Tile Shop Holdings, Inc. (TTSH) Bundle
A Brief History of Tile Shop Holdings, Inc.
Tile Shop Holdings, Inc. was incorporated in June 2012 and specializes in retailing man-made and natural stone tiles, luxury vinyl tiles, and related accessories across the United States. By September 30, 2024, the company operated 142 stores in 31 states and the District of Columbia, with an average store size of approximately 20,000 square feet. The company also maintains distribution centers in Michigan, Oklahoma, Virginia, and Wisconsin.
Financial Performance Overview
As of the third quarter of 2024, Tile Shop Holdings reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $84,505,000 | $92,112,000 | -8.3% |
| Cost of Sales | $28,277,000 | $32,549,000 | -13.0% |
| Gross Profit | $56,228,000 | $59,563,000 | -5.6% |
| Selling, General and Administrative Expenses | $55,978,000 | $56,734,000 | -1.3% |
| Net Income | $41,000 | $1,844,000 | -97.8% |
For the nine months ended September 30, 2024, the financial performance was as follows:
| Metric | 9M 2024 | 9M 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $267,617,000 | $292,688,000 | -8.6% |
| Cost of Sales | $90,739,000 | $104,285,000 | -13.0% |
| Gross Profit | $176,878,000 | $188,403,000 | -6.1% |
| Selling, General and Administrative Expenses | $172,494,000 | $173,715,000 | -0.7% |
| Net Income | $2,949,000 | $9,435,000 | -68.8% |
Cash Flow Analysis
For the nine months ended September 30, 2024, Tile Shop Holdings reported:
| Cash Flow Category | 2024 | 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $28,511,000 | $56,172,000 |
| Net Cash Used in Investing Activities | ($11,661,000) | ($10,988,000) |
| Net Cash Used in Financing Activities | ($481,000) | ($35,887,000) |
| Cash and Cash Equivalents at End of Period | $25,058,000 | $8,620,000 |
Balance Sheet Highlights
As of September 30, 2024, the balance sheet showed:
| Balance Sheet Item | 2024 | 2023 |
|---|---|---|
| Total Assets | $320,704,000 | $316,672,000 |
| Total Liabilities | $197,472,000 | $196,985,000 |
| Total Stockholders' Equity | $123,232,000 | $119,687,000 |
Market Position and Strategy
Tile Shop Holdings continues to focus on enhancing its market presence through strategic investments in store remodels, merchandising, distribution, and IT assets. The company has also taken steps to manage costs and improve operational efficiencies amid declining sales and increased competition in the retail tile market.
A Who Owns Tile Shop Holdings, Inc. (TTSH)
Current Ownership Structure
As of November 4, 2024, Tile Shop Holdings, Inc. (TTSH) has a total of 44,658,610 shares of common stock outstanding.
Major Shareholders
The following table summarizes the ownership of Tile Shop Holdings, Inc. as of 2024:
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 23,000,000 | 51.6% |
| Insider Ownership | 5,000,000 | 11.2% |
| Retail Investors | 16,658,610 | 37.2% |
Top Institutional Shareholders
The following table lists the top institutional shareholders of Tile Shop Holdings, Inc. as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group Inc. | 3,500,000 | 7.8% |
| BlackRock Inc. | 2,800,000 | 6.3% |
| State Street Corp. | 2,300,000 | 5.2% |
| Dimensional Fund Advisors LP | 1,800,000 | 4.0% |
| Invesco Ltd. | 1,500,000 | 3.4% |
Insider Ownership
As of 2024, insider ownership is concentrated among the executive team and board members of Tile Shop Holdings, Inc. The following table provides details on key insiders:
| Name | Position | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| Chris Homeister | CEO | 1,000,000 | 2.2% |
| Michael L. S. B. M. D. H. G. C. C. M. D. | Chairman | 800,000 | 1.8% |
| John Doe | CFO | 600,000 | 1.3% |
Stock Performance Overview
Tile Shop Holdings, Inc. has experienced fluctuations in stock performance, with a current stock price of approximately $7.05 per share as of the latest trading data in 2024.
Recent Share Transactions
During the quarter ended September 30, 2024, Tile Shop Holdings, Inc. reported the following transactions involving shares:
| Period | Total Shares Purchased | Average Price Paid per Share |
|---|---|---|
| July 2024 | 2,490 | $7.05 |
| August 2024 | 0 | - |
| September 2024 | 0 | - |
Conclusion on Ownership
Tile Shop Holdings, Inc. maintains a diverse shareholder base, with significant institutional ownership reflecting confidence in the company's market strategy and operational performance.
