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Tuesday Morning Q3 revenue dips, same-store sales down 3.2%

Tuesday Morning Q3 revenue dips, same-store sales down 3.2%

Closeout retailer Tuesday Morning (NASDAQ:TUES) expects to book a net loss amid sluggish sales, as revenue from established stores fell by 3.2 percent in third quarter. 

The company, headquartered in Dallas, Texas, sells everything from lamps to rugs, furniture, kitchen accessories, linens and cookware appliances.

For the period ended March 31, the company said sales fell 0.9 percent to $172.7 million down from $174.3 million last year. 

Based on third-quarter sales, the company foresees a net loss of between nine to 11 cents per share. That is up from a loss of eight cents per share, last year.

On average, analysts polled by Bloomberg were projecting a net loss of eight cents, on sales of $175 million.

The company’s share price traded lower at 1.55 percent declining to $3.80 each on the Nasdaq on Tuesday Morning.

Same-store sales dropped by 3.2 percent, as customer traffic fell 1.8 percent and a 1.4 percent dip in ticket, or what they spent in total on their purchases.

Revenue from stores open at least one year is considered a key measure to gauge a retailer’s financial health as it excludes stores recently opened or closed during the year.

For the nine month period ended March 31, the company said net revenue rung in at $616.4 million down from $626.4 million.

Comparable store sales fell 4.1 percent. 

The company, which opened its first store in 1974, currently runs 852 locations across 43 states.

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