Tuesday Morning 4Q sales flat, earnings off
Staff Staff -- Furniture Today, January 5, 2006
DALLAS — Tuesday Morning Corp. reported net sales for its fourth quarter ended Dec. 31, 2005 of $335.2 million, up less than one percent compared to $332.4 million in the fourth quarter of 2004. For the fiscal year, sales increased 3.8 percent to $931.8 million, up from $897.8 million in 2004. Comp store sales were down 5.3 percent for the fourth quarter, and for the year dropped 4 percent.
“We did not choose to aggressively drive sales at all costs in the fourth quarter, even though the retail environment was highly promotional,” stated Kathleen Mason, president and CEO. “Average transactions increased over 3 percent in the fourth quarter, however traffic levels were lower than anticipated.”
The company projects 2005 fourth-quarter earnings to be approximately $0.84 per diluted share, compared to $0.88 for the fourth quarter of 2004. For fiscal year 2005, the company sees earnings to be $1.45 per diluted share. Excluding the $0.06 per diluted share lease accounting charge recorded in the first quarter of 2005, diluted earnings for fiscal 2005 would have been approximately $1.51 per share. Earnings per diluted share were $1.50 for fiscal 2004.
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