Tuesday Morning Posts Third-Quarter Loss
Staff -- Home Textiles Today, 5/4/2009 12:00:00 AM
Dallas —
Tuesday Morning's net loss for the third quarter widened to $6.8 million, or 16 cents per share compared to a net loss of $4.7 million or 11 cents per share in the year-ago period.
For the quarter ended March 31, sales fell 6.4% to $167 million, with comps dropping 9.5%. Tuesday Morning said comps were comprised by a 1.7% decrease in traffic and a 7.8% decline in average ticket.
President and ceo Kathleen Mason said traffic improved over the quarter and sounded a hopeful note. While economic conditions remain uncertain, we have consistently maintained a strong balance sheet, managed inventory levels and generated positive cash flow.
For the nine-month period, net income was $1.6 million, or 4 cents per share, off 91% from net income of $17.0 million, or 41 cents per share in last year's period.
Sales fell 11% to $613.1 million, with comps off 14.2%.
For the fiscal year, Tuesday Morning in projecting sales in the range of $800 million to $810 million, diluted earnings per share it.
Tuesday Morning
| QTR. 3/31 (x000) | 2009 | 2008 | % CHANGE |
| (loss) |
|||
| Sales | $167,000 | $178,400 | -6.4% |
| Oper. Income (EBIT) | (9,388) | (7,358) | — |
| Net income | (6,828) | (4,697) | — |
| Per share (diluted) | (0.16) | (0.11) | — |
| Average gross margin | 37% | 36% | — |
| SG&A expenses | 42% | 40% | — |
| NINE MONTHS | |||
| Sales | 613,789 | $688,789 | -10.9% |
| Oper. Income (EBIT) | 4,436 | 30,047 | -85.2 |
| Net income | 1,585 | 16,994 | -90.7 |
| Per share (diluted) | 0.04 | 0.41 | -90.2 |
| Average gross margin | 37% | 37% | — |
| SG&A expenses | 36% | 33% | — |
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