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Tuesday Morning sales flat in Q4, down for fiscal year

Dallas - Tuesday Morning Corporation's fourth quarter sales and comp were practically flat year-over-year.

Net sales for the period, ended June 30, were up 0.8% to $196.4 million, and comp sales increased 0.2%, comprising of a 2.7% decrease in traffic and a 2.9% increase in ticket.

For the full fiscal year, results were weaker: net sales down 1.0% to $812.8 million and comps decreased 3.1% versus the prior year.

Based on its Q4 performance, the 852-unit off-price chain said it currently expects a loss per share for the fourth quarter of fiscal 2012 to be in the range of 1 to 2 cents. This compares to loss per share in last years fourth quarter of 3 cents.

For the recently concluded fiscal year, the company expects earnings per share to be in the range of 12 to 13 cents before costs associated with the departure of former ceo Kathleen Mason, compared EPS of 22 cents for fiscal 2011.

"We were able to achieve an increase in total sales for the quarter and are well positioned with respect to inventory and cash as we transition into a new era," summed Michael Marchetti, president and interim ceo.

The company will report full fiscal results Aug. 20.


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