Tuesday Morning makes strides in Q2
Home Textiles Today Staff -- Home Textiles Today, 1/8/2013 1:12:43 PM
Dallas -- Tuesday Morning Corporation today reported a 4.5% increase in its second quarter net sales to $285.3 million, compared to $273.1 million a year ago.
More good news was a 5.6% jump in comparable store sales for the period, ended Dec.31. This gain was comprised of a 5.3% increase in average ticket and a 0.3% increase in traffic.
Year to date, net sales were up 3.2% to $458.1 million versus $443.7 million last year, and comparable store sales also increased 3.2%.
Brady Churches, president and ceo, said the company's favorable results "reflect healthy demand for textiles and cool weather merchandise, enthusiastic customer response to our November and December events, and stronger company-wide merchandising strategies."
He added the company expects to incur a one-time charge in its fiscal second quarter for strategic adjustments, predominantly inventory valuation, "enabling us to end the quarter with a cleaner inventory balance and better positioning us for the quarters ahead."
Tuesday Morning also reported that, commencing with this second quarter sales report, the company will no longer provide net income estimates with sales figures, but will instead consolidate all such reporting in its earnings reports.
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