Tuesday Morning 4Q Loss Narrows

DALLAS (AP) — Discount housewares chain Tuesday Morning Corp. said Tuesday its fiscal fourth-quarter loss narrowed, citing cash and inventory management improvements.

The results pleased investors and Tuesday Morning shares rose 75 cents, or 17 percent, to $5.19 in morning trading.

For the quarter ended June 30, Tuesday Morning posted a loss of $1.6 million, or 4 cents per share, compared with a loss of $2.5 million, or 6 cents per share, in the year-ago period.

Sales dropped 4 percent to $188.7 million from $196.5 million, as same-store sales — or sales at stores open at least year — sank 6.6 percent on lower store traffic and smaller purchases.

For the full fiscal year 2010, the company said it expects its earnings to come in between a loss of 2 cents per share and a profit of 2 cents per share. Sales are expected to total 795 million to $805 million.