Tuesday Morning reported an overall improvement in its third quarter performance, with a robust comparable store sales gain and a narrower net loss.
For the third quarter ended March 31, Tuesday Morning posted a net loss of $8.1 million, or 18 cents per diluted share, versus a net loss of $14.8 million, or 34 cents per diluted share, in the year-prior period. Diluted earnings per share bested a MarketBeat-published analyst average estimate of a 19-cent loss.
Comparable store sales increased 9.1% in the quarter year over year. Customer transactions gained 5.9% while average ticket advanced 3% in the quarter.
Net sales were $223.3 million versus $203 million in the year-previous quarter. Operating loss was $7.8 million compared with $14.7 million in the year-before period.
Tuesday Mornings EBITDA reading was for a $1.3 million loss versus a $8.7 million loss in the period the year before, with corresponding adjusted EBITDA figures at a loss of $867,000 versus a loss of $7.8 million, respectively, the company maintained.
Steve Becker, Tuesday Morning CEO, said, “Our third quarter results demonstrate the progress we are making against our strategic initiatives. As expected, the third quarter marked an inflection in our gross margin performance as we delivered almost a 300 basis point year-over-year improvement. Our focus on turning inventory faster, improving the overall inventory allocation across our store base, offering great values and a consistent flow of deals is delivering a better customer experience, all of which have contributed to improved comparable store sales. Looking ahead, we are well positioned to continue executing against our strategies to set the foundation for long-term profitable growth at Tuesday Morning.”