Tuesday Morning 4Q Sales Edge Up
DALLAS-Fourth-quarter net sales for closeout retailer Tuesday Morning rose 0.8 percent to $196.4 million, according to a preliminary statement on its quarterly results.
Same-store sales in the quarter, which ended on June 30, gained 0.2 percent, thanks to a 2.9 percent increase in average ticket offset by a 2.7 percent drop in traffic. For the fiscal year as a whole, Tuesday Morning posted net sales of $812.8 million, off 1 percent from the previous year, with same-store sales down 3.1 percent.
Based on these results, Tuesday Morning said it expected to record a loss per share of from 1 to 2 cents in the fourth quarter.
During the quarter, the retailer said it had relieved Kathleen Mason of her posts as president and CEO, and appointed Michael Marchetti, its executive vice president and chief operating officer, to the positions of president, chief operating officer and interim CEO. Mason had been president and CEO since 2000.
In today's statement, Marchetti said Tuesday Morning is "well positioned with respect to inventory and cash as we transition into a new era."