New ETF Book by Larry Connors - Click here to read more
The Dallas-based closeout retailer of gifts and home furnishings reported a net loss of $1.6 million, or 4 cents a share, in the quarter ended June 30 compared with a net loss of $2.5 million, or 6 cents, in the same period last year. One analyst surveyed by Thomson Reuters expected a loss of 5 cents a share.
Margins were better as inventory was 7.2 percent lower than a year ago, resulting in fewer markdowns. Lower freight costs also helped.
The recession and housing market deterioration continued to affect the home furnishings business, but customer traffic signs are encouraging, said Kathleen Mason, president and chief executive officer. Tuesday Morning has no debt and will continue to focus on keeping inventories and costs in line with sales, Mason said.
The company previously announced that fourth-quarter revenue declined 4 percent to $188.7 million from $196.5 million a year ago. Same-store sales fell 6.6 percent in the quarter. Almost all the decline was from a decrease in the average customer sale; however customer traffic increased 0.1 percent.
The states with the largest sales declines continue to be Arizona, California, Florida and Nevada.
For fiscal year 2010, Tuesday Morning forecast a loss of 2 cents a share to a profit of 2 cents share, on sales of $795 million to $805 million. It expects same-store sales to decline in the low single digits.
For the just completed fiscal 2009, Tuesday Morning reported a net loss of $44,000, or zero per share earnings, on revenue of $801.7 million, compared with net income of $14.5 million, or 35 cents a share, on revenue of $885.3 million in the fiscal year ended June 30, 2008. Same-store sales for the year fell 12.4 percent.
Tuesday Morning operates 857 stores in 45 states. During fiscal 2009, it opened 35 stores, closed 20 stores, relocated 34 stores and expanded four stores.
It plans to continue to relocate and expand stores during fiscal 2010 at the same pace. Relocated stores have historically shown double-digit improvement in sales as well as better profit margins, the company said.
To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com. Copyright (c) 2009, The Dallas Morning News Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
