Tuesday Morning Q2 Net Drops 8.1 Percent on Lower Sales
January 24, 2012,
DALLAS-Second-quarter net income for closeout retailer Tuesday Morning fell 8.1 percent to $15.9 million, primarily due to reduced sales volume.
Net sales for the quarter, which ended on Dec. 31, fell 2.2 percent to $273.1 million, including a 4.6 percent fall in same-store sales. The top line, particularly comparable-store results, suffered from a 3.5 percent decrease in store traffic and a 1.1 percent drop in average ticket, Tuesday morning said in a statement.
Based on these results, Tuesday Morning is projecting net sales for the full fiscal year to total between $815 million and $820 million, with same-store sales decreasing by between 3 percent and 3.75 percent.