Tile Shop Results Miss Estimate; Cuts FY Guidance

(RTTNews) - Tile Shop Holdings Inc (TTS) Tuesday reported third-quarter net earnings of $1.5 million or $0.03 per share compared with $4 million or $0.08 per share last year.

Revenues for the quarter were up 10.6% at $62.8 million compared with $56.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.06 per share on revenues of $65.2 million for the quarter. Analysts' estimates typically exclude special items.

Comparable store sales for the quarter rose 0.6%.

Looking ahead to the full year, the company expects earnings of $0.23 to $0.25 per share on revenues of $257 million to $261 million. It earlier expected earnings of $0.30 to $0.35 per share on revenues of $263 million to $273 million.

Analysts expect earnings of $0.29 per share on revenues of $263.4 million for the year.

The company also announced that Robert Rucker will retire as its chief executive officer, effective January 1, 2015 and be replaced by current Chief Operating Officer Chris Homeister.

Tile Shop is a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories.