Tuesday Morning cuts earnings outlook by more than 25%
By Staff -- Home Textiles Today, 12/18/2007 12:33:00 PM
Dallas – Closeout retailer Tuesday Morning lowered its fiscal year guidance for the year ending June 30, 2008 to earnings in the range of $0.58 - $0.65 per diluted share – a pronounced correction, representing a more than 25% reassessment downward.
Projected sales for the year are now $943 million to $955 million, with low single-digit negative comps.
Previous guidance (given Oct. 31, upon reporting of fiscal first quarter results) had called for sales of $987 million to $997 million and EPS of $0.85 - $0.90. Comp guidance had been flat to positive 1.5%.
"Revenues for the quarter have fallen short of our expectations due to the continued pressures on the home furnishings sector," said Kathleen Mason, president and ceo of the 831-store chain.
Tuesday Morning is No.17 on the HTT Top 50 Retailing Giants list, with 2006 home textiles sales of $263 million. The company will report its second quarter results on Jan. 10.
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