Tuesday Morning reports 1Q loss

DALLAS Tuesday Morning reported that as previously announced, net sales for the first quarter of fiscal 2009 were $173.4 million compared to $201.7 million for the quarter ended Sept. 30, 2007, a decrease of 14%.

Comparable-store sales decreased 17.3% for the quarter. The decrease in comparable store sales was comprised of a 14% decrease in traffic and a 3.3% decrease in average ticket. Net loss for the first quarter was $4.3 million or (10 cents) per diluted share, compared to net income of $1.2 million or 3 cents per diluted share for the same period last year.

Kathleen Mason, president and ceo, stated, "Disposable income continues to be pressured by tight credit, food and fuel inflation, declining home values, and losses in investment accounts. Consumers are cutting back non-essential purchases."

For the fiscal year ending June 30, 2009, Tuesday Morning expects net sales to be in the range of $854 million to $859 million, comparable-store sales to be in the negative mid single digits and diluted earnings per share to be in the range of 19 cents to 21 cents.