Tuesday Morning Corporation Announces Second Quarter 2012 Results and Increased Authorization of Stock Repurchases

(PressMethod) - Tuesday Morning Corporation (Nasdaq:TUES - News) today reported that, as previously announced, net sales for the second quarter of fiscal 2012 were $273.1 million compared to $279.3 million for the quarter ended December 31, 2010, a decrease of 2.2%. Comparable store sales decreased 4.6% for the second quarter of fiscal 2012 as compared to the same period last fiscal year. The decrease in comparable store sales was comprised of a 3.5% decrease in traffic and a 1.1% decrease in average ticket. Net income for the second fiscal quarter ended December 31, 2011 was $15.9 million, or $0.37 per diluted share, compared to net income of $17.3 million, or $0.40 per diluted share, for the same period last fiscal year.
For the six months ended December 31, 2011, net sales were $443.7 million compared to $452.1 million for the same period last fiscal year, a decrease of 1.9%. Comparable store sales decreased 4.4% for the six month period ended December 31, 2011 as compared to the same period last fiscal year. The decrease in comparable store sales was comprised of a 4.2% decrease in traffic and a 0.2% decrease in average ticket. For the six months ended December 31, 2011, the Company had earnings per diluted share of $0.24 versus $0.34 for the same period in fiscal 2011.
The Company also announced today that its board of directors increased the authorization for stock repurchases under the Company's share repurchase program from $5 million to $10 million. Repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time. At December 31, 2011, the Company has repurchased a total of 1,198,783 shares of the Company's common stock for an aggregate purchase price of approximately $4.3 million since the repurchase program's inception in August 2011. The repurchase program will be periodically evaluated by the Board, and there can be no assurances to the number of shares the Company will purchase, if any.

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