DALLAS, Oct. 9, 2008 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the first quarter ended September 30, 2008 were $173.4 million compared to $201.7 million for the quarter ended September 30, 2007, a decrease of 14.0%. Comparable store sales for the quarter ended September 30, 2008 decreased by 17.3% comprised of a 14.0% decrease in traffic and a 3.3% decrease in average ticket. 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 ($0.09) to ($0.11) compared to $0.03 for the same period last year.
Our business was impacted in September by severe weather conditions stemming from hurricanes Ike and Gustav. These hurricanes hit during a major sales event causing a loss in comparable store sales of approximately $4.2 million and a negative effect on earnings per share of approximately $0.02. Without the impact of hurricanes Ike and Gustav, earnings per share for the quarter would have been in the range of ($0.07) to ($0.09).
"Our September direct mail event began on a positive note but was impacted by the hurricanes as well as the unprecedented financial crisis. The latter served to impact sales for the remainder of September," stated Kathleen Mason, President and Chief Executive Officer. "Our customer is especially cautious with discretionary spending during this time of economic uncertainty. We continue to focus on managing our inventories and keeping expenses in line with revenues."
Tuesday Morning Corporation management will review first quarter financial results in a teleconference call on October 28, 2008 at 10:00 a.m. Eastern Time. The Company will release first quarter results prior to the call.
About Tuesday Morning
Tuesday Morning is a leading closeout retailer of upscale, decorative home accessories, housewares and famous-maker gifts in the United States. The Company opened its first store in 1974 and currently operates 851 stores in 45 states. Tuesday Morning is nationally known for bringing its more than 9.0 million loyal customers a unique treasure hunt of high-end, first quality, brand name merchandise...never seconds or irregulars...at prices well below those of department and specialty stores and catalogues.
This press release contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which are based on management's current expectations, estimates and projections. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "expect," "anticipate," "believe," "estimate," "intend" and similar words, although some forward-looking statements are expressed differently.
