Tile Shop Holdings, Inc. (Nasdaq: TTS) (the “Company”), 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,
2019.
Second Quarter Summary
Net Sales Decreased
4.3%Comparable Store Sales Decreased 4.2%
Gross Margin of 69.0%Net Loss of $0.2
million; Adjusted EBITDA of $9.8 millionShare
repurchases of $10.5 millionDividend of $0.05 per
Common Share Declared
Management Commentary – Cabell Lolmaugh,
CEO“During the quarter, we continued to experience lower
traffic resulting in comparable sales performance that was flat
sequentially from the first quarter of 2019. We are disappointed
that our investments over the last twelve months have not yet
generated the level of return we expected. We believe the primary
opportunity in the near term is to drive higher awareness of our
core value propositions with prospective retail customers. We
remain confident in the investments made to date and our core
strategy to deliver the best product assortment, best presentation
and best service.”
|
|
Three Months Ended |
|
Six Months Ended |
|
(unaudited, amounts in
thousands, except per |
|
June 30, |
|
June 30, |
|
share
data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net sales |
|
$ |
88,903 |
|
|
$ |
92,914 |
|
|
$ |
175,811 |
|
|
$ |
184,048 |
|
|
Net sales (decline)
growth(1) |
|
|
(4.3 |
)% |
|
3.9 |
% |
|
|
(4.5 |
)% |
|
1.3 |
% |
|
Comparable store sales
decline(2) |
|
|
(4.2 |
)% |
|
(1.8 |
)% |
|
|
(4.2 |
)% |
|
(4.4 |
)% |
|
Gross margin rate |
|
|
69.0 |
% |
|
70.3 |
% |
|
|
70.1 |
% |
|
70.3 |
% |
|
Income from operations as a
% of net sales |
|
|
0.9 |
% |
|
8.0 |
% |
|
|
2.1 |
% |
|
7.4 |
% |
|
Net (loss) income |
|
$ |
(154 |
)% |
|
$ |
4,958 |
|
|
$ |
1,166 |
|
|
$ |
8,969 |
|
|
Net (loss) income per diluted
share |
|
$ |
0.00 |
|
|
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
Adjusted EBITDA |
|
$ |
9,806 |
|
|
$ |
15,055 |
|
|
$ |
21,418 |
|
|
$ |
28,818 |
|
|
Adjusted EBITDA as a % of net
sales |
|
|
11.0 |
% |
|
16.2 |
% |
|
|
12.2 |
% |
|
15.7 |
% |
|
Number of stores open at the
end of period |
|
|
140 |
|
|
|
140 |
|
|
|
140 |
|
|
|
140 |
|
|
(1) As compared to the prior year period.(2) Comparable store
sales decline 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 decline
calculation. Comparable store sales decline amounts include total
charges to customers less any actual returns. 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’s results to those of other businesses.
SECOND QUARTER 2019
Net SalesNet sales decreased
$4.0 million, or 4.3%, from $92.9 million in the second quarter of
2018 to $88.9 million in the second quarter of 2019. Comparable
store sales decreased $3.8 million, or 4.2%, for the second quarter
of 2019 compared to the second quarter of 2018 primarily due to
lower customer traffic. Net sales generated by stores not included
in the comparable store base decreased $0.2 million.
Gross ProfitGross profit
decreased $4.0 million, or 6.1%, from $65.3 million in the second
quarter of 2018 to $61.4 million in the second quarter of 2019. The
gross margin rate was 69.0% for the second quarter of 2019 and
70.3% for the second quarter of 2018. The decrease in the gross
margin rate was primarily due to increased shrink expense and
damaged inventory recognized upon completion of physical inventory
counts at all stores and distribution centers during the second
quarter of 2019.
