Tuesday Morning loss widens in Q1; COO out

Dallas -- Tuesday Morning Corp. on Monday reported a loss of $7 million for the quarter ended Sept. 30, widened from a loss of $5.7 million in the year-ago quarter.

The clearance retailer’s new CEO Brady Churches also announced the departure of executive VP and COO Michael Marchetti, a 12-year veteran of Tuesday Morning.

In the first quarter, the company saw revenue edge up 1.3% to $172.8 million and same-store sales increased 1.7%.

“I am excited to be leading Tuesday Morning through a new era that will involve improvements in areas that include merchandising, store operations and marketing,” said Churches. “We believe our loyal customers will respond positively to these improvements once they are implemented over the course of the next few quarters.”

The company is maintaining its full-year guidance.

 

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