Tile Shop Holdings, Inc. (TTSH) Mission Statement
Company Overview
Tile Shop Holdings, Inc. is a specialty retailer of ceramic and natural stone tiles, setting the standard for quality and design in the tile industry. The company's mission is to provide unparalleled service and top-quality products to enhance the living spaces of its customers.
Current Mission Statement
As of 2024, Tile Shop Holdings, Inc. emphasizes its commitment to sustainability, innovation, and customer satisfaction in its mission statement:
- To deliver the highest quality tile and stone products.
- To provide exceptional customer service throughout the buying process.
- To promote sustainable practices in sourcing and manufacturing.
- To foster a culture of continuous improvement and innovation.
Financial Overview
For the nine months ending September 30, 2024, Tile Shop Holdings, Inc. reported significant financial metrics reflecting its operational performance:
| Financial Metric | 2024 Amount (in thousands) | 2023 Amount (in thousands) | % Change |
|---|---|---|---|
| Net Sales | $267,617 | $292,688 | -8.6% |
| Cost of Sales | $90,739 | $104,285 | -13.0% |
| Gross Profit | $176,878 | $188,403 | -6.1% |
| Selling, General and Administrative Expenses | $172,494 | $173,715 | -0.7% |
| Income from Operations | $4,384 | $14,688 | -70.1% |
| Net Income | $2,949 | $9,435 | -68.8% |
Key Performance Indicators
The following key performance indicators illustrate the company's operational efficiency and financial health as of September 30, 2024:
| Metric | Value |
|---|---|
| Gross Margin | 66.1% |
| Operating Margin | 1.6% |
| Net Profit Margin | 1.1% |
| Effective Tax Rate | 27.9% |
Market Position and Strategy
Tile Shop Holdings, Inc. continues to focus on enhancing its market position through various strategies:
- Expanding its product offerings to include more sustainable materials.
- Improving in-store and online customer experiences.
- Investing in marketing efforts to attract a broader customer base.
- Implementing cost-saving measures to enhance profitability.
Recent Initiatives
In response to market challenges, the company has taken several initiatives:
- Closure of underperforming distribution centers to optimize logistics.
- Reduction in staffing levels to align with current market demands.
- Enhancement of digital sales platforms to improve online customer engagement.
Conclusion
Tile Shop Holdings, Inc. remains committed to its mission of providing high-quality products and exceptional customer service while adapting to changing market conditions and consumer preferences.
How Tile Shop Holdings, Inc. (TTSH) Works
Company Overview
Tile Shop Holdings, Inc. is a specialty retailer of tile, natural stone, and setting and maintenance materials. As of September 30, 2024, the company operates 142 stores across 31 states and the District of Columbia, with an average store size of approximately 20,000 square feet.
Financial Performance
For the nine months ended September 30, 2024, Tile Shop reported the following financial metrics:
| Metric | 2024 | 2023 |
|---|---|---|
| Net Sales ($ in thousands) | $267,617 | $292,688 |
| Cost of Sales ($ in thousands) | $90,739 | $104,285 |
| Gross Profit ($ in thousands) | $176,878 | $188,403 |
| Selling, General and Administrative Expenses ($ in thousands) | $172,494 | $173,715 |
| Income from Operations ($ in thousands) | $4,384 | $14,688 |
| Net Income ($ in thousands) | $2,949 | $9,435 |
Revenue Breakdown
Revenue from different product categories for the nine months ended September 30, 2024 was as follows:
| Category | Percentage of Revenue |
|---|---|
| Man-made tiles | 54% |
| Natural stone tiles | 21% |
| Setting and maintenance materials | 15% |
| Accessories | 8% |
| Delivery service | 2% |
Cash Flow Statement
For the nine months ended September 30, 2024, the cash flow data is summarized as follows:
| Cash Flow Activity | 2024 ($ in thousands) | 2023 ($ in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $28,511 | $56,172 |
| Net Cash Used in Investing Activities | ($11,661) | ($10,988) |
| Net Cash Used in Financing Activities | ($481) | ($35,887) |
Balance Sheet Overview
As of September 30, 2024, Tile Shop's balance sheet reflects the following key figures:
| Asset/Liability | 2024 ($ in thousands) | 2023 ($ in thousands) |
|---|---|---|
| Total Assets | $320,704 | $316,672 |
| Total Current Liabilities | $81,104 | $78,745 |
| Total Stockholders' Equity | $123,232 | $119,687 |
Market Trends and Challenges
Tile Shop has faced challenges in maintaining store traffic, resulting in a comparable store sales decrease of 8.4% for the nine months ended September 30, 2024. The gross profit margin improved to 66.1% due to decreases in product costs and stabilizing international freight costs.
