0.01, down from $0.03 a year ago, and was in line with the consensus.
During 2023, the company repaid $45.4 million of borrowings on its credit facility. Cash and cash equivalents were $8.6 million as of December 31, 2023.
Tile Shop’s net cash provided by operating acuities for the fiscal totaled $62.06 million, compared to $2.72 million a year ago.
“During the fourth quarter of 2023, we battled macro headwinds together with the typical seasonal slowdown in home remodel projects during the holidays,” commented Cabell Lolmaugh, CEO.
Price Action: TTSH shares are trading lower by 0.50% at $6.91 on the last check Thursday.
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