Tile Shop posts double-digit growth in Q2
Tile Shop Holdings got a big boost to its coffers in the form of a 14.7% net sales increase in the second quarter, the company reported Monday.
Net sales for the three months ended June 30 were $66.7 million, compared with $58.1 million in year-ago terms. Comparable-store sales increased 0.3%.
Net income for the quarter was $3.8 million, up from $3.6 million in the second quarter of 2013. Tile Shop also saw green for the six-month period, posting income of $7.5 million compared with a loss of $41.1 million the year before.
“Our stores delivered a slight increase in comparable store sales in the second quarter over the very strong levels achieved last year, despite a challenging environment," said CEO Robert Rucker. "Our two-year comparable-store sales growth for the quarter was 15%, which we believe continues to demonstrate that we are taking share in our industry and further validates the overall strength of The Tile Shop model."
COO Chris Homeister added that Tile Shop’s sales and operating teams delivered 70% gross margin as well as a decline in inventory levels.
Additionally, Tile Shop expanded by five new stores during the second quarter, all of which were in new markets across the country.
Rucker added that larger economic factors at play may lead to a full-year outlook for 2014 that’s substantially different than last year.
"As recently noted across many retail segments, it has become clear that certain macroeconomic factors that supported strong sales levels throughout much of 2013 have substantially weakened in 2014, most notably for our business, existing-home sales," he said. "Our expectation when the year began was that similar trends from 2013 would continue during 2014, but this has not proven to be the case.”
Pro customers can now get on-demand delivery from Lowe’s
Lowe’s is catering even further to its pro customers with the launch of ProExpress, an on-demand delivery service for emergency and last-minute supplies.
"For pros, time is money," said Mike Horn, VP ProServices. "The ProExpress program allows us to offer our pro customers the ultimate convenience and flexibility by delivering the materials they need, when they need them."
The light-duty ProExpress trucks have been operating since April of this year, delivering supplies directly to project sites and to businesses in order to restock shelves with cleaning and maintenance supplies.
The service is designed to meet needs in a variety of situations, such as providing a missing smoke detector in order to pass an inspection or supplying shingles in time for a major storm.
Pro customers can currently avail themselves of the service at more than 200 Lowe’s stores across the country.
Benjamin Moore marks Red Sox partnership with Fenway Collection
New Englanders will be able bring the colors of Fenway Park home with the help of a new limited-edition line of paints from Benjamin Moore.
The Fenway Collection has five colors — Green Monster, Boston Blue, Boston Red, Baseline White and Foul Pole Yellow — all of which have been released to commemorate the paint company’s 12-year partnership with the Boston Red Sox.
“Our collaboration with the Boston Red Sox and Fenway Park is truly special, and we’re excited to bring these colors beyond the stadium and into the lives and homes of their fans,” said Benjamin Moore’s New England sales director, Rich Gaudino. “Fenway is such an important ballpark and brings together so many people, and we are really privileged to be able to help transform New England little league fields with this collection.”
All of the colors are available by the quart in the company’s Regal Select Interior Eggshell variety, and Green Monster is also being sold by the gallon and as an exterior paint. The quarts retail for $24.99, and gallons cost $54.99.