Tuesday Morning Narrows Loss in Third Quarter
DALLAS-Closeout retailer Tuesday Morning posted a third-quarter net loss of $3.6 million, as compared to the $4.3 million net loss reported in the third quarter of its last fiscal year.
The company thinned out the red ink primarily thanks to a 13.5 percent increase in net sales, to $174.3 million, in the quarter. The sales pickup included a same-store-sales increase of 0.7 percent in the quarter, which ended on March 31.
This gain and a relatively flat picture in cost of goods sold improved Tuesday Morning's gross margin by 73 basis points, to 38.3 percent. Selling, general and administrative expenses rose by 1.6 percent in dollar terms and gained 10 basis points as a percentage of sales, to 41.3 percent.
Tuesday Morning said it expects net sales for fiscal year 2011, which ends on June 30, to total between $830 million and $836 million. This would represent an increase of between 0.2 percent and 0.9 percent over fiscal 2010.