Tile Shop lower after guidance cut and audit result

Tile Shop (TTS) says an independent audit determined that that there is no evidence that financial results have been misstated in the past.

The investigation focused on the relationship of a Chinese export trading concern used by the company and its vendors, finding that undisclosed related party relationships were found to exist.

New guidance from Tile Shop: FY14 EPS of $0.43-$0.47 and revenue of $285M-$295M.

TTS -6.5% premarket

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