Tuesday Morning sees improved profitability

DALLAS Tuesday Morning reported that, as previously announced, net sales for the fourth quarter of fiscal 2010 were $200.8 million compared with $188.7 million for the quarter ended June 30, 2009, an increase of 6.4%. Comparable-store sales for the quarter ended June 30 increased 6% and was comprised of a 5.7% increase in traffic and a 0.3% increase in average ticket. Net income for the quarter ended June 30, 2010 was $1.3 million, or 3 cents per diluted share, compared with a net loss of $1.6 million, or a 4 cents loss per diluted share, for the same period last year.

For the fiscal year ended June 30, net sales were $828.3 million compared with $801.7 million for the year ended June 30, 2009, an increase of 3.3%. Comparable-store sales increased by 2.2% for the fiscal year. This increase in comparable-store sales was comprised of a 3.4% increase in traffic offset by a 1.2% decrease in average ticket. For the fiscal year ended June 30, the company had earnings per diluted share of 25 cents versus 0 cents for fiscal 2009.

Kathleen Mason, president and CEO, stated, "We posted solid improvements in both the fourth quarter and fiscal year 2010 sales and earnings. For the third consecutive quarter, we achieved positive comparable-store sales increases. This top-line improvement driven by a steady increase in traffic demonstrates that our customers continue to be attracted to our value proposition."

For the fiscal year ending June 30, 2011, Tuesday Morning said it expects net sales to be between $870 million and $880 million and comparable-store sales in the positive low single digits. Diluted earnings per share are expected to be between 39 cents and 43 cents.