Tuesday Morning Posts Third-Quarter Loss

Tuesday Morning's net loss for the third quarter widened to $6.8 million, or 16 cents per share compared to a net loss of $4.7 million or 11 cents per share in the year-ago period.

For the quarter ended March 31, sales fell 6.4% to $167 million, with comps dropping 9.5%. Tuesday Morning said comps were comprised by a 1.7% decrease in traffic and a 7.8% decline in average ticket.

President and ceo Kathleen Mason said traffic improved over the quarter and sounded a hopeful note. While economic conditions remain uncertain, we have consistently maintained a strong balance sheet, managed inventory levels and generated positive cash flow.

For the nine-month period, net income was $1.6 million, or 4 cents per share, off 91% from net income of $17.0 million, or 41 cents per share in last year's period.

Sales fell 11% to $613.1 million, with comps off 14.2%.

For the fiscal year, Tuesday Morning in projecting sales in the range of $800 million to $810 million, diluted earnings per share it.

Tuesday Morning

QTR. 3/31 (x000) 2009 2008 % CHANGE
(loss)
Sales $167,000 $178,400 -6.4%
Oper. Income (EBIT) (9,388) (7,358)
Net income (6,828) (4,697)
Per share (diluted) (0.16) (0.11)
Average gross margin 37% 36%
SG&A expenses 42% 40%
NINE MONTHS
Sales 613,789 $688,789 -10.9%
Oper. Income (EBIT) 4,436 30,047 -85.2
Net income 1,585 16,994 -90.7
Per share (diluted) 0.04 0.41 -90.2
Average gross margin 37% 37%
SG&A expenses 36% 33%


Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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