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Tuesday Morning's 2Q a time of low single-digit declines in net sales and comps

Dallas - Up against tough comparisons from the same period last year when it posted gains, closeout home furnishings chain Tuesday Morning Corporation's net sales and comparable store sales dropped in its second quarter and year to date periods.

For the quarter, ended Dec. 31, net sales declined 3.6% to $279.3 million compared to $289.6 million for the year-ago quarter. Comparable store sales similarly decreased, by 3.2%, which comprised a 2.9% dip in traffic and a 0.3% decline in ticket.

Year to date, net sales went down slightly, by 0.6%, to $452.6 million compared to $455.5 million last year. Comparable store sales for the six-month period also decreased slightly, by 0.5%.

"Although we did not achieve a comparable sales increase for the quarter, against last year's strong 5.1% increase, we are in good inventory position heading into the third quarter," said Kathleen Mason, president and ceo. "We will continue to focus on our product offerings, real estate portfolio, and profitability."

Based on the second quarter sales results, the 842-unit retailer in 44 states currently expects diluted earnings per share for the second quarter to be in the range of 39 cents to 41 cents. Diluted earnings per share were $0.43 for the quarter ended Dec. 31, 2009.

Tuesday Morning will discuss more of its second quarter and year-to-date results during a scheduled webcast on Jan. 24.

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