Tile Shop misses by $0.10, misses on revs; comps -4.9%; traffic weakened during Q4 due in part to a shift in promotional strategy; names Cabell Lolmaugh as COO
- Reports Q4 (Dec) loss of $(0.05) per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of $0.05; revenues rose 2.6% year/year to $78.58 mln vs the $84.22 mln Capital IQ Consensus.
- Comparable store sales declined -4.9% in Q4, +0.5% for all of 2017.
- Traffic weakened during Q4 due in part to the company's shift in promotional strategy. "During the fourth quarter, we focused on improving our product assortment, identifying opportunities to better serve our professional customers, and de-emphasizing price promotions."
- "Company performance in the second half of the year was not reflective of our position within the flooring industry as the preeminent place to romance your home with unique and premium tile....We believe we are taking the right steps to deliver better financial results and best position the Company for long-term success."
- 2018 Outlook: Three new store openings in 2018...Longer term, the co remains committed to achieving both Adjusted EBITDA margin and pretax return on capital employed of greater than 20%.
- As announced on October 27, 2017, the company's founder and former CEO, Robert Rucker, is serving as the interim CEO until the company's Board of Directors identifies a permanent replacement. Effective February 19, 2018, the co appointed Cabell Lolmaugh as Chief Operating Officer.
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