-=Tile Shop (TTS) reported earnings on Tue 22 Oct 2019 (b/o)

Tile Shop misses by $0.04, reports revs in-line; suspends dividend and cancels share repurchase program, will delist and deregister its common stock

Reports Q3 (Sep) loss of $0.03 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.01; revenues fell 3.7% year/year to $85.94 mln vs the $85.99 mln S&P Capital IQ Consensus. Comparable store sales decreased $3.1 million, or 3.5%, for the third quarter of 2019 compared to the third 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.

"We've undertaken a thorough and thoughtful review of our cost structure, including costs associated with being a Nasdaq-listed and SEC reporting company. After careful consideration, our Board of Directors decided to voluntarily delist from Nasdaq and deregister with the SEC as we believe the savings that will benefit our shareholders outweigh the advantages of continuing as a Nasdaq-listed and SEC reporting company."

The Board of Directors decided to suspend the Company's quarterly cash dividend and cancel the Company's share repurchase program, each effective immediately, to focus on debt reduction and continued investment in strategic initiatives.