Tuesday Morning gears up for launch of new e-commerce functionalities

HTT Staff -- Home Textiles Today, 4/24/2012 11:26:02 AM

Dallas - After reporting comp and net sales decreases for its third quarter and year-to-date results, Tuesday Morning is working to improve sales and launch a new e-commerce site.

Kathleen Mason, president and ceo, said the 852-unit closeout chain is "on track" with the implementation of new initiatives to drive sales, and its new online platform is set to debut in the current, fourth quarter.

"And we expect our revamped site to be considerably more robust, resulting in improved functionality and customer shopping experience," she continued.

In addition, Tuesday Morning's marketing efforts also will be strengthened this quarter with the implementation of new point-of-sale software.

"We expect these initiatives, in combination with our consistent real estate optimization strategy, to begin to positively impact our business during our fourth fiscal quarter and increasingly in fiscal 2013," Mason added. "Our balance sheet remains strong with a $33 million increase in cash over last year and no outstanding borrowings under our revolving credit facility at quarter end."

Net loss for the third quarter, which ended March 31, was $4.2 million, or 10 cents per share, compared to net loss of $3.6 million, or 8 cents per share, in the year-ago quarter.

As it had reported earlier in April, Tuesday Morning's third quarter net sales declined 0.9% to $172.7 million. Comparable store sales decreased by 3.2%, comprised of a 1.8% dip in traffic and a 1.4% decline in average ticket.

Year-to-date earnings per share were 14 cents versus 25 cents for the same period in fiscal 2011.

For the nine-month period, sales slipped 1.6% to $616.4 million, and comps declined 4.1%, comprised of a 3.5% decrease in traffic and a 0.6% dip in average ticket.

The company said it is maintaining its most recent guidance for the full fiscal year ending on June 30, 2012. It includes: net sales for fiscal 2012 to be in the range of $815 million to $820 million; comparable store sales to decrease by 3.0% to 3.75%; and earnings per diluted share to be in the range of 13 cents to 16 cents.