Tag - TUES

Tuesday Morning Corp. (Nasdaq: TUES) CEO Kathleen Mason said the home furnishings retailer’s strong balance sheet and ability to generate cash flow will allow the company to be a “formidable niche player in a sector recovery.” Mason made the comments during a morning conference call.

“Over the next two quarters, we are focused on driving profitable sales, evaluating expenses and managing our inventories to trend,” the chief executive said.

Before the opening, Tuesday Morning reported second-quarter revenue of $308.7 million, down from $321.3 million during the year-ago period. Analysts, on average, predicted revenue of $316.8 million.

“Traffic was the main reason for the sales decline,” Masons said. “The well-documented drop in toy sales affected our traffic, as well as the toy business itself even though Tuesday Morning had almost none of the recalled merchandise.”

Regionally, she said the largest store declines came from areas most affected by the housing downturn such as Florida, California, Nevada and Arizona.

The firm’s net income totaled $20.5 million, or $0.50 per share, compared with $23.8 million, or $0.57 per share, a year earlier. Tuesday Morning met Wall Street’s consensus estimate of earning $0.50 per share.

Going forward, Tuesday Morning projects net sales in the range of $920 million to $940 million for fiscal 2008, which ends June 30. Earnings are expected to be in the range of $0.55 to $0.62 per share. Comparable store sales, which measures sales growth at stores that have been open for over a year, are estimated to be in the negative low single digits.

The Russell 2000 (NYSE: IWM) futures are pointing lower and the small-cap index is poised for a decline.

Small-cap stocks are headed for a bearish opening at the start of a week that will see a number of important economic releases, as well as the U.S. Federal Reserve’s decision on interest rates, which will be announced at the conclusion of a two-day meeting on Wednesday.

The only thing on the docket is a report on new homes sales for December. The U.S. Census Bureau will release the numbers at 10 a.m. ET, with economists expecting to see a decline.

Concerns about the U.S. economy are dominant this morning, with fast food chain operator McDonald’s Corp. (NYSE: MCD) reporting that sales at restaurants open at least 13 months were unchanged in December, while analysts were expecting a rise.

Similarly, Towson, Md.-based power tool maker The Black & Decker Corp. (NYSE: BDK) forecasted that its first-quarter profit will disappoint analysts.

The Russell 2000 (NYSE: IWM) was the only major U.S. index to gain today as investors digested economic news. The small-cap index added 2.48 points, or 0.36%, to 699.91. The Dow Jones Industrial Average (INDU) fell 34.95 points, or 0.28%, to 12,466.16.

On a year-to-date basis, the Russell 2000 is down 8.63%, while the Dow has retreated 6.02% and the S&P 500 has trimmed 6.48%.

Small-cap stocks made sharp moves in both directions but spent the second half of trading in positive territory and managed to close with a small gain despite a late-session sell-off.

The day began with news of a report from the U.S. Labor Department that consumer prices rose 0.3% in December. That’s above economists’ projected increase of 0.2% but below November’s 0.8% jump.

That means that total inflation in 2007 inflation was 4.1%, the highest rate since 1990.

However, December core inflation, which excludes food and energy, was 0.2%, following an increase of 0.3% in November.

Core inflation for all of 2007 was 2.4%, which is slightly above the U.S. Federal Reserve’s preferred range between 1% and 2%.

Tuesday Morning Corp. (Nasdaq: TUES) provided fiscal second-quarter EPS guidance that was in line to below the consensus on Wall Street. The furniture retailer also reported net sales for the second quarter

In light of a difficult holiday season, the small cap said it expects earnings per share for the second quarter to be in the range of $0.49 to $0.51, while 13 analysts are on average projecting earnings of $0.51 per share. Earnings per share were $0.57 for the 2006 quarter.

For the three months ended Dec. 31, 2007, sales were $308.7 million, compared with $321.3 million for the same quarter in 2006.

Comparable store sales for the quarter decreased by 7.6% — comprised  of a 7.2% decrease in traffic and a 0.4% decrease in average ticket.

Shares of Tuesday Morning (TUES) were halted in pre-market trading.

Pericom Semiconductor (Nasdaq: PSEM), First Consulting Group, Inc. (Nasdaq: FCGI) and Polypore International, Inc. (NYSE: PPO) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Tuesday Morning Corp. (Nasdaq: TUES), closeout retailer of upscale home furnishings, house wares and gifts, today reported results for the first quarter of fiscal 2008 in line with analysts’ estimates.

For the three months ended Sept. 30, the Dallas, Texas-based company recorded net income of $1.2 million, or $0.03 per diluted share, right in line with the consensus of 14 analysts polled by Thomson Financial. For the same quarter last year, the company earned net income of $3.2 million, or $0.08 per diluted share.

