Tuesday Morning Corporation’s turnaround efforts paid off in the third quarter ended March 31. The company reported strong comparable store sales performance, increased inventory turnover and improved cash position during the quarter.
The leading closeout retailer that operates 811 stores across the U.S. reported net sales of $182.8 million, an increase of 2.6% compared to $178.1 million for the third quarter of fiscal 2013.
Comparable-store sales increased 6.4% compared to the third quarter of fiscal 2013, and consisted of an 8.4% increase in customer transactions, which was partially offset by a 1.9% decrease in average ticket. Since the last year’s second quarter, the company has exited a number of non-core categories such as women's apparel and footwear. Comparable sales in ongoing core categories increased 10.5% compared to the third quarter last year.
"During the third quarter we commenced work on the final phase of the company's turnaround efforts which includes the sell-off of exited categories, further reduction of our clearance merchandise and enhancements to our store layouts,” said CEO Michael Rouleau. “We are pleased with our continued progress and results this quarter, yet remain focused on the significant work ahead to complete the final phase of our turnaround efforts before the holiday selling season."
Tuesday Morning specializes in selling deeply discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts.