{"id":523861,"date":"2021-08-05T07:04:37","date_gmt":"2021-08-05T11:04:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-tile-shop-reports-second-quarter-2021-results\/"},"modified":"2021-08-05T07:04:37","modified_gmt":"2021-08-05T11:04:37","slug":"the-tile-shop-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-tile-shop-reports-second-quarter-2021-results\/","title":{"rendered":"The Tile Shop Reports Second Quarter 2021 Results"},"content":{"rendered":"
\n

MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) — Tile Shop Holdings, Inc. (Nasdaq: TTSH) (the \u201cCompany\u201d), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its second quarter ended June 30, 2021.<\/p>\n

\n
\n Second Quarter Summary<\/u>
\n <\/strong>\n <\/p>\n

\n Net Sales Increased 42.0%<\/strong>
\n
\n Comparable Store Sales Increased 41.6% <\/strong>
\n
\n Gross Margin of 69.1%<\/strong>
\n
\n Net income of $5.5 Million; Adjusted EBITDA of $15.4 Million<\/strong>
\n
\n Diluted Earnings per Share $0.11<\/strong>\n <\/p>\n

\n Management Commentary \u2013 Cabell Lolmaugh, CEO <\/strong>\n <\/p>\n

\u201cThe strong execution by the Tile Shop team made it possible for us to take advantage of the strong demand for home improvement products and help us establish a new quarterly sales record,\u201d stated Cabell Lolmaugh, CEO. \u201cWe have made significant progress toward achieving our goals of growing revenue and improving our overall profitability in 2021.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (unaudited, amounts in thousands, except per<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n share data)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n$<\/td>\n96,193<\/td>\n\u00a0<\/td>\n$<\/td>\n67,730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n188,277<\/td>\n\u00a0<\/td>\n$<\/td>\n162,009<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales growth (decline)(1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42.0<\/td>\n%<\/td>\n(23.8<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n16.2<\/td>\n%<\/td>\n(7.9<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Comparable store sales growth (decline)(2)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41.6<\/td>\n%<\/td>\n(24.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n(9.2<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Gross margin rate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69.1<\/td>\n%<\/td>\n67.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n69.4<\/td>\n%<\/td>\n68.1<\/td>\n\u00a0<\/td>\n%<\/td>\n<\/tr>\n
Income (loss) from operations as a % of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.9<\/td>\n%<\/td>\n(2.6<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n7.7<\/td>\n%<\/td>\n0.5<\/td>\n\u00a0<\/td>\n%<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n5,494<\/td>\n\u00a0<\/td>\n$<\/td>\n(760<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n10,791<\/td>\n\u00a0<\/td>\n$<\/td>\n2,742<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) per diluted share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n15,385<\/td>\n\u00a0<\/td>\n$<\/td>\n6,611<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n30,080<\/td>\n\u00a0<\/td>\n$<\/td>\n17,986<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA as a % of net sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n9.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n11.1<\/td>\n\u00a0<\/td>\n%<\/td>\n<\/tr>\n
Number of stores open at the end of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n142<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n142<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (1)\u00a0<\/sup>As compared to the prior year period.<\/p>\n

\n (2)\u00a0<\/sup>The comparable store sales operating metric is the percentage change in sales of comparable stores period over period. A store is considered comparable on the first day of the 13th full month of operation. When a store is relocated, it is excluded from the comparable store sales calculation. Comparable store sales includes total charges to customers less any actual returns. The Company includes the change in allowance for anticipated sales returns applicable to comparable stores in the comparable store sales calculation. Comparable store sales data reported by other companies may be prepared on a different basis and therefore may not be useful for purposes of comparing the Company\u2019s results to those of other businesses.\u00a0\u00a0 Company management believes the comparable store sales operating metric provides useful information to both management and investors to evaluate the Company\u2019s performance, the effectiveness of its strategy and its competitive position.\u00a0\u00a0<\/p>\n

\n SECOND QUARTER 2021<\/strong>\n <\/p>\n

\n
\n Net Sales<\/em>
\n <\/strong>
\n
Net sales increased $28.5 million, or 42.0%, to $96.2 million in the second quarter of 2021 from $67.7 million in the second quarter of 2020. The sales results during the three months ended June 30, 2020 were adversely impacted by the onset of COVID-19 in the United States and the shelter in place restrictions implemented by many state and local governments in response to the pandemic. This resulted in store closures, reduced store hours, lower levels of traffic and an overall decrease in sales during the three months ended June 30, 2020. Over the last year, we have seen restrictions ease, the rollout of a vaccinations in the United States, and strong demand trends for home improvement products. These factors combined with the execution of the Company\u2019s strategy have helped drive improvements in traffic and average ticket resulting in a 41.6% increase in sales at comparable stores.<\/p>\n

\n
\n Gross Profit<\/em>
\n <\/strong>
\n
Gross profit increased $21.0 million, or 46.3%, to $66.4 million in the second quarter of 2021 from $45.4 million in the second quarter of 2020, primarily due to an increase in sales. The gross margin rate was 69.1% and 67.1% for the three months ended June\u00a030, 2021 and 2020, respectively. The increase in gross margin rate was primarily driven by better pricing and an improvement in customer delivery collection rates during the three months ended June\u00a030, 2021 compared to the three months ended June\u00a030, 2020.<\/p>\n

\n
\n Selling, General and Administrative Expenses<\/em>
\n <\/strong>
\n
Selling, general and administrative (\u201cSG&A\u201d) expenses increased $11.6 million, or 24.6%, to $58.8 million in the second quarter of 2021 from $47.2 million in the second quarter of 2020. The increase in selling, general and administrative expenses is largely due to a $6.2 million increase in variable selling expenses, a $1.5 million increase in transportation costs, a $1.5 million increase in wages largely due to an increase in headcount, a $0.9 million increase in consulting and temporary labor costs, and a $0.5 million increase in marketing expenses.<\/p>\n

\n
\n Provision for Income Taxes<\/em>
\n <\/strong>
\n
The provision for income taxes increased $3.6 million to $2.0 million of income tax expense in the second quarter of 2021 from an income tax benefit of $1.6 million during the second quarter of 2020. The increase in the provision for income tax was largely due to the increase in income before taxes. Our effective tax rate for the quarter ended June\u00a030, 2021 and 2020 was 26.4% and 67.7%, respectively. The Company\u2019s effective tax rate during the quarter June 30, 2020 included adjustments resulting from the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which gave the Company the ability to carry back federal net operating losses to years with a federal statutory rate of 35%.<\/p>\n

\n
\n Inventory<\/em>
\n <\/strong>
\n
Inventory decreased $5.4 million to $68.9 million at the end of the second quarter in 2021 from $74.3 million at the end of the fourth quarter of 2020.\u00a0\u00a0<\/p>\n

\n NON-GAAP INFORMATION<\/strong>\n <\/p>\n

\n Adjusted EBITDA <\/strong>\n <\/p>\n

Adjusted EBITDA for the second quarter of 2021 was $15.4 million compared with $6.6 million for the second quarter of 2020. See the table below for a reconciliation of GAAP net income to Adjusted EBITDA.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ($ in thousands, unaudited) <\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % of net sales<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n % of net sales<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
GAAP net income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n5,494<\/td>\n\u00a0<\/td>\n5.7<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n(760<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n145<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n559<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision (benefit) for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,975<\/td>\n\u00a0<\/td>\n2.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,593<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,065<\/td>\n\u00a0<\/td>\n7.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n706<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n538<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n15,385<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n6,611<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ($ in thousands, unaudited) <\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % of net sales<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n % of net sales<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
GAAP net income<\/td>\n\u00a0<\/td>\n$<\/td>\n10,791<\/td>\n\u00a0<\/td>\n5.7<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n2,742<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n313<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,407<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision (benefit) for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,418<\/td>\n\u00a0<\/td>\n1.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,349<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,259<\/td>\n\u00a0<\/td>\n7.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,299<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n30,080<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n17,986<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (<\/sup>
\n 1<\/sup>
\n )<\/sup> Amounts do not foot due to rounding.<\/p>\n

\n Pretax Return on Capital Employed<\/strong>\n <\/p>\n

Pretax Return on Capital Employed was 13.9% for the trailing twelve months as of the end of the second quarter in 2021 compared to (2.3)% for the trailing twelve months as of the end of the second quarter in 2020. See the Pretax Return on Capital Employed calculation in the table below.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ($ in thousands, unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\n 2020<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
Income (loss) from Operations (trailing twelve months)<\/td>\n\u00a0<\/td>\n$<\/td>\n20,099<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(4,249<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n354,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n389,968<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Accounts payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,946<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16,670<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Income tax payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(85<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Other accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,338<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30,136<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Lease liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(147,622<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(158,018<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Other long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,244<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,061<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital Employed<\/td>\n\u00a0<\/td>\n$<\/td>\n144,501<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n180,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pretax Return on Capital Employed<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.9<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(2.3<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n (1)<\/sup> Income statement accounts represent the activity for the trailing twelve months ended as of each of the balance sheet dates. Balance sheet accounts represent the average account balance for the four quarters ended as of each of the balance sheet dates.<\/p>\n

