Tuesday Morning revenues up slightly, loss widens

DALLAS — Tuesday Morning reported that net revenue for its first quarter increased 1.3% to $172.8 million from $170.7 million in the first quarter of fiscal 2012.

Comparable-stores sales increased by 1.7% compared with the first quarter of fiscal 2012 and were comprised of a 4.7% increase in average ticket and a 3% decrease in traffic.

The company reported that net loss was $7 million or a 17 cents loss per share compared to a net loss of $5.7 million or a 13 cents loss per share in the first quarter of fiscal 2012.

Brady Churches, president and CEO, stated, "I am excited to be leading Tuesday Morning through a new era that will involve improvements in areas that include merchandising, store operations and marketing. With its unique position as a leading national closeout retailer for home-related goods and accessories, Tuesday Morning has built a loyal customer base over the years. We believe our loyal customers will respond positively to these improvements once they are implemented over the course of the next few quarters. A renewed organizational focus on our roots of delivering compelling values in our core home-related categories to our customers, in a no-frills store environment that is clean and easy to shop, will drive an improved shopping experience for our customers and increased financial returns for our shareholders."

Tuesday Morning is maintaining its full year guidance for net sales to be in the range of
$820 million to $830 million. Comparable-store sales for fiscal 2013 are expected to be roughly flat and earnings per diluted share are expected to be in the range of 18 cents to 23 cents.