Tuesday Morning's fiscal Q2 net sales down 2.2% year-over-year to US$273.1M; comparable store sales down 4.6%, driven by 3.5% drop in traffic, 1.1% decrease in ticket
January 10, 2012
– Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the second quarter ended December 31, 2011 were $273.1 million compared to $279.3 million for the quarter ended December 31, 2010, a decrease of 2.2%. Comparable store sales for the quarter ended December 31, 2011 decreased by 4.6% comprised of a 3.5% decrease in traffic and a 1.1% decrease in ticket. For the six-month period ended December 31, 2011, net sales were $443.7 million compared to $452.1 million during the same period last year. Comparable store sales for the six-month period ended December 31, 2011 decreased 4.4%.
Based on the second quarter sales results, the Company currently expects diluted earnings per share for the second quarter ended December 31, 2011 to be in the range of $0.35 to $0.37. Diluted earnings per share were $0.40 for the quarter ended December 31, 2010.
We are revising our guidance for the full fiscal year ending June 30, 2012. Net sales for fiscal 2012 are expected to be in the range of $815 million to $820 million. Comparable store sales are expected to be in the range of -3.0% to -3.75% and earnings per diluted share are expected to be in the range of $0.13 to $0.16. For fiscal 2012 capital expenditures are expected to be $15 million, and we expect to increase total square footage by approximately 2%.
Kathleen Mason, President and Chief Executive Officer stated, "We continue to focus on our previously announced initiatives which we believe will begin to positively impact our business in the back half of the current fiscal year and more so in fiscal 2013. Our balance sheet at December 31, 2011 is stronger than the same period last year, especially with respect to cash and inventory."
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 861 stores in 43 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.