Tuesday Morning Improves Q4, Fiscal Year Performance

Tuesday Morning Corporation has announced financial results for the fourth quarter and fiscal year ended June 30, 2015, reporting an overall rise in sales for both periods and increasing yearly profits.

Fourth quarter net sales increased 0.2% to $213 million, compared to $212.6 million for the fourth quarter of fiscal 2014. The company's sales comparison to the prior year is impacted by the net closure of 41 stores in the current year.

Comparable store sales increased 3.6% compared to the same period a year ago, and were comprised of a 2.8% increase in customer transactions and a 0.8% increase in average ticket.

Net loss was $4.2 million, or $0.10 per share, in the fourth quarter of fiscal 2015 compared to a net loss of $7.4 million, or $0.17 per share, in the fourth quarter of fiscal 2014. 

For the fiscal year ended June 30, 2015, net sales increased 4.8% to $906.4 million, compared to $864.8 million for the same period last year. Comparable store sales increased 7.2% compared to the same period a year ago, and were driven by a 7.0% increase in customer transactions, along with a 0.2% increase in average ticket. 

In the fiscal year, net income was $10.4 million, or $0.24 per share, compared to a net loss of $10.2 million, or $0.24 per share, in the prior year.

Michael Rouleau, Tuesday Morning CEO, stated, "Our fourth quarter and fiscal 2015 performance reflects clear progress in implementing the strategic initiatives that will help ensure sustained profitability and a revitalized company built for long-term success. These initiatives include, among others, successfully transitioning our merchandise strategy, improving our store portfolio, and commencing our rebuilding program."

He continued, "Looking ahead, we expect fiscal 2016 to be another important year as we accelerate critical investments in support of our rebuilding program. Key elements of this program include relocating underperforming stores, opening a new distribution center, upgrading our systems, and enhancing our buying processes. Though an investment year, we expect to deliver continued comparable sales growth and, given these investments, very modest operating margin expansion in fiscal 2016."

Tuesday Morning operates over 750 stores in 41 states.