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Tuesday Morning Corporation Announces First Quarter 2013 Results

Stocks in this article: TUES

DALLAS, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (Nasdaq:TUES) today announced financial results for the first quarter ended September 30, 2012.

For the quarter ended September 30, 2012:

  • Net revenue increased 1.3% to $172.8 million from $170.7 million in the first quarter of fiscal 2012.
  • Comparable stores sales increased by 1.7% compared to the first quarter of fiscal 2012 and were comprised of a 4.7% increase in average ticket and a 3.0% decrease in traffic.
  • Gross profit was $64.9 million and gross margin was 37.6% as compared to $65.0 million in gross profit and gross margin of 38.1% in the first quarter of fiscal 2012.
  • Selling, general and administrative expenses (SG&A) increased to $75.8 million from $73.5 million in the first quarter of fiscal 2012. Excluding $1.5 million in non-recurring charges primarily related to consulting, legal and recruitment expenses, SG&A for the first quarter of fiscal 2013 was $74.3 million.
  • Operating loss was $10.9 million as compared to an operating loss of $8.5 million in the first quarter of fiscal 2012. Excluding the aforementioned items, operating loss for the first quarter of fiscal 2013 was $9.4 million.
  • Net loss was $7.0 million or a $0.17 loss per share compared to a net loss of $5.7 million or a $0.13 loss per share in the first quarter of fiscal 2012. Excluding $ 0.9 million or $0.02 per share in tax-effected non-recurring charges, net loss was $6.1 million or a $0.15 loss per share for the first quarter of fiscal 2013.

The Company ended the first quarter of fiscal 2013 with $10.0 million in cash and cash equivalents compared to $5.2 million at the end of the first quarter of fiscal 2012. Inventory at the end of the first quarter of fiscal 2013 totaled $331.7 million compared to $306.2 million at the end of the first quarter of fiscal 2012. The Company ended the first quarter of 2013 with 840 stores in 43 states.

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