Tuesday Morning Eliminates COO Position; Issues Preliminary Sales Results

(RTTNews) - Tuesday Morning Corp. (TUES) said that Melissa Phillips, President and Chief Operating Officer, has resigned from the Company and the position of Chief Operating Officer has been eliminated. With Phillips' departure, Steven Becker, will assume additional responsibilities as President.

The company also reported that its preliminary net sales for its second quarter of fiscal 2017 were about $328 million with a comparable store sales increase of about 3.8%. Analysts polled by Thomson Reuters expected the company to report revenues of $327.51 million for the second-quarter. Analysts' estimates typically exclude special items.

As previously indicated, the Company's second quarter of fiscal 2017 profitability will be negatively impacted by certain elevated costs, including supply chain expenses.

Meanwhile, the company noted that Trent Taylor, currently serving as Chief Information Officer, has been promoted to Chief Information and Supply Chain Officer, with additional responsibility for the supply chain function.

Further, Belinda Byrd-Rohleder has been promoted to Senior Vice President, General Merchandising Manager, reporting to Steven Becker, Tuesday Morning's Chief Executive Officer, and will assume responsibility for all merchandise purchasing. Additionally, the field organization has been consolidated to four regions from five regions previously, to drive operational efficiencies and cost savings.

The company said it will report complete financial results for the second quarter on Friday, February 3, 2017.