Selling, General and Administrative
ExpensesSelling, general and administrative expenses
increased $2.7 million, or 4.7%, from $57.9 million in the second
quarter of 2018 to $60.6 million in the second quarter of 2019. The
increase in selling, general and administrative expenses was due to
$1.1 million of investments in store and distribution center
compensation, regional sales leadership and pro market managers,
which reflect a full-quarter of activity in the second quarter of
2019 as compared to only a partial quarter in second quarter of
2018. Selling, general and administrative expenses in the second
quarter of 2019 also included approximately $1.3 million of expense
related to our new enterprise resource planning system which went
live on January 1, 2019.
InventoryInventory decreased
3.1% to $106.7 million from $110.1 million at the end of the fourth
quarter of 2018.
Long-Term DebtLong-term debt
increased $10.0 million from $53.0 million in the fourth quarter of
2018 to $63.0 million in the second quarter of 2019. The increase
reflects additional amounts drawn on the line of credit to fund
share repurchases.
SHARE REPURCHASEThe Company
repurchased 2.3 million shares for $10.5 million during the second
quarter of 2019. The Board of Directors had previously authorized a
$15.0 million share repurchase program, to commence on May 2, 2019,
and $4.5 million remains available under this program.
DIVIDENDThe Board of Directors
declared a quarterly dividend of $0.05 per common share. The
dividend is payable August 9, 2019 to shareholders of record at the
close of business on July 29, 2019.
NON-GAAP INFORMATION
Adjusted EBITDA
Adjusted EBITDA for the second quarter of 2019
was $9.8 million compared with $15.1 million for the second quarter
of 2018. See the table below for a reconciliation of GAAP net
(loss) income to Adjusted EBITDA.
|
|
Three Months Ended |
($ in
thousands) |
|
June 30, |
|
|
2019 |
|
% of net sales(1) |
|
2018 |
|
% of net sales(1) |
Net (loss) income |
|
$ |
(154 |
) |
|
(0.2 |
)% |
|
$ |
4,958 |
|
5.3 |
% |
Interest expense |
|
|
943 |
|
|
1.1 |
% |
|
|
597 |
|
0.6 |
% |
Income taxes |
|
|
11 |
|
|
0.0 |
% |
|
|
1,924 |
|
2.1 |
% |
Depreciation &
amortization |
|
|
8,236 |
|
|
9.3 |
% |
|
|
6,978 |
|
7.5 |
% |
Stock based compensation |
|
|
770 |
|
|
0.9 |
% |
|
|
598 |
|
0.6 |
% |
Adjusted EBITDA |
|
$ |
9,806 |
|
|
11.0 |
% |
|
$ |
15,055 |
|
16.2 |
% |
|
|
Six Months Ended |
($ in
thousands) |
|
June 30, |
|
|
2019 |
|
% of net sales(1) |
|
|
2018 |
% of net sales |
Net income |
|
$ |
1,166 |
|
0.7 |
% |
|
$ |
8,969 |
|
4.9 |
% |
Interest expense |
|
|
1,921 |
|
1.1 |
% |
|
|
1,151 |
|
0.6 |
% |
Income taxes |
|
|
622 |
|
0.4 |
% |
|
|
3,505 |
|
1.9 |
% |
Depreciation &
amortization |
|
|
16,200 |
|
9.2 |
% |
|
|
13,978 |
|
7.6 |
% |
Stock based compensation |
|
|
1,509 |
|
0.9 |
% |
|
|
1,215 |
|
0.7 |
% |
Adjusted EBITDA |
|
$ |
21,418 |
|
12.2 |
% |
|
$ |
28,818 |
|
15.7 |
% |
(1) Amounts do not foot due to rounding.
Pretax Return on Capital
Employed
Pretax Return on Capital Employed was 3.9% for
the trailing twelve months as of the end of the second quarter of
2019 compared to 8.3% for the trailing twelve months as of the end
of the second quarter of 2018. See the table below for a
calculation of Pretax Return on Capital Employed.
