Closeout retailer Tuesday Morning Corp. said Wednesday that revenue in stores open at least one year fell 4.5 percent in its fourth fiscal quarter, hurt by weak results in June, and cut its guidance for the year.
The gloomy outlook sent shares down 29 cents, or 6.5 percent, to $4.25 in morning trading. The stock has traded between $3.53 and $5.93 over the past 52 weeks.
Total revenue for the quarter ended June 30 fell 3 percent to $194.8 million from $200.8 million last year.
Revenue in stores open at least one year fell 4.5 percent. The measure is considered a key measure of a retailer's financial health because it excludes results from stores that open or close during the year.
For the full year, revenue edged down less than 1 percent to $821.3 million from $828.3 million Revenue in stores open at least one year fell 1.2 percent.
The company now expects net income of 21 cents to 23 cents in the fiscal year, down from June guidance of 25 cents to 30 cents per share.
It expects a loss of 3 cents to 5 cents in the fourth quarter.
CEO Kathleen Mason said that while people spent more early in the quarter, the number of customers and the amount they spent declined in June, leading to a "difficult" fourth quarter.
The Dallas based company sells home accessories and housewares at closeout prices in 861 stores in 43 states.