Textiles Help Boost Tuesday Morning Q2 Same-Store Sales by 5.6 Percent
January 8, 2013,
DALLAS-Same-store sales for closeout retailer Tuesday Morning rose 5.6 percent, in part due to a strong performance from the company's textiles department, according to a preliminary report on the quarter.
Total sales in the quarter, which ended on Dec. 31, increased 4.5 percent to $285.3 million. Bobby Churches, Tuesday Morning president and CEO, said the sales gains "reflect healthy demand for textiles and cool-weather merchandise, enthusiastic customer response to our November and December events, and stronger company-wide merchandising strategies."
Churches added that Tuesday Morning will incur a one-time charge in the quarter for "strategic adjustments," mostly involving inventory valuation. The charge will enable the retailer "to end the quarter with a cleaner inventory balance and better positioning us for the quarters ahead," he said.