DALLAS–Blaming a “slump in the home furnishings sector,” Tuesday Morning, the large discounter of upscale housewares, today reported a third-quarter loss of $4.7 million, based on a 5.7 percent drop in sales compared with the same period the year before.
For the quarter, which ended March 31, the retailer’s 11 cents loss per diluted share compared with a gain of 3 cents in the year-ago period.
Total sales for the period were $178.4 million, down from $189.15 million a year ago, and comparable-store sales were down 8.2 percent.
Kathleen Mason, president and chief executive officer, said the poor showing was a reflection of the downward trend of home furnishings in general, “not a deterioration in the company’s execution.”
The company said it expects comp-store sales for the full fiscal year to be “in the negative midsingle digits.”