Retail News Breaks Archives
Tuesday Morning shares jump on bright outlook
July 13th, 2010
DALLAS – Closeout retailer Tuesday Morning Corp. reported a 6.4% rise in fourth-quarter net sales to $200.8 million that was driven primarily by a 6% gain in comparable-store sales.
The comp-store growth reflected a 5.7% increase in customer traffic and a 0.3% uptick in average transaction.
Full-year sales rose 3.3% to $828.3 million as comp-store sales improved 2.2%.
"Our fourth-quarter performance continued to reflect our positive sales trend," said Kathleen Mason, president and chief executive officer. "For the third consecutive quarter, we posted increases in both comparable-store sales and traffic. We are encouraged by these solid gains in what continues to be a weak housing market and difficult economy."
Wall Street responded enthusiastically to the company’s earnings guidance for the fourth quarter and full fiscal year. Management predicted that fourth-quarter diluted earnings per share will range between 2 and 4 cents, while full-year EPS is expected to range between 24 cents and 26 cents, up from its prior guidance of 18 cents to 20 cents per share.
Analysts surveyed by Thomson Reuters expected fourth-quarter earnings of a penny a share on average. The company’s shares closed 4.5% higher at $4.65 after soaring as high as 22% in trading on Monday.