\n Non-GAAP Financial Measures<\/strong>\n <\/p>\n

The Company calculates Adjusted EBITDA by taking net income calculated in accordance with GAAP, and adjusting for interest expense, income taxes, depreciation and amortization, and stock-based compensation expense. Adjusted EBITDA margin is equal to Adjusted EBITDA divided by net sales. The Company calculates Pretax Return on Capital Employed by taking income (loss) from operations divided by capital employed. Capital employed equals total assets less accounts payable, income taxes payable, other accrued liabilities, lease liability and other long-term liabilities. Other companies may calculate both Adjusted EBITDA and Pretax Return on Capital Employed differently, limiting the usefulness of these measures for comparative purposes.<\/p>\n

The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company\u2019s financial condition and results of operations. Company management uses these non-GAAP measures to compare Company performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, for budgeting and planning purposes and for assessing the effectiveness of capital allocation over time. These measures are used in monthly financial reports prepared for management and the Board of Directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company\u2019s financial measures with other specialty retailers, many of which present similar non-GAAP financial measures to investors.<\/p>\n

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the Company\u2019s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. The Company urges investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate the business.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n IMPACT OF THE COVID-19 PANDEMIC<\/strong>\n <\/p>\n

In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. COVID-19 has negatively impacted public health and the global economy, disrupted global supply chains, and created volatility in financial markets. The continuing implications of COVID-19 on the Company remains uncertain and will depend on certain future developments, including the duration, scope and severity of the pandemic and the effects of new variants of COVID-19, some of which may be more virulent or transmissible than the initial strain; its impact on the Company\u2019s employees, customers and suppliers; the range and timing of government mandated restrictions and other measures, including the reimplementation of previously lifted measures or imposition of new measures; and the success of the deployment and widespread adoption of approved COVID-19 vaccines and their effectiveness against new variants of COVID-19. This uncertainty could have a material impact on the accounting estimates and assumptions utilized to prepare the Company\u2019s consolidated financial statements in future reporting periods, which could result in a material adverse impact on the Company\u2019s financial position, results of operations and cash flows.<\/p>\n

The COVID-19 pandemic had a significant impact on the Company\u2019s operations during 2020. For instance, the Company experienced a sharp decline in traffic toward the end of the first quarter of 2020 following the onset of COVID-19 in the United States. In response, the Company took steps to reduce SG&A expenses by eliminating a portion of its workforce, reducing store hours, curtailing advertising spending, reducing the number of replenishment trucks sent from the Company\u2019s distribution centers to its stores and limiting other SG&A spending when possible. As state and local governments started lifting restrictions toward the end of the second quarter of 2020, the Company saw an improvement in traffic and sales trends. Throughout the remainder of 2020, the Company took a cautious approach to investing in activities that would increase its SG&A expenses, which included operating its stores at a reduced hours schedule compared to the prior year. The Company also started experiencing elevated levels of product outages during second half of 2020 due to vendor production delays and other disruptions in its supply chain related to COVID-19.<\/p>\n

The Company continued to experience elevated levels of product outages, which were partially due to vendor production delays and global shipping capacity constraints resulting, in part, from the impact of COVID-19. The Company continues to actively work with its vendors to secure delivery of backordered product.<\/p>\n

While the Company is cautiously optimistic with the current business trend and the progress made distributing COVID-19 vaccinations in recent months, the continued sporadic outbreaks of COVID-19 cases occurring globally, as well as the ongoing spread of new COVID-19 variants, could have a negative impact on the Company. Specifically, the Company could be adversely impacted by limitations on its employees to perform their work due to illness caused by the pandemic or local, state or federal orders requiring stores to close or employees to remain home; limitations of carriers to deliver the Company\u2019s products to customers; product shortages; limitations on the ability of the Company\u2019s customers to conduct their business and purchase the Company\u2019s products and services; and limitations on the ability of the Company\u2019s customers to pay the Company in a timely manner. These events could have a material adverse effect on the Company\u2019s results of operations, cash flows and liquidity. In addition, even after the COVID-19 pandemic has subsided, the Company may continue to experience adverse impacts to its business as a result of the economic impact of the pandemic.<\/p>\n

