Tuesday Morning Sees Q2 Gains In Sales, Net Income

Second quarter sales at Tuesday Morning were up slightly as the retailer also reported strong gains in net income for the three month period ended December 31.

Net sales were $338.4 million, up from net sales of $333.8 million in the comparable quarter the previous year. Net income was $16 million, up from net income of $8.7 million in the second quarter of the prior fiscal year.

“We delivered positive comparable sales while continuing to reduce our reliance on traditional ad events, and drove strong operational improvements across our business resulting in meaningful increases in net income and adjusted EBITDA,” said Steve Becker, Tuesday Morning CEO.

Comparable store sales in the quarter increased 1.9% and were comprised of a 1.1% increase in customer transactions along with a 0.8% increase in average ticket.  

During the second quarter, three stores were relocated, two stores were opened, and one store was closed, for an ending store count of 720 as of December 31. Sales at stores relocated during the past 12 months increased approximately 46% on average for the second quarter of fiscal 2019 as compared to the prior year quarter.  

Net sales for the first half of the company’s current fiscal year were $565.7 million, compared to $552.6 million for the first six months of fiscal 2018. Comparable store sales increased 2.6% compared to the same period a year ago.