Tile Shop Holdings, Inc. Shocks Investors With Preliminary Q3 Results: Here's What You Need to Know Now
After business hours on October 2, Tile Shop Hldgs, Inc. (NASDAQ: TTS) issued a press release, reporting preliminary third-quarter financial results that look to be much worse than most investors were expecting, and also said its full-year 2017 guidance was "no longer applicable." Needless to say, Mr. Market wasn't happy with this turn of events, and at this writing just after 2 p.m. EDT on October 3, shares are getting hammered, down 34%.
In the release, the company said "a more competitive environment" was playing a major role in the result, with sales expected to come in at 7% growth overall, and 1% at stores open more than one year (comparable sales). Tile Shop also said that gross margin is expected to be between 66% and 67%, well below 70.2% in the year-ago period.
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Source: Fool.com
