Minneapolis – Tile Shop Holdings Inc. reported a 38% dip in net income during the second quarter of fiscal 2014 compared to the same period a year earlier. Net income fell to $3.96 billion from $6.48 billion, with Tile Shop citing adverse macroeconomic conditions, including home sales, as having a generally negative impact on the business.
Net sales rose 15% to $66.7 million for the quarter compared with $58.1 million, largely driven by sales from stores not included in the same-store sales base. Same-store sales increased 0.3%. For the full fiscal year, Tile Shop expects same-store sales to range from flat to a single-digit increase.