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Tile Shop Q3 net income drops, COO to become CEO

10/28/2014

Minneapolis –-An increase in selling, general & administrative (SG&A) expenses helped reduce net income at Tile Shop Holdings Inc. to $1.5 million, down 63% from $4.05 million in the same quarter the prior fiscal year. In addition, founder and CEO Robert Rucker will retire as CEO effective Jan. 1, 2015 and be replaced by current COO Chris Homeister, who will join the board of directors early in 2015.



Rucker will remain full-time through Aug. 1, 2015 as an advisor and will also remain on the board of directors. Other notable plans include opening 19 new stores for the full fiscal year 2014.



Net sales grew 11% to $62.8 million compared with $56.8 million for the third quarter of 2013. Same-store sales grew 0.6%. Sales at both new and existing stores continued to be impacted during the third quarter by mid-single digit year-over-year declines in existing home sales.
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