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Tuesday Morning Corporation Announces First Quarter Fiscal 2010 Sales

Tuesday Morning Corporation Announces Third Quarter Fiscal 2009 Results

GlobeNewswire

Posted: 2009-04-27 08:00:00

DALLAS, April 27, 2009 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today reported that as previously announced, net sales for the third quarter of fiscal 2009 were $167.0 million compared to $178.4 million for the quarter ended March 31, 2008, a decrease of 6.4%. Comparable store sales decreased 9.5% for the quarter ended March 31, 2009 compared to the same quarter in the prior year. The decrease in comparable store sales was comprised of a 1.7% decrease in traffic and a 7.8% decrease in average ticket. Net loss for the third quarter ended March 31, 2009 was $6.8 million or $0.16 per diluted share, compared to a net loss of $4.7 million or $0.11 per diluted share during the same quarter last year.

For the nine month period ended March 31, 2009, net sales were $613.1 million compared to $688.8 million for the same period last year, a decrease of 11.0%. Comparable store sales decreased by 14.2% for the nine month period ended March 31, 2009 compared to the same period in the prior year. The decrease in comparable store sales was comprised of an 8.3% decrease in traffic and a 5.9% decrease in average ticket. For the nine month period ended March 31, 2009, net income was $1.6 million or $0.04 per diluted share compared to net income of $17.0 million or $0.41 per diluted share for the same period in the prior year. For the fiscal year 2009, sales are projected to be in the range of $800 million to $810 million, diluted earnings per share in the range of $0.00 to $0.05 and comparable store sales in the negative low double digits.

Kathleen Mason, President and Chief Executive Officer, stated, "During the March 2009 quarter, we were encouraged by the improvement in traffic. While economic conditions remain uncertain, we have consistently maintained a strong balance sheet, managed inventory levels, and generated positive cash flow."

Tuesday Morning management will review third quarter fiscal 2009 financial results in a teleconference call on April 27, 2009 at 5:00 p.m. Eastern Time.

About Tuesday Morning

Tuesday Morning is a leading closeout retailer of upscale, decorative home accessories, housewares and famous-maker gifts in the United States. The Company opened its first store in 1974 and currently operates 850 stores in 45 states. Tuesday Morning is nationally known for bringing its more than 9.0 million loyal customers a unique treasure hunt of high-end, first quality, brand name merchandise...never seconds or irregulars...at prices well below those of department and specialty stores and catalogues.

This press release contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which are based on management's current expectations, estimates and projections. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "expect," "anticipate," "believe," "estimate," "intend" and similar words, although some forward-looking statements are expressed differently. You should carefully consider statements that contain these words because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our future results of operations, our future financial positions, and our business outlook or state other "forward-looking" information.

Reference is hereby made to "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the year ended June 30, 2008 for examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements. These risks, uncertainties and events also include, but are not limited to, the following: uncertainties regarding our ability to open stores in new and existing markets and operate these stores on a profitable basis; conditions affecting consumer spending and the impact, depth and duration of the current economic recession; inclement weather; changes in our merchandise mix; timing and type of sales events, promotional activities and other advertising; increased or new competition; loss or departure of one or more members of our senior management, or experienced buying and management personnel; an increase in the cost or a disruption in the flow of our products; seasonal and quarterly fluctuations; fluctuations in our comparable store results; our ability to operate in highly competitive markets and to compete effectively; our ability to operate information systems and implement new technologies effectively; our ability to generate strong cash flows from our operations; our ability to maintain internal control over financial reporting; our ability to continue obtaining funding from external sources; our ability to anticipate and respond in a timely manner to changing consumer demands and preferences; and our ability to generate strong holiday season sales. The forward-looking statements made in this press release relate only to events as of the date on which the statements were made. We undertake no obligations to update our forward-looking statements to reflect events and circumstances after the date on which the statements were made or to reflect the occurrence of unanticipated events. statements were made or to reflect the occurrence of unanticipated events.