Tuesday Morning appeals to CFO after coming out of bankruptcy
By Dave Sébastien
Tuesday Morning Corp. announced that it had chosen Jennifer Robinson as chief financial officer, effective September 14, after the company exited bankruptcy.
Ms. Robinson was most recently the Treasurer of Michaels Cos. Inc. Marc Katz, the former senior executive of Burlington Stores Inc. who had served as interim CFO since May, has been appointed to the newly created position of director and chief operating officer, effective Thursday, said the society.
Tuesday Morning, a discount household goods retailer, filed for bankruptcy in May 2020 as the Covid-19 pandemic hampered retail sales amid government-imposed closures and social distancing regulations.
The company also brought in Bill Baumann as chief information officer, which went into effect in August. He joined the company from Torrid Inc., where he held the same position.
On Thursday, Tuesday Morning recorded a net loss of $ 18.86 million for the fourth quarter ended June 30, compared to a loss of $ 136.6 million for the period a year earlier. It reported a loss of 22 cents per share, down from $ 3.01 per share the year before. Net sales reached $ 177.3 million from $ 160.3 million.
“Despite the short-term challenges of high supply chain costs as well as uncertainty about the ongoing pandemic, we are focused on the long term, and I am confident in our ability to position Tuesday Morning for profitable future growth, ”said Managing Director Fred Hand.
The company said it expects comparable store sales for the fiscal first quarter to increase to single digits from the start of the quarter, compared to the similar period last year. It recognizes a loss of adjusted profit before interest, taxes, depreciation and amortization for fiscal year 2022, slightly improved compared to fiscal year 2021, taking into account the persistent effects of the dislocation of the supply chain. he declares.
Write to Dave Sebastian at [email protected]