Minneapolis, MN, August 9, 2024 – The Tile Shop reported net sales of $91.4 million for the second quarter of 2024, a decrease of 7.3% from the second quarter of 2023 of $98.6 million. Comparable sales decreased 6.9%.

Net income for the second quarter of 2024 was $1.2 million, a decrease of 76.5% compared to net income of $5.1 million in the second quarter of 2024.

For the first half of 2024, net sales were $183.1 million, down 8.7% from $200.6 million for the first half of 2023. Comparable sales decreased 8.6%.

Net income for the first half of 2024 was $2.9 million, a decrease of 61.8% compared to net income of $7.6 million in the first half of 2023.

Cabell Lolmaugh, CEO, said, “I am pleased with the team’s performance during the quarter, which contributed to a sequential improvement in our comparable store sales results. We continue to see weakness in existing home sales and resulting lower customer traffic in our stores, which has led to a decline in comparable store sales beginning in the second quarter of 2023. Recent actions to enhance our Superior line of installation products and expand the selection of tile products for customers looking to undertake smaller projects are showing promising early results.”