DALLAS, Jan. 9, 2009 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the second quarter ended December 31, 2008 were $272.5 million compared to $308.7 million for the quarter ended December 31, 2007, a decrease of 11.7%. Comparable store sales for the quarter ended December 31, 2008 decreased by 14.9% comprised of a 9.6% decrease in traffic and a 5.3% decrease in ticket. For the six month period ended December 31, 2008, net sales were $446.1 million compared to $510.3 million for the same time last year. Comparable store sales for the six month period decreased 15.8% comprised of an 11.4% decrease in traffic and a 4.4% decrease in ticket.
Based on the second quarter sales results, the Company currently expects diluted earnings per share for the second quarter to be in the range of $0.30 to $0.32. Diluted earnings per share were $0.50 for the quarter ended December 31, 2007. Based upon the above results, fiscal 2009 sales are projected to be in the range of $800 million to $810 million, diluted earnings per share in the range of $.00 to $.05 and comparable store sales in the low negative double digits.
Kathleen Mason, President and Chief Executive Officer, stated, "The quarter's results reflect this challenged retail sector. The shorter holiday selling season, a highly promotional liquidation environment, and the weakest consumer confidence reports on record produced fewer shoppers who spent sharply less than in previous seasons. Our focus and goal is to maintain our strong balance sheet, remain profitable on an annual basis and continue to be the retailer of choice for first quality, branded, close-out merchandise at value driven prices."
Tuesday Morning Corporation management will review second quarter financial results, as well as guidance for fiscal 2009 in a teleconference call on January 27, 2009 at 10:00 a.m. Eastern Time. The Company will release second 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 860 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.