\n WEBCAST AND CONFERENCE CALL<\/strong>\n <\/p>\n

As announced on July 29, 2021, the Company will host a conference call via webcast for investors and other interested parties beginning at 9:00 Eastern Time on Thursday, August 5, 2021. The call will be hosted by Cabell Lolmaugh, CEO, Nancy DiMattia, CFO, and Mark Davis, Vice President of Investor Relations and Chief Accounting Officer.\u00a0\u00a0<\/p>\n

Participants may access the webcast by visiting the Company\u2019s Investor Relations page at www.tileshop.com<\/a>. The call can also be accessed by dialing (844) 421-0597 or (716) 247-5787 for international participants. A webcast replay of the call will be available on the Company\u2019s Investor Relations page at www.tileshop.com<\/a>.<\/p>\n

The Company intends to use its website, investors.tileshop.com,<\/u> as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Company\u2019s website under the heading News and Events. Accordingly, investors should monitor such portions of the Company\u2019s website, in addition to following its press releases, Securities and Exchange Commission filings and public conference calls and webcasts.<\/p>\n

\n Contact:<\/strong>
\n
Investors and Media:
Mark Davis
763-852-2978
mark.davis@tileshop.com<\/u><\/p>\n

\n ABOUT THE TILE SHOP<\/strong>\n <\/p>\n

Tile Shop Holdings, Inc. (Nasdaq: TTSH), is a leading specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. The Tile Shop offers a wide selection of high-quality products, exclusive designs, knowledgeable staff and exceptional customer service in an extensive showroom environment. The Tile Shop currently operates 143 stores in 31 states and the District of Columbia.<\/p>\n

The Tile Shop is a proud member of the American Society of Interior Designers (ASID), National Association of Homebuilders (NAHB), National Kitchen and Bath Association (NKBA), and the National Tile Contractors Association (NTCA). Visit www.tileshop.com<\/u>. Join The Tile Shop (#thetileshop) on Facebook, Instagram, Pinterest and Twitter.<\/p>\n

\n FORWARD LOOKING STATEMENTS<\/strong>\n <\/p>\n

This press release includes \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as \u201canticipate\u201d, \u201cbelieve\u201d, \u201cexpect\u201d, \u201cestimate\u201d, \u201cplan\u201d, \u201coutlook\u201d, and \u201cproject\u201d and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include any statements regarding the Company\u2019s strategic and operational plan and expected financial performance. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time such statements are made and\/or management\u2019s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements, including but not limited to unforeseen events that may affect the retail market or the performance of the Company\u2019s stores. Many of the Company\u2019s risks have been, and may further be, exacerbated by the COVID-19 pandemic. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Investors are referred to the most recent reports filed with the Securities and Exchange Commission by the Company.<\/p>\n

\n Tile Shop Holdings, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Balance Sheets<\/strong>
\n
\n ($ in thousands, except share data)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n (Audited)<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n44,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,617<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n655<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n655<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Receivables, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,975<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68,933<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n74,296<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,116<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,061<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,995<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n133,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n104,654<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91,376<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n99,035<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Right of use asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n132,374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,515<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,341<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,200<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,286<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n356,445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n342,690<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n16,002<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n15,382<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of lease liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,708<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,106<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87,478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term lease liability, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n113,234<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,678<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,146<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n205,987<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n203,628<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Stockholders\u2019 Equity:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 51,912,689 and 51,701,080 shares, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n159,149<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n158,556<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,696<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,487<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n150,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n139,062<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n356,445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n342,690<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Tile Shop Holdings, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Operations<\/strong>
\n
\n ($ in thousands, except per share data)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n$<\/td>\n96,193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n67,730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n188,277<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n162,009<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,316<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n66,425<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n130,611<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110,369<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58,811<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,208<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n116,089<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n109,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,614<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,794<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,522<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n800<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(145<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(559<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(313<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,407<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,469<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,353<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(607<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Provision) benefit for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,975<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,593<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,418<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income (loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n5,494<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(760<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n10,791<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,742<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) per common share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,259,945<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,926,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,183,310<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,884,169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,333,949<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,926,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,183,259<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,052,990<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Tile Shop Holdings, Inc. and Subsidiaries<\/strong>
\n
\n Rate Analysis<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
Gross margin rate<\/td>\n\u00a0<\/td>\n69.1<\/td>\n%<\/td>\n\u00a0<\/td>\n67.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n69.4<\/td>\n%<\/td>\n\u00a0<\/td>\n68.1<\/td>\n%<\/td>\n<\/tr>\n
SG&A expense rate<\/td>\n\u00a0<\/td>\n61.1<\/td>\n%<\/td>\n\u00a0<\/td>\n69.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n61.7<\/td>\n%<\/td>\n\u00a0<\/td>\n67.6<\/td>\n%<\/td>\n<\/tr>\n
Income (loss) from operations margin rate<\/td>\n\u00a0<\/td>\n7.9<\/td>\n%<\/td>\n\u00a0<\/td>\n(2.6<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n7.7<\/td>\n%<\/td>\n\u00a0<\/td>\n0.5<\/td>\n%<\/td>\n<\/tr>\n
Adjusted EBITDA margin rate<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n\u00a0<\/td>\n9.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n16.0<\/td>\n%<\/td>\n\u00a0<\/td>\n11.1<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n

