HomeFinancial MarketsHere’s to why Tuesday Morning Corp. (TUEM) stock rises during after-hours?

Here’s to why Tuesday Morning Corp. (TUEM) stock rises during after-hours?

Tuesday Morning Corp. (NASDAQ: TUEM) stock gained by 2.98% at last close while the TUEM stock price rises by 11.56% in the after-hours trading session. Tuesday Morning Corporation is an exclusive retailer that specialises in name-brand, greater quality products for the home, such as upscale home textiles, home furnishings, housewares, gourmet food, toys, and seasonal décor, at prices that are usually lower than those found in boutique, specialty, and department stores, catalogues, and on-line retailers.

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TUEM stock’ Operational Outcomes for Fiscal Year 2021

Tuesday Morning Corp. announced its operational as well as financial results for fiscal 2021. Given below are the highlights:

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  • In the fiscal year 2021, net sales were $690.8 million, down from $874.9 million in the fiscal year 2020.
  • During fiscal year 2021, 197 stores closed and two new ones opened, resulting in a total of 490 stores as of June 30, 2021.
  • In fiscal 2021, 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.
  • SG&A accounted for 35.3 percent of net sales, down from 37.8 percent in the same quarter last year. In fiscal 2021, SG&A was $244.2 million, down from $330.6 million the previous year.
  • In fiscal 2021, the operational loss was $49.0 million, opposed to $159.2 million in fiscal 2020.
  • In fiscal 2021, the company earned $3.0 million, or $0.05 per share, compared to a net loss of $166.3 million, or $3.68 per share, in fiscal 2020.
  • In fiscal 2021, adjusted EBITDA was negative $20.3 million, compared to a negative $15.4 million the previous year.

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Future Expectations

  • When compared to the same period in fiscal 2020, comparable store sales in the first quarter of fiscal 2022 are up low single digits.
  • The Company is not offering financial projections due to the present environment’s persistent unpredictability. Given the sustained headwinds from the industry-wide supply chain dislocation, the Company expects to report an Adjusted EBITDA loss in fiscal 2022, which will be modestly better than fiscal 2021.
  • The company also aims to be cash flow neutral in fiscal 2022, with enough cash on hand to fund its obligations and plans for the year.

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