Tuesday Morning lowers expectations
December 14, 2004,
DALLAS — Tuesday Morning Corporation has revised downward its guidance for the fourth quarter and year ending Dec. 31.
Diluted earnings per share for the fourth quarter of 2004 are now expected to be flat at approximately 83 cents. Diluted earnings for the fourth quarter of last year were 83 cents, which included a 6 cent charge for the early extinguishment of debt. Analysts had predicted earnings per share to be $1.05 for the quarter.
For the year ending Dec. 31, total sales are projected to be approximately $890 million, up over 8 percent versus $822.6 million in the prior year period. Year-over-year same-store sales are anticipated to be down low single digits. Based on these sales results, diluted earnings per share for the fiscal year 2004 are now expected to be up over 10 percent to approximately $1.44, down from the company’s July guidance of $1.67 to $1.69 per share.
Diluted earnings for fiscal 2003 were $1.29, which included a 6 cent charge for the early extinguishment of debt taken in the fourth quarter.