Tuesday Morning Corporation announces 4Q and FY 2012 results

Home Accents Today Staff -- Home Accents Today, 8/20/2012 4:35:38 PM

DALLAS - Tuesday Morning Corporation reported that net sales for the fourth quarter of fiscal 2012 were $196.4 million compared to $194.8 million for the quarter ended June 30, 2011, an increase of 0.8%. Comparable store sales increased 0.2% for the fourth quarter of fiscal 2012 compared to the same period last year.

The increase in comparable store sales was comprised of a 2.9% increase in average ticket offset by a 2.7% decrease in traffic.

Net loss for the fourth fiscal quarter ended June 30, 2012 was $2.0 million, or $0.05 per share, compared to a net loss of $1.4 million, or $0.03 per share, for the same period last year. Excluding costs associated with the departure of the former CEO, net loss for the fourth fiscal quarter ended June 30, 2012 was $0.7 million, or a $0.02 per share.

For the fiscal year ended June 30, 2012, net sales were $812.8 million compared to $821.2 million for fiscal 2011, a decrease of 1.0%. Comparable store sales decreased 3.1% for the fiscal year ended June 30, 2012 compared to fiscal 2011.

The decrease in comparable store sales was comprised of a 3.3% decrease in traffic, partially offset by a 0.2% increase in average ticket. For the fiscal year ended June 30, 2012, the company had earnings per diluted share of $0.09 versus $0.22 for fiscal 2011. Excluding costs associated with the departure of the former CEO, earnings per diluted share was $0.12.

Michael Marchetti, president and interim CEO, said, "As we move into the new fiscal year, we are focused on improving our sales performance. Innovative sourcing of new merchandise, implementing merchandise initiatives with respect to better allocation and in-stock positions, improved e-commerce performance, a new customer loyalty program, and continued improvement in our store portfolio are all being deployed to drive sales growth and improve profitability. With our strong balance sheet, characteristic cost discipline and the initiatives to drive sales, we are well positioned to deliver improved financial performance in fiscal 2013."