Tuesday Morning profits fall, home furnishings sag
October 26, 2006,
Dallas – Tuesday Morning bumped up overall revenues in the third quarter, but continued to lose ground on comp sales and profitability – and the home department remains part of the problem.
The 722-store closeout chain reported sales for the third quarter increased 1.1% to $194.4 million. For the 9 months year-to-date, revenues slid 1.1% to $589.8 million. Comparable store sales fell 4.6% for the quarter and dropped 6.9% year-to-date.
Net income for the quarter was $3.2 million, down 61% from $8.2 a year ago. Year-to-date income was $12.6 million, down 50%.