Losses lessen at Tuesday Morning
Closeout retailer Tuesday Morning said its total sales increased 4.2% to $172.8 million and same store sales increased 4.3% during the company’s first quarter ended Sept. 30. Given the better than expected sales results at its 840 stores, the company indicated its loss per share would be in the range of five cents to seven cents, less than the loss of 11 cents a share in the same quarter the prior year.
“The positive momentum of our business continued in the first quarter as reflected in the fourth consecutive increase in both comparable store sales and customer traffic,” said Kathleen Mason, president and CEO. “Lower average ticket was an indicator that the customer remains cautious with spending discretionary income. However, the results are evidence that our value proposition continues to resonate with our customer in this uncertain economic environment.”
The company is scheduled to report first quarter financial results on Oct. 25.