LONDON, UK / ACCESSWIRE / October 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tile Shop Holdings, Inc. (NASDAQ: TTS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TTS, following the Company's posting of its third quarter fiscal 2017 operating results on October 17, 2017. The stone tile retailer reported a 7.5% y-o-y growth in sales and declared a quarterly dividend. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For its third quarter ended September 30, 2017, Tile Shop's net sales grew 7.5% to $84.4 million compared to net sales of $78.6 million for the third quarter ended September 30, 2016, exceeding analysts' estimates for revenue of $84.1 million. The growth in net sales was attributable to a comparable store sales increase of 1.1%, and incremental net sales of $5.0 million from stores not included in the comparable store base.

During Q3 2017, Tile Shop's gross margin was 67.1% compared to 70.2% for Q3 2016. The lower gross margin was primarily a result of increased promotions and competitive pricing activity within a more competitive environment as well as product mix changes.

For the reported quarter, the Company's selling, general, and administrative (SG&A ) costs were $52.3 million compared to $47.4 million for the prior year's same quarter. Tile Shop's SG&A included approximately $436,000 of special charges related to litigation expenses in Q3 2017.

Tile Shop's income from operations was $4.38 million for Q3 2017 compared to $7.80 million for Q3 2016. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the reported quarter was $12.6 million compared with $15.3 million for the prior year's corresponding quarter.

For Q3 2017, Tile Shop posted net income of $2.44 million, or $0.05 per share, compared to net earnings of $4.58 million, or $0.09 per diluted share, for Q3 2016. The Company's earnings numbers beat Wall Street's expectations of $0.04 per share.

Cash Matters

As of September 30, 2017, Tile Shop had $12.4 million of cash and $13.9 million of long-term debt. On the strength of positive free cash flow, the Company paid down over $5 million of debt during the reported quarter and achieved its goal of reaching approximately zero net debt by Q3 2017, with the quarter concluding at $1.5 million of net debt. The Company's capital expenditures were approximately $8 million in the reported quarter, primarily related to new store openings, store remodel and merchandising activity, and various IT investments.

On October 17, 2017, Tile Shop's Board of Directors declared a quarterly dividend of $0.05 per common share. The dividend is payable November 14, 2017, to shareholders of record at the close of business October 31, 2017.

Store Update

During Q3 2017, Tile Shop opened four new retail stores, consisting of its first two Houston area locations in Webster, Texas and Sugarland, Texas, its fourth location in the Phoenix market in Glendale, Arizona and its sixth location in the Detroit market located in Troy, Michigan. As of September 30, 2017, the Company operated 134 stores in 31 states and the District of Columbia.

Stock Performance

At the close of trading session on Thursday, October 19, 2017, Tile Shop's stock price declined 3.39% to end the day at $8.55. A total volume of 1.36 million shares were exchanged during the session, which was above the 3-month average volume of 1.07 million shares. The Company's shares are trading at a PE ratio of 21.65 and have a dividend yield of 2.34%. At Thursday's closing price, the stock's net capitalization stands at $444.00 million.

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SOURCE: Pro-Trader Daily