Minneapolis – Tile Shop Holdings Inc. reported net income of $3.7 million in the first quarter of fiscal 2014, a substantial improvement from a net loss of $44.7 million in the same quarter a year earlier. The retailer plans to open 20 new stores during fiscal 2014.
Helping drive the return to profitability was net sales growth of 13.3% to $64.4 million, compared with $56.8 million for the first quarter of 2013. The $7.5 million increase in sales was driven by incremental net sales of $8.8 million from stores not included in the same-store sales base, partly offset by a modest decrease in comparable store sales of 2.3%. Sales results were impacted by harsh winter weather conditions.
For the full fiscal year, Tile Shop expects net sales of $280 million to $290 million and same-store sales growth of 4%-6%.