The following is a summary of the Tile Shop Holdings, Inc. (TTSH) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 2024 sales at comparable stores decreased by 6.9% compared to the second quarter of 2023.
Gross margin rate during Q2 rose to 66%, a 180-basis point increase from Q2 2023.
Second quarter SG&A expenses were $58.5 million, a $2.9 million increase from Q2 2023.
Generated $23.5 million of operating cash flow as of June 30, 2024, with $25.3 million of cash and no bank debt.
Business Progress:
Launched enhanced line of private label installation products under the Superior brand.
E-commerce capabilities improved, resulting in a 25% increase in online orders during Q2.
Opportunities:
Expansion of entry-level priced products to attract middle market customers and enhance competitive positioning with professional customers.
Potential for increased market penetration with the Superior product line aimed at professional customers.
Risks:
Continued softness in existing home sales and lower levels of traffic in stores impacting sales.
More details: Tile Shop IR
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