($ in
thousands) |
|
June 30, |
|
|
|
2019(1) |
|
2018(1) |
|
Income from Operations (trailing twelve months) |
|
$ |
8,277 |
|
|
$ |
14,266 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
360,696 |
|
|
|
274,258 |
|
|
Less: Accounts payable |
|
|
(26,747 |
) |
|
|
(29,685 |
) |
|
Less: Income tax payable |
|
|
(111 |
) |
|
|
(67 |
) |
|
Less: Other accrued liabilities |
|
|
(26,599 |
) |
|
|
(25,796 |
) |
|
Less: Lease liability(2) |
|
|
(90,722 |
) |
|
|
(41,640 |
) |
|
Less: Other long-term liabilities |
|
|
(3,781 |
) |
|
|
(4,624 |
) |
|
Capital Employed |
|
|
212,736 |
|
|
|
172,446 |
|
|
|
|
|
|
|
|
|
|
Pretax Return on Capital
Employed |
|
|
3.9 |
% |
|
8.3 |
% |
|
(1) 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.(2)
Represents the average lease liability and deferred rent account
balances for the four quarters ended as of each of the balance
sheet dates.
Webcast and Conference Call
As announced on July 5, 2019, the Company will
host a conference call via live webcast for investors and other
interested parties beginning at 9:00 a.m. Eastern Time on Tuesday,
July 23, 2019. The call will be hosted by Cabell Lolmaugh, CEO,
Kirk Geadelmann, CFO, and Mark Davis, Investor Relations.
Participants may access the live webcast by
visiting the Company’s Investor Relations page at www.tileshop.com.
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’s Investor Relations page at
www.tileshop.com.
Additional details can be located at
www.tileshop.com under the Financial Information – SEC Filings
section of the Company’s Investor Relations page.
Contacts:Investors and
Media:Mark Davis763-852-2978mark.davis@tileshop.com
About The Tile Shop
The Tile Shop (Nasdaq:TTS) is a leading
specialty retailer of natural stone and man-made tiles, setting and
maintenance materials, and related accessories in the United
States. The Company offers a wide selection of high-quality
products, exclusive designs, knowledgeable staff and exceptional
customer service in an extensive showroom environment. Each store
is outfitted with full-room tiled displays which are enhanced by
the complimentary Design Studio, a collaborative platform to create
customized 3D design renderings to scale, allowing customers to
bring their design ideas to life. The Tile Shop currently operates
140 stores in 31 states and the District of Columbia.
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. Join The Tile Shop (#thetileshop) on Facebook,
Instagram, Pinterest and Twitter. Non-GAAP
Financial Measures
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. Adjusted EBITDA margin is equal to
Adjusted EBITDA divided by net sales. The Company calculates Pretax
Return on Capital Employed by taking income from operations divided
by capital employed. Capital employed equals total assets less
accounts payable, income taxes payable, other accrued liabilities,
deferred rent, 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.
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’s 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’s
financial measures with other specialty retailers, many of which
present similar non-GAAP financial measures to investors.
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’s 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.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking
statements” within the meaning of the “safe harbor” 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 “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” 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’s 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 those statements are
made and/or management’s 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’s stores. 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 SEC by the
Company.
