Tuesday Morning Shares Plunge After Q4 Results; Names Jennifer Robinson As Finance Chief

Tuesday Morning Corp TUEM reported fourth-quarter FY21 sales growth of 10.6% year-on-year, to $177.27 million, beating the analyst consensus of $165.87 million.
Comparable store sales for the 490 stores that were open in 2021 and 2019 increased 1.2% compared to Q4 FY19.
As of the end of Q4 FY21, the company operated 490 stores versus 714 stores at the end of Q4 FY19. It has closed 197 stores and opened two during FY21.
The gross profit increased 1.9% Y/Y to $46.6 million, with the gross margin contracting about 220 basis points to 26.3%.
The company's operating loss narrowed Y/Y to $(16.2) million.
The company held $28.9 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss was $(8.2) million. Adjusted EPS of $(0.22) missed the analyst consensus of $0.03.
Tuesday Morning announced the appointment of Marc Katz as Principal and Chief Operating Officer, Jennifer Robinson as Chief Financial Officer, and Bill Baumann as Chief Information Officer.
Outlook: Tuesday Morning's Q1 FY22 comparable store sales are up low single digits quarter-to-date versus the similar period in FY20.
It didn't provide financial guidance citing continued uncertainty of the current environment.
Meanwhile, Tuesday Morning expects to report an Adjusted EBITDA loss for FY22, slightly improved from FY21, given the continued headwinds from the industry-wide supply chain dislocation.
Price Action: TUEM shares are trading lower by 39.11% at $2.60 on the last check Thursday.