DALLAS, July 29, 2022 (GLOBE NEWSWIRE) — Tuesday Morning Corporation (NASDAQ: TUEM), a leading off-price retailer of home goods and décor, today announced that Jennifer Robinson, who has served as Executive Vice President and Chief Financial Officer since September 2021 is departing the Company to pursue other opportunities effective August 15, 2022. Marc Katz, Principal and Chief Operating Officer of Tuesday Morning, will serve as Interim Chief Financial Officer of the Company.
Mr. Hand said, “We are very pleased Marc will again lend his considerable experience to the role of Interim Chief Financial Officer, in addition to his responsibilities as COO, and we expect a seamless transition.” Mr. Hand continued, “On behalf of the entire Tuesday Morning team, I would also like to thank Jennifer for her leadership through an evolving market over the course of her tenure. We wish her all the best in her future endeavors.”
Mr. Katz has served as the Principal and Chief Operating Officer of Tuesday Morning since September 2021. In addition to his ongoing responsibilities as COO, as Interim CFO, Mr. Katz will also oversee finance, accounting and reporting, tax, treasury, internal audit, and loss prevention. Mr. