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TUESDAY MORNING CORPORATION ANNOUNCES SECOND QUARTER SALES

 DALLAS, July 7 /PRNewswire/ -- Tuesday Morning Corporation (NASDAQ: TUES), the Dallas based deep-discount retail chain, reported second quarter sales of $44.5 million, up 35 percent over 1992 second quarter sales of $33.0 million. Sales for the six months ended June 30, 1993, increased 24 percent to $71.7 million from $57.6 million.
 The record sales increase was boosted by solid comparable store sales growth which increased 16 percent for the quarter and 7 percent for the first half of the year.
 "Reducing inventories was a critical factor to the success of this quarter. For the first time ever, Tuesday Morning closed for a physical inventory and reopened prior to the end of the quarter with a newly created after-inventory clearance event. The excellent sales results were attributable to this new strategy supported by significant promotional activity during the month of June," stated Steve Higgins, president. The company also announced that although advertising and promotional expenses increased throughout this event, the better than expected sales and comparable store sales combined to soften the overall impact on the company's anticipated second quarter earnings which are expected to fall within analysts' estimates.
 Tuesday Morning is a deep-discount, closeout gift chain operating 203 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.
 -0- 7/7/93
 /CONTACT: Mark E. Jarvis, chief financial officer and senior vice president of Tuesday Morning Corporation, 214-387-3562, or Barbara Buzzell of Laurey Peat & Associates, 214-871-8787, for Tuesday Morning Corporation/
 (TUES)


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

MP-OS -- NY022 -- 9023 07/07/93 10:59 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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