Tuesday Morning Posts $1.4 Million Net Loss in Fourth Quarter
August 23, 2011,
DALLAS-A drop in sales and an increase in expenses brought Tuesday Morning's fiscal year to a laggard end, with a net loss for the fourth quarter of $1.4 million, compared to net income of $1.3 million in last year's fourth quarter.
Net sales for the closeout retailer slipped 3 percent to $194.8 million in the quarter, which ended on June 30. Selling, general and administrative expenses were up 1.1 percent in dollars and 161 basis points as a percentage of sales, to 38.1 percent. Gross margin fell 85 basis points to 37.3 percent.
For the fiscal year as a whole, Tuesday Morning's net income totaled $9.6 million, down 11 percent from the prior year. Net sales edged down 0.9 percent to $821.2 million.