Tuesday Morning reports Q1 sales below the Street, issues earnings guidance
Tuesday Morning Corp. (Nasdaq: TUES), a closeout retailer of upscale, decorative home accessories, reported net sales for its first fiscal quarter below the consensus on Wall Street and guided for earnings below expectations.
For the three months ended Sept. 30, the Dallas, Texas-based company booked sales of $201.7 million, below the $206.05 million in sales that seven analysts polled by Thomson Financial were expecting. For the same quarter last year, the company racked up $194.4 million in sales.
Comparable store sales declined 1.5% for the first quarter due to a decrease in traffic of 0.7% and a decrease in ticket of 0.8%.
Based on its first quarter sales results, the company said it currently expects earnings per share for the first quarter to be in the range of $0.02 to $0.03. Earnings per share were $0.08 for the third quarter last year. Seven analysts polled by Thomson Financial are on average forecasting earnings of $0.07 per share.
Shares of Tuesday Morning (TUES) were halted in pre-market trading.
