Tuesday Morning reports FY Q1 results in line with the Street
Tuesday Morning Corp. (Nasdaq: TUES), closeout retailer of upscale home furnishings, house wares and gifts, today reported results for the first quarter of fiscal 2008 in line with analysts’ estimates.
For the three months ended Sept. 30, the Dallas, Texas-based company recorded net income of $1.2 million, or $0.03 per diluted share, right in line with the consensus of 14 analysts polled by Thomson Financial. For the same quarter last year, the company earned net income of $3.2 million, or $0.08 per diluted share.
Net sales were $201.7 million, in line with the consensus of eleven analysts polled by Thomson Financial. Tuesday Morning booked $194.4 million in sales in the same period last year.
Tuesday Morning attributed the increase in sales to sales from non-comparable stores of $13.8 million offset by a decrease in comparable store sales of 1.5%. The small cap said the decrease in comparable store sales was comprised of a 0.7% decrease in traffic and a 0.8% decline in average ticket.
The company said it’s positioned to “profitably grow sales” and produce positive operating cash flow in its second quarter.
Going forward the firm provided full year revenue guidance in the range of $987 million to $997 million, while Tuesday Morning guided for earnings per share of between $0.85 and $0.90, with the assumption that comparable store sales are flat to positive 1.5%.
Shares of Tuesday Morning (TUES)were halted in pre-market trading.
