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Sales Up But Tuesday Morning Loss Widens

Tuesday Morning Corp. announced financial results for the first quarter ended September 30, when net revenue increased 1.3% to $172.8 million from last-year’s period and comparable stores sales increased by 1.7%. However, the company’s operating loss came in at $10.9 million for the 2013 first fiscal quarter versus an operating loss of $8.5 million in the year-prior period, and net loss came in at $7 million, or a 17 cents per share, compared to a net loss of $5.7 million, or 13 cents per share, in the quarter last year.

Exclusive of $900,000, or two cents per share, in tax-effected non-recurring charges, net loss was $6.1 million, or 15 cents per share, for the 2013 first quarter. With non-recurring items excluded, operating loss for the quarter was $9.4 million.

The comp gain resulted from a 4.7% increase in average ticket and a 3% decrease in traffic.

Brady Churches, president and CEO, said in a statement about first quarter results, “I am excited to be leading Tuesday Morning through a new era that will involve improvements in areas that include merchandising, store operations and marketing. With its unique position as a leading national closeout retailer for home-related goods and accessories, Tuesday Morning has built a loyal customer base over the years. We believe our loyal customers will respond positively to these improvements once they are implemented over the course of the next few quarters. A renewed organizational focus on our roots of delivering compelling values in our core home-related categories to our customers, in a no-frills store environment that is clean and easy to shop, will drive an improved shopping experience for our customers and increased financial returns for our shareholders.”

Tuesday Morning also announced the departure of Michael Marchetti, executive vp and COO. “We thank Michael for his many contributions over his 12 year tenure at Tuesday Morning and wish him well in his future endeavors,” Churches noted.

The company ended the 2013 first quarter with 840 stores in 43 states.