Tuesday Morning posts 3Q loss
Home & Textiles Today Staff -- Home Textiles Today, April 27, 2009
Dallas -- 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 of 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 in the range of 0 cents to 5 cents and comps in the negative low double digits.