Tuesday Morning reports 1Q sales gain

DALLAS Tuesday Morning today reported that net sales for the first quarter of fiscal 2008 were $201.7 million compared to $194.4 million in previous year, an increase of $7.3 million or 3.7%.

According to the company, the net sales increase was mainly due to an increase in sales from non-comparable stores of $13.8 million offset by a decrease in comparable-store sales of 1.5%. Net income for the first quarter was $1.2 million or 3 cents per diluted share, compared to $3.2 million or 8 cents per diluted share last year, a decrease of $2 million or 5 per diluted share.

Kathleen Mason, president and ceo, stated, "We are positioned to meet our goal to profitably grow sales and produce positive operating cash flow in the second quarter."

The company projects net sales for the fiscal year 2008 to be in the range of $987 million to $997 million. Diluted earnings per share for the same period are projected to be 85 cents to 90 cents, with the assumption that comparable store sales are flat to positive 1.5%.