Comps and net sales gained during Tuesday Morning’s second quarter.
Tuesday Morning Corp. posted net income for the second quarter or $8.4 million, or 19 cents per diluted share, versus $18.9 million, or 43 cents per diluted share, in the year-earlier quarter.
An analyst average estimate published by MarketBeat called for second quarter earnings per diluted share of 37 cents.
Comparable store sales increased 3.8% in the quarter year over year. Net sales for the quarter were $328.1 million versus $319.9 million in the period a year previous. Operating income was $8.8 million as compared to $20.6 million in the quarter a year prior.
Steve Becker, Tuesday Morning’s CEO, said, “We delivered a 2.6% increase in sales for the quarter while operating 24 fewer stores. Our comparable sales increased 3.8% despite the significant supply chain challenges we faced in the December quarter. Our relocation stores continue to deliver strong sales results, and we are preparing for an active season of real estate activity in the second half of our fiscal year. With the recent changes in our management team, we are confident that we have the right leadership to drive the business. However, there remains significant work to be done to drive process and cost efficiencies throughout our supply chain.”
