Closeout retailer Tuesday Morning announced a net loss for its fiscal Q1 of $12 million, compared with a $7 million loss in the same period last year. However, the company posted a 9.1% comparable store sales increase, which was fueled by a 13.4% increase in customer transactions and a 4.3% decrease in average ticket price. Net sales for the company increased 6.3% to $183.7 million, compared to $172.8 million in the same quarter last year.
“While this is a year of significant transition for Tuesday Morning, I believe our first quarter results reflect early positive customer response to the initial changes we are making. Though we’ve made great progress thus far, there is much work yet to be done in the coming quarters,” said CEO Michael Rouleau.
The quarterly loss was a continuation of Tuesday Morning’s results. The company reported a loss of $15.6 million, or 37 cents per share, in its fourth quarter. It reported a full-year loss of $56.4 million, or $1.33 per share, for fiscal 2013.