Tuesday 'Mourning': Reports 1Q comps fall

DALLAS Tuesday Morning today reported a comparable-sales decrease of 1.5% for its first quarter, citing weakness in the housing market.

Kathleen Mason, president and ceo, stated, "While we are disappointed with first quarter results, which reflect the challenging home furnishings environment and weakness in the housing market, we remain focused on long-term growth and profitability."

The company reported net sales for the first quarter of $201.7 million, up 3.7% from sales of $194.4 million last year.

Based on the first quarter sales results, the company currently expects diluted earnings per share for the first quarter to be in the range of 2 cents to 3 cents. Diluted earnings per share were 8 cents for the quarter ended September 30, 2006.