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Tuesday Morning Cuts Earnings Outlook

Closeout retailer Tuesday Morning lowered its fiscal year guidance for the year ending June 30, 2008 to earnings in the range of $0.58 - $0.65 per diluted share — a pronounced correction, representing a more than 25% reassessment downward.

Projected sales for the year are now $943 million to $955 million, with low single-digit negative comps.

Previous guidance (given Oct. 31) was for sales of $987-$997 million and EPS of $0.85 - $0.90. Comp guidance had been flat to positive 1.5%.

"Revenues for the quarter have fallen short of our expectations due to the continued pressures on the home furnishings sector," said Kathleen Mason, president and ceo of the 831-store chain.

Tuesday Morning is No.17 on the HTT Top 50 Retailing Giants list, with 2006 home textiles sales of $263 million.

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