A reorganized Tuesday Morning posted a fiscal year 2021 comparable sales gain in locations still operating after the company’s emergence from bankruptcy filed in 2020 and announced significant executive appointments with Marc Katz named principal and COO, Jennifer Robinson named evp and CFO, and Bill Baumann named evp and chief information officer.
Tuesday Morning posted net income of $3 million, or five cents per share, for fiscal 2021, versus a net loss of $166.3 million, or $3.68 per share, in fiscal 2021.
According to Tuesday Morning, the change in net income year over year emerged from restructuring and reorganization items totaling $49.2 million in a net gain for fiscal 2021 and a $117.1 million loss in fiscal 2020.
Comparable sales for the 490 stores that operated in both 2021 and 2019 gained 1.2% on a two-year basis, skipping a 2020 hit by the COVID-19 pandemic and the Chapter 11 bankruptcy filing. Net sales were $690.8 million versus $874.9 million in the year prior. Operating loss was $49 million versus an operating loss of $159.2 million in the year earlier. During fiscal 2021, Tuesday Morning closed 197 stores and opened two, for an ending store count of 490 as of June 30.
Tuesday Morning appointed Katz to the newly created position of principal and COO. The company announced his hiring on May 21, when Katz immediately began serving as interim CFO as Tuesday Morning searched for a permanent chief financial officer. Prior to joining Tuesday morning, Katz held executive positions at Burlington Stores. As Tuesday Morning COO, he will supervise finance, and the information technology and supply chain organizations.
Robinson, Tuesday Morning’s new evp and CFO, joins the company from The Michaels Cos., where she most recently served as svp/finance and treasurer. New evp and CIO Baumann joins Tuesday Morning from Torrid, where he served as evp/customer experience and CIO.
Tuesday Morning named Fred Hand CEO and a member of the board on May 17. He had been Chief Operating Officer of Burlington Stores.
In announcing the executive appointments and financial results, Hand said, “As we look ahead, we see tremendous potential. Our primary objective will be to improve our off-price operating fundamentals across the entire organization. Despite near-term challenges related to elevated supply chain costs as well as the uncertainty with respect to the ongoing pandemic, we are focused on the long-term, and I am confident in our ability to position Tuesday Morning for future profitable growth.”
Tuesday Morning emerged from Chapter 11 bankruptcy in January.
