What happened
Tuesday Morning Corporation (TUEM) was sure having a rough Thursday morning. The retailer's stock was down by more than 39% on the back of fresh quarterly results.
So what
Tuesday Morning released its fiscal 2021 fourth-quarter results that day; appropriate to the company's name, this was done in the early post-dawn hours.
For the quarter, Tuesday Morning earned just under $177.3 million in revenue, up from $160.3 million in Q4 2020. It also narrowed its net loss to almost $18.9 million ($0.22 per share); the year-ago shortfall was far deeper, at $136.6 million.
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Tuesday Morning is not followed by many analysts; Yahoo! Finance lists but a single one, who was estimating $165.9 million on the top line and a per-share net profit of $0.03.
2021 has been an eventful year for the company. It emerged from Chapter 11 bankruptcy at the start of January, and named a new CEO (Fred Hand) and interim CFO (Marc Katz) in May. Also that month, it successfully relisted its stock on the Nasdaq one year after it had been pulled from the exchange due to the bankruptcy.
Now what
Speaking of top-level management, Tuesday Morning announced within its earnings release that Katz has been tipped to be the company's new COO. Replacing him as CFO -- without the "interim" adjective -- is Jennifer Robinson. Additionally, Bill Baumann has been named the new chief information officer. All are retail industry veterans.
That's encouraging, but perhaps investors wanted to see at least some profitability in the retailer's first reported quarter after its return to the stock exchange.