Business
Tuesday Morning Corporation Announces First Quarter Fiscal 2022 Results
Tuesday Morning Corporation Announces First Quarter Fiscal 2022 Results.
About this update from Tuesday Morning Corp New
[{"type":"text","content":"\n Comparable store sales increased 3.2% versus Q1 fiscal 2020 Completed bankruptcy process with $14 million in cash released to the Company DALLAS, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (NASDAQ: TUEM), a leading off-price retailer of home goods and décor, today announced its results for the first quarter of fiscal 2022 ended September 30, 2021. Fred Hand, Chief Executive Officer, stated, “I am pleased with our first quarter performance as we exceeded both our Sales and financial plan and successfully completed the bankruptcy process in line with our expectations. Despite the ongoing global supply chain dislocation, we believe the quality and level of our inventories has us properly positioned as we enter the holiday season.” Mr. Hand, continued, “We are in the very early stages of our transformation, and we are focused on improving our execution of the off-price model across all areas of the organization. While this work will take time, we believe we are making the right steps forward, and we continue to appreciate the great opportunity ahead for Tuesday Morning.” Comparability to prior periods is difficult due to the Company’s reorganization under Chapter 11, Covid-19, and the elimination of promotional activity. For comparable store sales and inventory specifically, first quarter fiscal 2022 will be compared against first quarter fiscal 2020. First Quarter Fiscal 2022 Results As of the end of the first quarter of fiscal 2022, the Company operated 489 stores compared to 490 stores at the end of the first quarter of fiscal 2021, and 707 stores at the end of the first quarter fiscal 2020.Comparable store sales increased 3.2% for the 489 stores that were open in the first quarter of fiscal 2022 and the first quarter of fiscal 2020, despite store inventory ending down 42% compared to the first quarter of fiscal 2020.  Net sales were $176.9 million in the first quarter of fiscal 2022. Net sales were $161.5 million for the first quarter of fiscal 2021.Gross profit was $51.0 million and gross margin was 28.8% for the first quarter of fiscal 2022. Gross profit was $51.1 million and gross margin was 31.6% for the first quarter of fiscal 2021.SG&A was $60.3 million in the first quarter of fiscal 2022. As a percentage of net sales, SG&A was 34.1% for the fi...