Tuesday Morning Reports Year-End Results

Dallas Tuesday Morning Corp. reported that sales for its 2008 fiscal year were down 4.2% from fiscal 2007, $885.3 million vs. $924.2 million. Same-store sales decreased 7.6%, attributed to a 6.6% decline in store traffic and a 1% decline in the average ticket.

In the company’s prepared statement, president and chief executive Kathleen Mason, stated, "Record increases in energy and food prices, coupled with the prolonged housing and credit crisis, sharply restricted our customers' disposable income during the quarter. Despite these pressures, we were able to control inventory and expenses to partially offset the decline in demand. We continue to compete with liquidation sales in a struggling home-furnishings sector, but remain focused on achieving annual profits and maintaining our strong balance sheet."