Tuesday Morning reports rise in profits, sales, comps in Q2

Dallas Tuesday Morning Corp. reported Tuesday that net sales for the second quarter increased 6.2%, $289.6 million from $272.7 million in the year-ago period.

Comparable-store sales rose 5.1% for the quarter. Net income for the second quarter ended December 31, 2009 was $18.5 million, compared with net income of $12.7 million for the same period last year.

"We were encouraged by our increase in comparable store sales and earnings, our strong balance sheet and control of inventory,” said Kathleen Mason, president and CEO.

Tuesday Morning operated 858 stores in 43 states as of December 31, 2009. During the second quarter, the retailer opened eight stores, relocated three stores and did not close any stores.

In 2010 the company said it expects to spend $21 million in capital expenditures and close seven underperforming stores.

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