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TUESDAY MORNING CORPORATION ANNOUNCES FIRST QUARTER EARNINGS

 DALLAS, May 11 /PRNewswire/ -- Tuesday Morning Corporation (NASDAQ: TUES), the Dallas-based deep-discount retail chain, today announced a net loss for its first quarter ended March 31, 1993, of $1.788 million (21 cents per share). The comparative first quarter of 1992 recorded a loss of $0.866 million (9 cents per share) (before cumulative effect of an accounting change). Historically, Tuesday Morning has posted a net loss in the first quarter.
 "A comparable store sales decrease of 5.4 percent in the first quarter was the primary factor in the increase in net loss. A slow economy and adverse weather had a great impact on our business this quarter," stated Steve Higgins, president. Tuesday Morning operated 27 percent more stores during the first quarter this year vs. the first quarter last year, continuing its 20-25 percent planned growth. The company opened three new stores in the first quarter of 1993 and 40 new stores during 1992.
 Tuesday Morning is a deep-discount, closeout gift chain operating 205 stores in 31 states. The stores are open four times a year on an event sale basis during the retail industry's peak selling seasons. Each location offers thousands of closeout items in categories that include gifts, housewares, linens, toys and seasonal items such as holiday trim. All merchandise is sold at 50-80 percent off retail prices and the company specializes in famous-maker, first quality merchandise which is often found in prestigious department and specialty stores.
 TUESDAY MORNING CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in thousands, except per-share data)
 Three months ended March 31 1993 1992
 Net sales $27,211 $24,677
 Cost of sales 18,463 16,942
 Gross profit 8,748 7,735
 Selling, general & administrative expenses 11,717 9,377
 Operating income (loss) (2,969) (1,642)
 Other income (expense):
 Interest income 39 239
 Interest (expense) (312) (99)
 Other income (expense) 347 190
 Total 74 330
 (Loss) before income taxes (2,895) (1,312)
 Income tax (benefit) (1,107) (446)
 Net (loss) before cumulative effect of a
 change in accounting for inventory (1,788) (866)
 Cumulative effect to Dec. 31, 1991, of new
 method of accounting for inventory (net of tax) -- 1,599
 Net income (loss) $(1,788) $ 733
 Net income (loss) per common share
 and share equivalents:
 Loss before cumulative effect of a change
 in accounting for inventory $(0.21) $(0.09)
 Cumulative effect of new method of
 accounting for inventory -- 0.17
 Net income (loss) per share and share equivs. $(0.21) $ 0.08
 Weighted average common shares outstanding 8,642 9,267
 -0- 5/11/93
 /CONTACT: Mark E. Jarvis, chief financial officer and senior vice president of Tuesday Morning, 214-387-3562; or Barbara Buzzell of Laurey Peat + Associates, 214-871-8787, for Tuesday Morning/
 (TUES)


CO: Tuesday Morning Corporation ST: Texas IN: REA SU: ERN

GK-CK -- NY035 -- 7010 05/11/93 11:34 EDT
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Publication:PR Newswire
Date:May 11, 1993
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