DALLAS, Jan. 10, 2012 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today reported net sales for the second quarter ended December 31, 2011 were $273.1 million compared to $279.3 million for the quarter ended December 31,
2010, a decrease of 2.2%. Comparable store sales for the quarter ended December 31, 2011 decreased by 4.6% comprised of a 3.5% decrease in traffic and a 1.1% decrease in ticket. For the six-month period ended December 31, 2011, net sales were
$443.7 million compared to $452.1 million during the same period last year. Comparable store sales for the six-month period ended December 31, 2011 decreased 4.4%.
Based on the second quarter sales results, the Company currently expects diluted earnings per share for the second quarter ended December 31, 2011 to be in the range of $0.35 to $0.37. Diluted earnings per share were $0.40 for the quarter ended December 31, 2010.
We are revising our guidance for the full fiscal year ending June 30, 2012. Net sales for fiscal 2012 are expected to be in the range of $815 million to $820 million. Comparable store sales are expected to be in the range o-f3.0% to -3.75% and earnings per diluted share are expected to be in the range of $0.13 to $0.16. For fiscal 2012 capital expenditures are expected to be
$15 million, and we expect to increase total square footage by approximately 2%.
Kathleen Mason, President and Chief Executive Officer stated, "We continue to focus on our previously announced initiatives which we believe will begin to positively impact our business in the back half of the current fiscal year and more so in fiscal
2013. Our balance sheet at December 31, 2011 is stronger than the same period last year, especially with respect to cash and inventory."
Tuesday Morning Corporation's management will hold a conference call to review second quarter financial results on January
23, 2012 at 4:00 p.m. Central Time. The Company will release second quarter results prior to the call. A r-etiaml e webcast of the call will be available in the Investor Relations section of the Company's website at http://www.tuesdaymorning.com, or you may dial into the conference at 1-877-312-5376 (no access code required). A replay of the webcast will also be accessible through the Company's website or by dialing (855) 859-2056 or toll-free (800) 585-8367, conference ID number 40684482, until February 5, 2012.
About Tuesday MorningTuesday 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 861 stores in 43 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. You should carefully consider
statements that contain these words because they describe our
expectations, plans, strategies and goals and our beliefs
concerning future business conditions, our future results of
operations, our future financial positions, and our business
outlook or state other "forward-looking"
information.
Reference is hereby made to "Item 1A. Risk Factors"
of the Company's Annual Report on Form 10-K for the year
ended June 30, 2011 for examples of risks, uncertainties and
events that could cause our actual results to differ
materially from the expectations expressed in our
forward-looking statements. These risks, uncertainties and
events also include, but are not limited to, the following:
uncertainties regarding our ability to open stores in new and
existing markets and operate these stores on a profitable
basis; conditions affecting consumer spending and the impact,
depth and duration of current economic conditions; inclement
weather; changes in our merchandise mix; timing and type of
sales events, promotional activities and other advertising;
increased or new competition; loss or departure of one or
more members of our senior management or experienced buying
and management personnel; an increase in the cost or a
disruption
in the flow of our products; seasonal and quarterly
fluctuations; fluctuations in our comparable store results;
our ability to operate in highly competitive markets and to
compete effectively; our ability to operate information
systems and implement new technologies effectively; our
ability to generate strong cash flows from our operations;
our ability to anticipate and respond in a timely manner to
changing consumer demands and preferences; and our ability to
generate strong holiday season sales. The forward-looking
statements made in this press release relate only to
events
as of the date on which the statements were made. Except as
may be required by law, we undertake no obligations to update
our forward-looking statements to reflect events and
circumstances after the date on which the statements were
made or to reflect the occurrence of unanticipated events.
CONTACT: Stephanie Bowman
Chief Financial Officer
TUESDAY MORNING CORPORATION
972-934-7251
Farah Soi
ICR, LLC
203-682-8200
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