Tuesday Morning Narrows 4Q Loss, Posts FY Loss
September 7, 2009,
Tuesday Morning reported a loss of $1.6 million, or 4 cents per share, compared to a loss of $2.5 million or 6 cents per share in last year's fourth quarter.
"The current economic recession, a record number of bankruptcy liquidations and the continued deterioration in the housing market resulted in a steep decline in customer spending in fiscal 2009. Particularly affected were those retailers primarily in the home furnishings business," said Kathleen Mason, president and ceo.
For the fiscal year, Tuesday Morning reported a loss of $44 million, or 0 cents per share, compared to a profit last year of $14.5 million.
Sales dropped 9.4% to $801.7 million, with comps down 12.5%.
"While we are cautious in our future outlook of this environment, we are encouraged by the positive trend in our customer traffic," said Mason.
She noted that in the fourthquarter, cash flow from operations was $29.4 million compared to $23.0 million in the year-ago period. The company had no outstanding borrowings at the end of the fiscal year, she added.
For the new fiscal year, Tuesday Morning is expecting earnings per share in the range of a net loss of 2 cents to a net profit of 2 cents, with sales from $795 million to $805 million. The company will close a net of seven stores, focusing $21 million on capital expenditures on remodeling stores, improving systems and further streamlining its distribution operation.
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