Tile Stores Gets $156k in Stock Purchase by Pleasant Lake By Investing.com
In a recent transaction, Pleasant Lake Onshore Feeder Fund LP, and related entities, acquired shares of Tile Shop (NASDAQ:) Holdings, Inc. (NASDAQ:TTSH) to a net worth of approximately $156,517. The purchase took place over several days, with prices per share ranging from $6.6362 to $6.6852. According to InvestingPro data, TTSH is currently trading at $6.61 with a market capitalization of $293 million and has an impressive gross profit margin of 66%.
The purchase involved a series of regular stock purchases, beginning with 6,500 shares on November 29, followed by 3,000 shares on December 2, and concluding with 14,000 shares on December 3. After these transactions, the businesses collectively held more than 8.6 million shares.
Pleasant Lake Onshore Feeder Fund LP and its affiliates, including Pleasant Lake Partners LLC and Fund 1 Investments, LLC, are significant shareholders in Tile Shop Holdings, maintaining a position in excess of 10 percent ownership. The shares are held for the benefit of various investment vehicles managed by these entities.
In other recent news, Tile Shop Holdings, Inc. reported a 7.9% decline in comparable store sales in Q3 2024. Despite the challenging economic environment, the company has taken steps to engage customers and improve commerce capabilities. Tile Store’s gross margin rate improved to 66.5%, a 180 basis point increase year over year. The company’s balance sheet remains strong, with $25.1 million in cash and no bank debt. The company closed its distribution center in Dayton, New Jersey, and its Beijing office, aiming for annual savings of $2.8 million to $4.1 million. The Tile Shop anticipates that the Federal Reserve’s interest rate cuts may improve existing home sales trends, potentially bolstering demand for home improvements. New product lines, such as the Arbor collection, are expected to be ready for the spring 2025 season. Despite the decline in retail sales, the company’s active strategies have begun to show positive results. These are the latest developments of Tile Shop Holdings, Inc.
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