Tuesday Morning profits fall, home furnishings sag
Home & Textiles Today Staff -- Home Textiles Today, 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 home furnishings sector continues to be challenging and we are remaining flexible in our decisions and intently focused on the things we can control," said Kathleen Mason, president and ceo.
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%.