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Balance
Sheets($ in thousands, except share
data)
|
|
(Unaudited) |
|
(Audited) |
|
|
June 30, |
|
December 31, |
|
|
2019 |
|
2018 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,403 |
|
|
$ |
5,557 |
|
Restricted cash |
|
|
825 |
|
|
|
825 |
|
Receivables, net |
|
|
4,961 |
|
|
|
3,084 |
|
Inventories |
|
|
106,657 |
|
|
|
110,095 |
|
Income tax receivable |
|
|
3,646 |
|
|
|
3,548 |
|
Other current assets, net |
|
|
7,412 |
|
|
|
7,181 |
|
Total Current Assets |
|
|
127,904 |
|
|
|
130,290 |
|
Property, plant and equipment,
net |
|
|
140,636 |
|
|
|
158,356 |
|
Right of use asset |
|
|
142,087 |
|
|
|
- |
|
Deferred tax assets |
|
|
5,290 |
|
|
|
7,225 |
|
Other assets |
|
|
1,408 |
|
|
|
1,759 |
|
Total
Assets |
|
$ |
417,325 |
|
|
$ |
297,630 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
23,600 |
|
|
$ |
25,853 |
|
Income tax payable |
|
|
30 |
|
|
|
179 |
|
Current portion of lease
liability |
|
|
25,997 |
|
|
|
- |
|
Other accrued liabilities |
|
|
25,395 |
|
|
|
24,484 |
|
Total Current Liabilities |
|
|
75,022 |
|
|
|
50,516 |
|
Long-term debt |
|
|
63,000 |
|
|
|
53,000 |
|
Long-term lease liability,
net |
|
|
137,340 |
|
|
|
- |
|
Financing lease obligation,
net |
|
|
358 |
|
|
|
436 |
|
Deferred rent |
|
|
- |
|
|
|
43,579 |
|
Other long-term
liabilities |
|
|
3,582 |
|
|
|
3,752 |
|
Total
Liabilities |
|
|
279,302 |
|
|
|
151,283 |
|
|
|
|
|
|
|
|
Stockholders’
Equity: |
|
|
|
|
|
|
Common stock, par value
$0.0001; authorized: 100,000,000 shares; issued and outstanding:
50,615,489 and 52,707,879 shares, respectively |
|
|
5 |
|
|
|
5 |
|
Preferred stock, par value
$0.0001; authorized: 10,000,000 shares; issued and outstanding: 0
shares |
|
|
- |
|
|
|
- |
|
Additional
paid-in-capital |
|
|
157,961 |
|
|
|
172,255 |
|
Accumulated deficit |
|
|
(19,889 |
) |
|
|
(25,857 |
) |
Accumulated other
comprehensive loss |
|
|
(54 |
) |
|
|
(56 |
) |
Total Stockholders'
Equity |
|
|
138,023 |
|
|
|
146,347 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
417,325 |
|
|
$ |
297,630 |
|
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of
Operations($ in thousands, except share, and per
share data)(Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net sales |
|
$ |
88,903 |
|
|
$ |
92,914 |
|
|
$ |
175,811 |
|
|
$ |
184,048 |
|
Cost of sales |
|
|
27,543 |
|
|
|
27,602 |
|
|
|
52,609 |
|
|
|
54,698 |
|
Gross profit |
|
|
61,360 |
|
|
|
65,312 |
|
|
|
123,202 |
|
|
|
129,350 |
|
Selling, general and
administrative expenses |
|
|
60,562 |
|
|
|
57,870 |
|
|
|
119,510 |
|
|
|
115,797 |
|
Income from operations |
|
|
798 |
|
|
|
7,442 |
|
|
|
3,692 |
|
|
|
13,553 |
|
Interest expense |
|
|
(943 |
) |
|
|
(597 |
) |
|
|
(1,921 |
) |
|
|
(1,151 |
) |
Other income |
|
|
2 |
|
|
|
37 |
|
|
|
17 |
|
|
|
72 |
|
(Loss) income before income
taxes |
|
|
(143 |
) |
|
|
6,882 |
|
|
|
1,788 |
|
|
|
12,474 |
|
Provision for income
taxes |
|
|
(11 |
) |
|
|
(1,924 |
) |
|
|
(622 |
) |
|
|
(3,505 |
) |
Net (loss)
income |
|
$ |
(154 |
) |
|
$ |
4,958 |
|
|
$ |
1,166 |
|
|
$ |
8,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.00 |
|
|
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
50,999,341 |
