The Tile Shop, a Minneapolis-based specialty retailer of natural stone, man-made and luxury vinyl tiles, announced net sales decreased 8.5% to $98.6 million for the second quarter ended June 30, 2023.
Sales decreased at comparable stores by 8.0% during the second quarter of 2023 compared to the second quarter of 2022, primarily due to a decrease in traffic, which was partially offset by an increase in average ticket value, the company said in a statement.
“The current macro-economic environment contributed to challenges in our store traffic and comparable store sales during the second quarter,” said CEO Cabell Lolmaugh. “At the same time, gross margin was consistent with the previous quarter as supplier costs for our products and ocean freight rates moderated. We remain disciplined with respect to our cost structure and working capital which helped us maintain strong operating cash flow and payoff over half of our debt so far this year.”