Home a Drag on Tuesday Morning
By Staff -- Home Textiles Today, 10/30/2006 12:00:00 AM
Tuesday Morning reported overall revenues up in the third quarter, but comp sales and profitability were down – and the home categories remain a key part of the problem.
"The home furnishings sector continues to be challenging and we are remaining flexible in our decisions and intently focused on the things we can control," said Kathleen Mason, president and ceo of the 722-store closeout chain.
Net sales for the quarter rose 1.1% to $194.4 million compared to $192.3 million for the same quarter a year ago. For the 9 months year-to-date, net sales dropped 1.1% to $589.8 million. Comps fell 4.6% for the quarter and 6.9% year-to-date. Quarterly net income was $3.2 million, down 61% from $8.2 a year ago. Year-to-date income was $12.6 million, down 50%.
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