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TTS

Tile Shop

$13.20

0.5 (3.94%)

17:02
10/02/17
10/02
17:02
10/02/17
17:02

Tile Shop reports preliminary Q3 revenue roughly $84M, consensus $87.17M

Comparable store sales growth for the third quarter is expected to approximate 1%. Comparable store sales growth for the third quarter of 2016 was 5.7%. Gross margin for the third quarter of 2017 is expected to be approximately 66 to 67% compared with 70.2% for the third quarter of 2016. Selling, general and administrative costs for the third quarter of 2017 are expected to be approximately $52M compared with $47.4M for the third quarter of 2016. "A more competitive environment led to weaker than expected results in our third quarter," said CEO Chris Homeister. "Additionally, we are seeing increased demand for opening price point offerings, and are in the process of introducing new products to our assortment as a result. In response to these challenges, we increased our promotions, competitive pricing and advertising in the quarter. When we increased these items, we achieved better results in both sales and gross profit dollars. However, this activity in combination with product mix changes will result in a meaningfully lower gross margin percentage in the third quarter. We are focused on completing our annual product transition, adding more opening price point products to the assortment and making refinements to our approach on promotions."

TTS Tile Shop
$13.20

0.5 (3.94%)

07/19/17
LOOP
07/19/17
INITIATION
Target $15
LOOP
Hold
Tile Shop initiated with a Hold at Loop Capital
Loop Capital analyst Anthony Chukumba started Tile Shop Holdings with Hold rating and $15 price target. The analyst feels the company's "attractive long-term prospects" are fully reflected in its stock price at current levels.
07/20/17
07/20/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tesla (TSLA) initiated with a Neutral at Citi. 2. Johnson & Johnson (JNJ) reinstated with an Outperform at Credit Suisse. 3. Tile Shop (TTS) initiated with a Hold at Loop Capital. 4. Spring Bank Pharmaceuticals (SBPH) initiated with an Overweight at Cantor. 5. Discovery (DISCA) and Scripps Networks (SNI) were initiated with a Market Perform at Wells Fargo. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/27/17
PIPR
09/27/17
DOWNGRADE
Target $14
PIPR
Neutral
Tile Shop downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Peter Keith downgraded Tile Shop to Neutral citing concerns of another comp and earnings miss for Q3 as well as potential for a full year guide-down. The analyst's concerns are based on a "substantially" high number of out-of-stocks witnessed at multiple stores. He believes the Tile Shop store base appears to be going through a large product transition cycle. Keith cut his price target on the shares to $14 from $19.
09/27/17
09/27/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Walgreens Boots Alliance (WBA) downgraded to Market Perform at Raymond James with analyst John Ransom saying Walgreens' premium valuation is not warranted and prefers Outperform rated CVS (CVS) given challenging relative comps, a weakening industry backdrop with flat FE sales and moderating Rx trends, modest accretion from the Rite Aid (RAD) acquisition, lack of further cost cutting actions, slightly larger exposure to Puerto Rico and Florida, and UK exposure, among other reasons. 2. trivago (TRVG) downgraded to Neutral from Overweight at JPMorgan with analyst Doug Anmuth saying the shares could be range-bound for a longer period of time as the company works through bidding adjustments from large advertisers like Priceline (PCLN) and rolls out its performance attribution model. 3. Tile Shop (TTS) downgraded to Neutral from Overweight at Piper Jaffray analyst Peter Keith citing concerns of another comp and earnings miss for third quarter as well as potential for a full year guide-down. 4. Intuit (INTU) downgraded to Underperform from Market Perform at Raymond James with analyst Wayne Johnson citing concerns the tax business is becoming more challenging to grow and maintaining 60% operating margin will be difficult. 5. Kornit Digital (KRNT) downgraded to Neutral from Buy at Citi with analyst Kenneth Wong saying customer delays worsened after the company announced preliminary revenue well below its previous guidance range. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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