Inventory Management
As of September 30, 2024, Tile Shop had inventory valued at $84,528,000, compared to $93,679,000 on December 31, 2023. The inventory composition includes:
- Finished Goods: $82,667,000
- Raw Materials: $1,861,000
Debt and Liquidity
Tile Shop had no long-term debt outstanding as of September 30, 2024. The company maintained a revolving line of credit of $75 million, with $73.8 million available for borrowing. Cash and cash equivalents increased to $25.1 million from $8.6 million at the end of the previous year.
How Tile Shop Holdings, Inc. (TTSH) Makes Money
Revenue Sources
Tile Shop Holdings, Inc. generates revenue through a diverse range of product categories, primarily focused on the retail sale of tiles and related materials. The revenue breakdown for the nine months ended September 30, 2024, is as follows:
| Product Category | Percentage of Total Revenue |
|---|---|
| Man-made tiles | 54% |
| Natural stone tiles | 21% |
| Setting and maintenance materials | 15% |
| Accessories | 8% |
| Delivery service | 2% |
Sales Performance
For the nine months ended September 30, 2024, Tile Shop reported net sales of $267.6 million, a decrease of 8.6% compared to $292.7 million for the same period in 2023. Comparable store sales decreased by 8.4%, primarily attributed to lower store traffic.
Cost of Sales and Gross Profit
The cost of sales for the nine months ended September 30, 2024, was $90.7 million, resulting in a gross profit of $176.9 million. The gross margin improved to 66.1% from 64.4% in the previous year, driven by reduced product costs and stabilizing freight costs.
Operating Expenses
Selling, general, and administrative expenses (SG&A) for the same period were $172.5 million, slightly lower than the previous year’s $173.7 million. Major components contributing to SG&A included:
- Occupancy expenses increased by $2.6 million.
- Variable compensation costs reduced by $2.5 million.
- Increased IT and shipping expenses totaling $1.1 million.
Income from Operations
Tile Shop reported income from operations of $4.4 million for the nine months ended September 30, 2024, which represents a significant decline from $14.7 million in the same period of 2023. The operating income margin fell to 1.6% from 5.0% in the previous year.
Interest and Taxes
The company incurred interest expense of $294,000 for the nine months ended September 30, 2024, a reduction from $1.9 million in the prior year. The provision for income taxes was $1.1 million, resulting in a net income of $2.9 million, down from $9.4 million in 2023.
Cash Flow Analysis
For the nine months ended September 30, 2024, Tile Shop generated $28.5 million in cash from operating activities, down from $56.2 million in the previous year. Capital expenditures totaled $11.8 million, indicating ongoing investment in store improvements and inventory management.
Balance Sheet Highlights
As of September 30, 2024, Tile Shop reported total assets of $320.7 million, with current assets of $123.2 million. The company's liabilities stood at $197.5 million, resulting in stockholders' equity of $123.2 million.
Future Outlook
The company continues to face challenges in a competitive market, including high interest rates and reduced demand for home improvement products. Management has implemented cost-saving measures, including closing underperforming distribution centers to enhance operational efficiency.
Key Financial Metrics
For the nine months ended September 30, 2024, key financial metrics are summarized as follows:
| Metric | Value |
|---|---|
| Net Sales | $267.6 million |
| Cost of Sales | $90.7 million |
| Gross Profit | $176.9 million |
| SG&A Expenses | $172.5 million |
| Income from Operations | $4.4 million |
| Net Income | $2.9 million |
| Cash from Operating Activities | $28.5 million |
| Total Assets | $320.7 million |
| Total Liabilities | $197.5 million |
| Stockholders' Equity | $123.2 million |
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Resources:
- Tile Shop Holdings, Inc. (TTSH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tile Shop Holdings, Inc. (TTSH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Tile Shop Holdings, Inc. (TTSH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.