Tuesday Morning (TUES) Reports 5.8% Drop in Q1 Comps; Sees Qtr. Loss of $0.11-$0.13
Tuesday Morning Corporation (Nasdaq: TUES) reports Q1 sales of $165.9 million, down 4.3% from the $173.4 million reported in the same quarter last year. Same store sales came in at down 5.8%, comprised of a 1.7% decrease in traffic and a 4.1% decrease in average ticket.
Sees a Q1 loss of $0.11-$0.13, which compares to the Street estimate of ($0.14).
"Credit and housing woes continued to impact the discretionary spending behavior of our customers," said Kathleen Mason, President and Chief Executive Officer. "The quarter started slowly during the 'cash for clunkers' program, but picked up in September. Our trend in comparable store sales and customer traffic continued to improve. We successfully managed inventory and kept expenses in line with revenues. Our balance sheet improved with low usage and high availability on our line of credit."
The Company expects to release first quarter financial results on October 27, 2009.
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