Tuesday Morning reports 2Q loss, names new COO
DALLAS —Tuesday Morning reported that for the second quarter, the company's net sales increased 4.5% to $285.3 million, from $273.1 million in the second quarter of fiscal 2012.
The company reportd that its net loss for the quarter was $21.5 million, or 51 cents per share. The company reported net income of $15.9 million or 37 cents per share in the second quarter of fiscal 2012.
Brady Churches, president and CEO, stated, "We are pleased with our initial sales progress, which was driven by enthusiastic customer response across a range of seasonal merchandise and well-received deals during the second quarter. This does not, however, obscure the challenges ahead, which includes the need for a major revitalization across every facet of our operations. While the company has taken some positive first steps in this regard, including a difficult but necessary inventory write-down, much work remains to restore Tuesday Morning's core value proposition."
Comparable-stores sales increased by 5.6% compared to the second quarter of fiscal 2012 and were comprised of a 5.3% increase in average ticket and a 0.3% increase in traffic.
Earlier the company announced that John Rossler as EVP, COO, effective immediately. Rossler has been serving as an executive advisor to Tuesday Morning since October, 2012, and his focus has been primarily on operational efficiencies, including overall cost control, supply chain and real estate. His distinguished career in retail includes serving as president and CEO of DSW Inc. and Retail Ventures Inc.
"John Rossler is precisely the operational expert we need to help execute Tuesday Morning's revitalization," said Brady Churches, president and CEO of Tuesday Morning. "From store operations to supply chain to improved real estate strategies, the company will benefit from John's relentless attention to detail and proven retail track record."