Shares of Tile Shop Holdings rose 14.5 percent Tuesday after the Plymouth company reported stronger-than-expected third-quarter revenue and earnings.
The specialty retailer of manufactured and stone tiles and related supplies reported revenue of $72.4 million, up 15.3 percent over the same period last year. The company earned $3.7 million, or 7 cents per share, up 150.1 percent and 133.3 percent, respectively, over the third quarter last year.
Analysts had expected the company to earn 6 cents a share on revenue of $69.4 million.
Tile Shop opened one new store in the third quarter in Halton, Texas, increasing its base to 111 stores in 31 states.
Same-store sales increased 9.7 percent during the quarter and accounted for $6.1 million of the $9.6 million increase in sales from the third quarter last year.
"Our third quarter represented an important milestone in delivering improved operating leverage and significant earnings growth vs. last year," said CEO Chris Homeister in a statement. "Meaningful sequential improvements in both comparable-store sales growth and gross margin were key to our results."
Patrick Kennedy
