Tuesday Morning Profit Climbs in Second Quarter
Home & Textiles Today Staff -- Home Textiles Today, February 8, 2010
The second quarter proved a prosperous period for Tuesday Morning, as the closeout retailer reported a 46% spike in net income to $18.5 million, or 43 cents per share.
For the quarter, ended December 31, Tuesday Morning's sales grew 6.2% to $289.6 million compared to $272.7 million, and comparable store sales increased 5.1%. A 5.3% boost in traffic was offset by a 0.2% decline in average ticket.
“We were encouraged by our increase in comparable store sales and earnings, our strong balance sheet and control of inventory,” said Kathleen Mason, president and ceo.
Year-to-date results also showed more modest gains. Sales increased 2.1% to $455.5 million, and comps rose by 0.8%. Average traffic was up 2.5% and average ticket fell 1.7%.
For the six-month period, the company had earnings per share of 32 cents versus 20 cents for the same period in fiscal 2009.
Mason said cash was $57.7 million compared to $5.8 million, while inventory was down 7.5% at Dec. 31, 2009, compared to the year-earlier period. “There were no outstanding borrowings at quarter end. We are confident in our ability to continue this positive trend in our operating results for the balance of the year.”