In recent transactions, Pleasant Lake Onshore Feeder Fund LP, along with related entities, acquired shares of Tile Shop (NASDAQ:TTSH) Holdings, Inc. (NASDAQ:TTSH) amounting to a total value of approximately $156,517. The purchases took place over several days, with prices per share ranging from $6.6362 to $6.6852. According to InvestingPro data, TTSH currently trades at $6.61 with a market capitalization of $293 million and boasts impressive gross profit margins of 66%.
The acquisitions involved a series of common stock purchases, starting 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 entities collectively hold over 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 that exceeds ten 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 decrease in comparable store sales by 7.9% in Q3 2024. Despite the challenging economic environment, the company has taken measures to engage customers and enhance e-commerce capabilities. The Tile Shop's gross margin rate improved to 66.5%, a 180 basis point increase year-over-year. The company's balance sheet remains robust, holding $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 annualized savings of $2.8 million to $4.1 million. The Tile Shop anticipates that Federal Reserve interest rate cuts may improve existing home sales trends, potentially bolstering home improvement demand. New product lines, such as the Arbour collection, are expected to be ready for the 2025 spring season. Despite the decrease in store sales, the company's proactive strategies have started to show positive results. These are the recent developments for Tile Shop Holdings, Inc.
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