|
|
|
51,887,094 |
|
|
|
51,476,442 |
|
|
|
51,884,402 |
|
Diluted |
|
|
50,999,341 |
|
|
|
52,019,881 |
|
|
|
51,573,410 |
|
|
|
51,996,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
Tile Shop Holdings, Inc. and
SubsidiariesRate
Analysis(Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Gross margin rate |
|
69.0 |
% |
|
70.3 |
% |
|
70.1 |
% |
|
70.3 |
% |
SG&A expense rate |
|
68.1 |
% |
|
62.3 |
% |
|
68.0 |
% |
|
62.9 |
% |
Income from operations margin
rate |
|
0.9 |
% |
|
8.0 |
% |
|
2.1 |
% |
|
7.4 |
% |
Adjusted EBITDA margin
rate |
|
11.0 |
% |
|
16.2 |
% |
|
12.2 |
% |
|
15.7 |
% |
Tile Shop Holdings, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows($ in
thousands)(Unaudited)
|
|
Six Months Ended |
|
|
June 30, |
|
|
2019 |
|
|
2018 |
|
Cash Flows From
Operating Activities |
|
|
|
|
|
|
Net income |
|
$ |
1,166 |
|
|
$ |
8,969 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation & amortization |
|
|
16,200 |
|
|
|
13,978 |
|
Amortization of debt issuance costs |
|
|
298 |
|
|
|
338 |
|
Loss on disposals of property, plant and equipment |
|
|
85 |
|
|
|
344 |
|
Stock based compensation |
|
|
1,509 |
|
|
|
1,215 |
|
Deferred income taxes |
|
|
285 |
|
|
|
1,019 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
(1,878 |
) |
|
|
(836 |
) |
Inventories |
|
|
3,438 |
|
|
|
(15,167 |
) |
Prepaid expenses and other assets |
|
|
(290 |
) |
|
|
(1,217 |
) |
Accounts payable |
|
|
496 |
|
|
|
2,016 |
|
Income tax receivable / payable |
|
|
(136 |
) |
|
|
2,281 |
|
Accrued expenses and other liabilities |
|
|
786 |
|
|
|
6,336 |
|
Net cash provided by operating
activities |
|
|
21,959 |
|
|
|
19,276 |
|
Cash Flows From
Investing Activities |
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(17,823 |
) |
|
|
(13,149 |
) |
Proceeds from insurance |
|
|
610 |
|
|
|
15 |
|
Net cash used in investing
activities |
|
|
(17,213 |
) |
|
|
(13,134 |
) |
Cash Flows From
Financing Activities |
|
|
|
|
|
|
Payments of long-term debt and financing lease obligations |
|
|
(33,102 |
) |
|
|
(32,638 |
) |
Advances on line of credit |
|
|
43,000 |
|
|
|
35,000 |
|
Dividends paid |
|
|
(5,212 |
) |
|
|
(5,200 |
) |
Repurchases of common stock |
|
|
(10,455 |
) |
|
|
- |
|
Employee taxes paid for shares withheld |
|
|
(136 |
) |
|
|
(30 |
) |
Net cash used in financing
activities |
|
|
(5,905 |
) |
|
|
(2,868 |
) |
Effect of exchange rate
changes on cash |
|
|
5 |
|
|
|
(8 |
) |
Net change in cash |
|
|
(1,154 |
) |
|
|
3,266 |
|
Cash, cash equivalents and
restricted cash beginning of period |
|
|
6,382 |
|
|
|
7,476 |
|
Cash, cash equivalents
and restricted cash end of period |
|
$ |
5,228 |
|
|
$ |
10,742 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,403 |
|
|
$ |
9,907 |
|
Restricted cash |
|
|
825 |
|
|
|
835 |
|
Cash, cash equivalents
and restricted cash end of period |
|
$ |
5,228 |
|
|
$ |
10,742 |
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
Purchases of property, plant and equipment included in accounts
payable and accrued expenses |
|
$ |
1,225 |
|
|
$ |
1,488 |
|
Cash paid for interest |
|
|
1,828 |
|
|
|
1,124 |
|
Cash paid for income taxes, net |
|
|
471 |
|
|
|
186 |
|
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