Why Tuesday Morning Corporation (TUEM) stock turnaround in the after-hours on Friday?

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Tuesday Morning Corporation (TUEM) shares lost 6.98% in after-hours on Friday, December 17, 2021, and closed the daily trading at $2.00. however, in the regular trading session of Friday, TUEM’s stock gained 3.86%. TUEM shares have moved down 6.52% in the past week. Over the past three months, the stock has lost 14.34%, while over the past six months, it has declined 52.22%.

Let’s see what’s going on recently with the company?

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TUEM new appointment

On December 14, 2021, Tuesday Morning Corporation (TUEM), appointed an information technology and merchandising industry leader, Marcelo Podesta, to its board of directors as an independent director.

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Mr. Podesta is a seasoned executive with experience across multiple consumer-facing organizations. As an executive leader, his expertise encompasses finance, information technology, and merchandising.

TUEM latest financial results

On November 04, 2021, Tuesday Morning Corporation (TUEM), announced its results for the first quarter of fiscal 2022 ended September 30, 2021.

Q1 2022 financial highlights

  • TUEM reported total net sales of $176.9 million in the first quarter of fiscal 2022 compared to $161.5 million for the first quarter of fiscal 2021.
  • The cost of sales was $125.85 million in Q1 2022 compared to $110.5 million in Q1 2021.
  • Gross profit was $51.0 million in Q1 2022 same as in Q1 2021.
  • Selling, general and administrative expenses were $60.3 million in Q1 2022 compared to $62.06 million in Q1 2021.
  • It suffered a net loss of $14.6 million, or $0.17 per share, for the first quarter of fiscal 2022 compared to a net income of $18.6 million, or $0.41 per share in Q1 2021.
  • EBITDA was negative $9.5 million for the first quarter of fiscal 2022 compared to $25.5 million in Q1 2021.
  • As of September 30, 2021, the company had $4.6 million in cash and cash equivalents and $22.4 million outstanding under its line of credit with availability on the line of $39.7 million compared to61.9 million in cash and cash equivalents and $0.1 million outstanding under its line of credit in the same period of fiscal 2021.

TUEM corporate update

On September 16, 2021, Tuesday Morning (TUEM), announced that Mr. Paul Metcalf has been named Principal and Chief Merchant. Mr. Metcalf is a well-respected off-price merchant leader with a proven history of optimizing financial growth for retail businesses.

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Conclusion

Well, we have no recent news which could justify its mixed performance on Friday. we hope that it will return towards positivity in the coming trading session on Monday.

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