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Wednesday, May 31, 2023

Tuesday Morning Corporation (TUEM) shares jumped to 11.56% in the aftermarket. Here’s Why?

Tuesday Morning Corporation (TUEM) experienced an incline of 11.56% in the aftermarket. However, the last trading session concluded at $1.73 with an increase of 2.98%.

What’s happening?

TUEM has not released any latest news on today’s date. But let’s have a look at the recent news.

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TUEM announced Fiscal Results 2021

TUEM reported its fourth-quarter and full-year fiscal 2021 results on 9th September 2021. Marc Katz has been the Principal and Chief Operating Officer, Jennifer Robinson as Chief Financial Officer, and Bill Baumann as Chief Information Officer, according to the company.

  • Firstly, in the fiscal year 2019, net sales were $690.8 million, down from $874.9 million in the fiscal year 2020.
  • secondly, during the fiscal year 2021, 197 stores closed, and two new ones opened, resulting in a total of 490 stores as of June 30, 2021.
  • Thirdly, in fiscal 2020, gross profit was $206.0 million, down from $284.9 million the previous year. The gross margin for fiscal 2021 fell to 29.8% from 32.6 percent the previous year. Increased supply chain expenses drove the drop in gross margin.
  • Lastly, in fiscal 2020, the operational deficit was $159.2 million, compared to $49.0 million in fiscal 2019.

Approval to Relist on Nasdaq

On 24th May 2021, TUEM accepted the Company’s application to relist its common shares on the Nasdaq Capital Market. Moreover, the Company’s common stock is scheduled to begin trading on the Nasdaq Capital Market under the ticker code “TUEM”.

As TUEM continues to create a stronger organization, their relisting on Nasdaq symbolizes the Company’s recent financial and operational successes. Furthermore, this is a significant step forward in development as a market leader in off-price retail. Tuesday Morning is well-positioned to continue servicing stakeholders, loyal consumers, and business partners in the future.

TUEM appoints new Interim Chief Financial Officer

On 21 May 2021, Mr. Marc Katz is designated Interim Chief Financial Officer. Mr. Katz is a well-known financial executive with a track record of maximizing financial growth for retail companies.

From 2008 until 2019, Mr. Katz worked at Burlington Stores Inc., where he most recently served as Chief Financial Officer/Principal. Marc was in charge of finance, information technology at Burlington. Prior to joining Burlington, Mr. Katz worked at A.C. Moore Arts & Crafts as Chief Financial Officer and Executive Vice President. Moreover, he graduated from St. Louis University with a master’s degree in business administration and from the University of Missouri-St. Louis with a bachelor’s degree.

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