Tuesday Morning sales up in 3rd qtr; revises outlook for 2011

Home Accents Today Staff -- Home Accents Today, 4/12/2011 9:37:00 AM

Tuesday Morning Corporation reported net sales for the third quarter ended March 31, 2011 were $174.3 million compared to $172.0 million for the same quarter last year, an increase of 1.3%. Comparable store sales for the quarter ended March 31, 2011 increased by 0.7% comprised of a 3.2% decrease in traffic and a 3.9% increase in ticket.
     For the nine-month period ended March 31, 2011, net sales were $626.4 million compared to $627.5 million during the same period last year. Comparable store sales for the nine-month period ended March 31, 2011 decreased 0.1%.
     Kathleen Mason, president and CEO said, "We achieved an increase in total sales and comparable store sales for the quarter in spite of severe weather that affected many of our stores during and around key marketing events early in the quarter. During a period of continued housing declines, as well as substantial inflation, we were able to improve earnings during the quarter, year over year."
     Tuesday Morning revised its outlook for the fiscal year ending June 30, 2011. The company expects net sales to be in the range of $830 million to $836 million, comparable store sales to be flat, capital expenditures to be $19 million, and the company expects to end this fiscal year with 10 to 13 more stores than at the end of the previous year.
     Management will hold a conference call to review third quarter financial results on April 25, 2011 at 5:00 p.m. ET.
     Tuesday Morning is a 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 839 stores in 43 states.