DALLAS, April 13, 2009 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the third quarter ended March 31, 2009 were $167.0 million compared to $178.4 million for the quarter ended March 31, 2008, a decrease of 6.4%. Comparable store sales for the quarter ended March 31, 2009 decreased by 9.5%, comprised of a 1.7% decrease in traffic and a 7.8% decrease in ticket. For the nine month period ended March 31, 2009, net sales were $613.1 million compared to $688.8 million for the same time last year. Comparable store sales for the nine month period ended March 31, 2009 decreased 14.2%, comprised of an 8.3% decrease in traffic and a 5.9% decrease in ticket.
Based on the third quarter sales results, the Company currently expects diluted earnings per share for the third quarter to be in the range of ($0.15) to ($0.17). Diluted earnings per share were ($0.11) for the quarter ended March 31, 2008.
"Our sales are in line with our internal plan and we have seen an upward trend in comparable store sales in March," said Kathleen Mason, President and Chief Executive Officer. "Customer traffic has improved, which is a positive indicator that our merchandise assortments and exceptional values are attractive to our customers as we move into the final quarter of our fiscal year. We continue to remain highly focused on managing inventories during these difficult economic times."
Tuesday Morning Corporation management will review third quarter financial results in a teleconference call on April 27, 2009 at 5:00 p.m. Eastern Time. The Company will release third 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 850 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.
