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Tuesday Morning Cuts Full-Year Forecasts

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DALLAS (AP) - Tuesday Morning Corp. is lowering its fiscal full-year earnings and revenue forecasts because of its disappointing June sales to date.

The Dallas company, which sells home accessories and housewares at closeout prices, said Wednesday that it now expects earnings of about 25 cents to 30 cents per share with revenue between $820 million and $830 million.

Its prior outlook called for earnings between 30 cents and 34 cents per share on revenue of $830 million to $836 million.

President and CEO Kathleen Mason said in a statement that higher food and fuel costs as well as the troubled housing market are leading shoppers to pull back on their discretionary spending.

Tuesday Morning also said it anticipates revenue at stores open at least a year will be down slightly for fiscal 2011. It previously predicted flat results.

This figure is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.

The company has 840 stores in 41 states.

Tuesday Morning will report its fourth-quarter and full-year financial results on July 12.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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