Tuesday Morning expects to narrow loss in Q4

DALLAS — Tuesday Morning reported net sales for the fourth quarter ended June 30 of $196.4 million compared with $194.8 million for the quarter ended June 30, 2011, an increase of 0.8%. Comparable-store sales for the quarter ended June 30 increased by 0.2% compared with the same period last year, which was comprised of a 2.7% decrease in traffic and a 2.9% increase in ticket.

For the fiscal year ended June 30, 2012, net sales were $812.8 million compared with $821.1 million for fiscal 2011. Comparable-store sales for the fiscal year ended June 30 decreased 3.1% compared with fiscal 2011.

Based upon the results of the fourth quarter, the company currently expects a loss per share for the fourth quarter of fiscal 2012 to be in the range of 1 cent to 2 cents. Loss per share for the quarter ended June 30, 2011 3 cents. For the fiscal year ended June 30, the company expects diluted earnings per share to be in the range of 12 cents to 13 cents before costs associated with the departure of the CEO compared with 22 cents for fiscal 2011.

Michael Marchetti, president and interim CEO, stated, "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."