Tuesday Morning shrinks net loss in Q4

Dallas —Tuesday Morning reduced net loss to $4.2 million in the fourth quarter of fiscal 2015 from $7.4 million in the same period a year earlier. Reduced selling, general and administrative (SG&A) expenses helped the retailer cut its loss.

Net sales increased 0.2% to $213 from $212.6 million, impacted by the net closure of 41 stores in the current fiscal year. Same-store sales increased 3.6%, with negative impact from a reduced clearance program.

"Our fourth quarter and fiscal 2015 performance reflects clear progress in implementing the strategic initiatives that will help ensure sustained profitability and a revitalized company built for long-term success,” said Michael Rouleau, CEO. “

During fiscal 2016, Tuesday Morning intends to continue pursuing initiatives including transitioning its merchandise strategy, improving the store portfolio, and commencing a rebuilding program.

For full year fiscal 2015, Tuesday Morning swung to net income of $10.4 million from net loss of $10.2 million in fiscal 2014. The retailer reported net sales growth of 5% to $906.4 million from $864.8 million. Same-store sales grew 7.2%.