\n Tile Shop Holdings, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Cash Flows<\/strong>
\n
\n ($ in thousands)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flows From Operating Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n10,791<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,742<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,259<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of debt issuance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n151<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n298<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on disposals of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment charges<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-cash lease expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,393<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,353<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,299<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(174<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in operating assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(297<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,363<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,567<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,870<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n908<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,010<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,939<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax receivable \/ payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(760<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,445<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses and other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,934<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,040<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,985<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,988<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flows From Investing Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(929<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(929<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flows From Financing Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments of long-term debt and financing lease obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(97,223<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advances on line of credit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56,099<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Employee taxes paid for shares withheld<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(706<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(93<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(706<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41,217<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of exchange rate changes on cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net change in cash, cash equivalents and restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,133<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,168<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, cash equivalents and restricted cash beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,272<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,919<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash, cash equivalents and restricted cash end of period<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n45,405<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,751<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n44,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,936<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n655<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash, cash equivalents and restricted cash end of period<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n45,405<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,751<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Supplemental disclosure of cash flow information<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property, plant and equipment included in accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n$<\/td>\n391<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n103<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n361<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for income taxes, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,352<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) — Tile Shop Holdings, Inc. (Nasdaq: TTSH) (the \u201cCompany\u201d), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its second quarter ended June 30, 2021. Second Quarter Summary Net Sales Increased 42.0% Comparable Store Sales Increased 41.6% Gross Margin of 69.1% Net income of $5.5 Million; Adjusted EBITDA of $15.4 Million Diluted Earnings per Share $0.11 Management Commentary \u2013 Cabell Lolmaugh, CEO \u201cThe strong execution by the Tile Shop team made it possible for us to take advantage of the strong demand for home improvement products and help us establish a new quarterly sales record,\u201d stated Cabell Lolmaugh, CEO. \u201cWe have made significant … <\/p>\n

Continue reading “The Tile Shop Reports Second Quarter 2021 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-523861","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Tile Shop Reports Second Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-tile-shop-reports-second-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Tile Shop Reports Second Quarter 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) — Tile Shop Holdings, Inc. (Nasdaq: TTSH) (the \u201cCompany\u201d), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its second quarter ended June 30, 2021. Second Quarter Summary Net Sales Increased 42.0% Comparable Store Sales Increased 41.6% Gross Margin of 69.1% Net income of $5.5 Million; Adjusted EBITDA of $15.4 Million Diluted Earnings per Share $0.11 Management Commentary \u2013 Cabell Lolmaugh, CEO \u201cThe strong execution by the Tile Shop team made it possible for us to take advantage of the strong demand for home improvement products and help us establish a new quarterly sales record,\u201d stated Cabell Lolmaugh, CEO. \u201cWe have made significant … Continue reading "The Tile Shop Reports Second Quarter 2021 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-tile-shop-reports-second-quarter-2021-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-05T11:04:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwMzIzMiM0MzQyNTIxIzIwMTEwOTA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"The Tile Shop Reports Second Quarter 2021 Results\",\"datePublished\":\"2021-08-05T11:04:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/\"},\"wordCount\":3024,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwMzIzMiM0MzQyNTIxIzIwMTEwOTA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-tile-shop-reports-second-quarter-2021-results\\\/\",\"name\":\"The Tile Shop Reports Second Quarter 2021 Results - 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(Nasdaq: TTSH) (the \u201cCompany\u201d), a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories, today announced results for its second quarter ended June 30, 2021. 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