Dallas – Declines in sales and store traffic during the first quarter will result in a loss for the period, Tuesday Morning reported.
The company now forecasts a loss per share of 11 cents to 13 cents for the period ended Sept. 30. In the year-ago quarter, the retailer posted a loss of 10 cents per share.
Sales for the first quarter fell 4.3% to $165.9 million, while comps declined 5.8%. Traffic was down by 1.7% decrease and average ticket declined by 4.1%.
"Credit and housing woes continued to impact the discretionary spending behavior of our customers," said Kathleen Mason, president and ceo. "The quarter started slowly during the 'cash for clunkers' program, but picked up in September. Our trend in comparable store sales and customer traffic continued to improve. We successfully managed inventory and kept expenses in line with revenues. Our balance sheet improved with low usage and high availability on our line of credit."
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