Net sales were $201.7 million, in line with the consensus of eleven analysts polled by Thomson Financial. Tuesday Morning booked $194.4 million in sales in the same period last year.

Tuesday Morning attributed the increase in sales to sales from non-comparable stores of $13.8 million offset by a decrease in comparable store sales of 1.5%. The small cap said the decrease in comparable store sales was comprised of a 0.7% decrease in traffic and a 0.8% decline in average ticket.

The company said it’s positioned to “profitably grow sales” and produce positive operating cash flow in its second quarter.

Going forward the firm provided full year revenue guidance in the range of $987 million to $997 million, while Tuesday Morning guided for earnings per share of between $0.85 and $0.90, with the assumption that comparable store sales are flat to positive 1.5%.

Shares of Tuesday Morning (TUES)were halted in pre-market trading.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices opened in positive territory on good economic news and an upbeat forecast from Wal-Mart.

At 10:16 a.m. ET, the small-cap index had added 4.52 points, or 0.53%, to 849.71. The Dow Jones Industrial Average (INDU) had advanced 77.39 points, or 0.55%, to 14,156.08.

Retailers posted generally weak same-store results for September due to unusually warm weather that stalled sales of cold-weather merchandise. Among small-cap retailers, Gottschalks Inc. (NYSE: GOT) and department store chain The Bon-Ton Stores, Inc. (Nasdaq: BONT) reported same-store sales declines of 3.9% and 6.5%, respectively. Meanwhile, home accessories retailer Tuesday Morning Corp. (Nasdaq: TUES) missed analysts’ projected first-quarter sales forecast.

However, the bulls seized on news that Wal-Mart Stores Inc. (NYSE: WMT) raised its third-quarter profit outlook despite second-quarter results that came in at the low end of its expectations.

In economic news, jobless claims for the week ended Oct. 6 fell by 12,000 to a level of 308,000, according to the U.S. Labor Department.

Elsewhere, U.S. import prices rose in September due to more expensive oil and food, but August U.S. exports increased 0.4% to $138.34 billion, while imports fell 0.4% to $195.92 billion. The Commerce Department also reported that the U.S. trade deficit contracted 2.4% to $57.59 billion in August, from $59.00 billion a month earlier.

Tuesday Morning Corp. (Nasdaq: TUES), a closeout retailer of upscale, decorative home accessories, reported net sales for its first fiscal quarter below the consensus on Wall Street and guided for earnings below expectations.

For the three months ended Sept. 30, the Dallas, Texas-based company booked sales of $201.7 million, below the $206.05 million in sales that seven analysts polled by Thomson Financial were expecting. For the same quarter last year, the company racked up $194.4 million in sales.

Comparable store sales declined 1.5% for the first quarter due to a decrease in traffic of 0.7% and a decrease in ticket of 0.8%.

Based on its first quarter sales results, the company said it currently expects earnings per share for the first quarter to be in the range of $0.02 to $0.03. Earnings per share were $0.08 for the third quarter last year. Seven analysts polled by Thomson Financial are on average forecasting earnings of $0.07 per share.

Shares of Tuesday Morning (TUES) were halted in pre-market trading.

Closeout retailer of upscale home furnishings Tuesday Morning Corp. (Nasdaq: TUES) today reported results for its second-quarter that were inline with analyst estimates.

For the three months ended June 30, the Dallas, Texas-based company recorded net income of $2.0 million, or $0.05 per diluted share, right in line with the consensus of 14 analysts surveyed by Thomson Financial. This compares with net income of $2.9 million, or $0.07 per diluted share, last year.

Net sales for the second quarter clocked in at $219.4 million, a shade below the $220.69 million expected by the Street. Last year, Tuesday Morning racked in sales of $207.7 million.

Shares of Tuesday Morning were halted in pre-market trading.

Great Wolf Resorts, Inc. (Nasdaq: WOLF), Eddie Bauer Holdings, Inc. (Nasdaq: EBHI) and A.C. Moore Arts & Crafts (Nasdaq: ACMR) are among the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

Shares of Parlux Fragrances, Inc. (Nasdaq: PARL) moved up on news the Ft. Lauderdale, Fla.-based company has received an extension from the Nasdaq Stock Market to continue listing its shares on the exchange.  The maker of perfume and beauty products was late filing its financial results for the quarter ended Dec. 31, 2006, but expects to turn in the figures by April 16, Parlux said after Wednesday’s close.  Shares are up $0.40, or 7.89%, to $5.47. 

Comparable store sales at Tuesday Morning Corporation (Nasdaq: TUES) decreased 5.4% for the first quarter ended March 31, 2007, the Dallas-based retailer said this morning.  However, total net sales for the first quarter were $189.2 million, compared with $187.8 million a year earlier.  Shares are up $0.07, or 0.49%, to $14.25.