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TUESDAY MORNING CORPORATION REPORTS THIRD QUARTER RESULTS

 TUESDAY MORNING CORPORATION REPORTS THIRD QUARTER RESULTS
 DALLAS, Texas, Nov. 13 /PRNewswire/ -- Tuesday Morning Corporation (NASDAQ: TUES) announced today that total sales for the quarter increased 28 percent to $31.4 million from $24.5 million last year fueled by a comparable store sales gain of 3.5 percent and a 23 percent increase in the number of stores. During the third quarter, Tuesday Morning operated 175 units compared with 142 for 1991. An additional 15 units have been opened for the fourth quarter. Total sales for the nine months ended Sept. 30 1992, increased 28 percent to $89.1 million from $69.7 million a year ago. Comparable store sales for the nine month period increased 7.2 percent from 1991.
 The company also announced that it anticipates a late filing of its 10Q for the quarter ended Sept. 30, 1992. The additional time is necessary to allow new accounting management and the company's independent auditors to conclude their review of potential restatements of the company's previously issued financial statements and to adopt a different method of accounting for inventory related costs to conform with the method used by most retailers, and currently used by the company for federal income tax purposes. This change is being made to more properly match certain costs with the related revenues and results in improved financial reporting. The impact of the possible restatement is expected to be less than the favorable impact of the accounting change.
 The loss for the quarter is expected to be greater than anticipated due to a reduction in margin attributable to increased promotions, loss from catalog operations, and to extraordinary costs incurred during the quarter which relate to distribution and freight for merchandise in preparation for the fourth quarter sales event. Many of these costs will be capitalized with the adoption of the accounting change and expensed as the related merchandise is sold.
 Tuesday Morning is a growing chain of deep-discount closeout gift stores. The stores are open four times a year on an event basis during the retail industry's peak selling seasons. Each location offers thousands of closeout items in categories that include gifts, crystal, luggage, linens, toys and seasonal items such as holiday trim.
 All merchandise is sold at 50 to 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- 11/13/92
 /CONTACT: Mark E. Jarvis, chief financial officer of Tuesday Morning Corporation, 214-387-3562/
 (TUES) CO: Tuesday Morning Corporation ST: Texas IN: REA SU: ERN


SM-WB -- NY067 -- 0919 11/13/92 17:23 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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