Tuesday Morning sales and earnings drop
January 11, 2007-- Home Textiles Today,
Dallas -- Tuesday Morning reported fourth-quarter net sales $321.3 million, down 4.1% from $335.2 million for the same period one year ago. For the fiscal year ended Dec. 31, 2006, net sales were $911.1 million compared to $931.8 million in 2005, a decrease of 2.2%.
Comparable-store sales decreased 9.8% and 7.9% for the fourth quarter and full year period ended Dec. 31, 2006, respectively.
"Our efforts in executing our operating plans and adjusting for market conditions in the fourth quarter helped drive our results to the higher end of our expectations," stated Kathleen Mason, president and ceo. "Despite the on-going promotional home furnishings environment, we have ended the year with a significant cash position, zero debt and substantial operating income."
The 795-store closeout retailer expects diluted earnings per share for the fourth quarter to be in the range of $0.53 to $0.56, which includes approximately $0.03 per diluted share of stock option compensation expense. For fiscal year 2006, the company expects diluted earnings per share to be in the range of $0.83 to $0.86, which includes approximately $0.07 per diluted share of stock option compensation expense. Diluted earnings per share last year were $0.85 for the fourth quarter and $1.46 for the full year.
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