Tuesday Morning sees net sales, comps inch upward in Q1

HTT Staff -- Home Textiles Today, 10/9/2012 11:23:13 AM

Dallas - Tuesday Morning's new president and ceo, Brady Churches, said he is looking forward to improving the closeout retailer's business upon the release of its first quarter preliminary report, which included modest increases in sales and comps.

The 840-unit chain saw net sales increase by 1.3% to $172.8 million in the quarter ended Sept. 30, compared to $170.7 million a year ago.

Comps rose 1.7%, comprised of a 4.7% increase in average ticket offset by a 3.0% decrease in traffic.

The company noted that "absent one-time items," net loss for the first quarter of fiscal 2013 is expected to increase modestly versus the same period last year. Full results will released Oct. 22 and Churches plans to discuss the company's forward-looking strategy at that time.

Churches, who has been on the job for only five weeks, said: "There is significant room for improvement on multiple fronts, and there remains much work to be done."