Tuesday Morning reports comps drop, expects 4Q loss

DALLAS Tuesday Morning reported that net sales for the fourth quarter ended June 30 were $188.7 million compared to $196.5 million for the quarter ended June 30, 2008, a decrease of 4%. Comparable-store sales for the quarter ended June 30 decreased by 6.6%, comprised of a 0.1% increase in traffic and a 6.7% decrease in average ticket.

Tuesday Morning now expects to incur a loss of between 3 cents and 5 cents per diluted share for the fourth quarter.

Despite the decrease in comparable-store sales and expectations for a loss in the fourth quarter, Tuesday Morning remains confident.

"We continue to see improvement in customer traffic and our sales remain in line with our projections in light of the uncertainty surrounding current economic conditions," said Kathleen Mason, president and CEO. "We will remain persistent in managing inventory levels and controlling operating costs."