Why Tuesday Morning Corporation (TUES) Stock is Soaring Today

NEW YORK (TheStreet) -- Tuesday Morning Corporation  (TUES) surged Friday after the closeout retailer reported third-quarter results that surpassed analysts' expectations.

The company reported a loss of 13 cents a share, which was better than the consensus estimate of a loss of 15 cents a share. Revenue totaled $182.8 million, which was slightly less than the consensus estimate of $184.86 million. Comparable-store sales increased 6.4%.

Tuesday Morning also reports a 13.1% decline in end inventories to $205.8 million. The company ended the third quarter with $41.6 million in cash and cash equivalents with no borrowings under its line of credit. End inventories totaled $205.8 million, a 13.1% decline from $236.9 million in the same quarter one year earlier.

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"Our inventory turnover for the trailing five quarters is 2.5 turns, and compares favorably to our prior year trailing five quarter turnover of 2.2 turns," the company said in a statement.

The stock closed up 15.63%, or $2.04, to $15.09.

TUES Chart

TUES data by YCharts

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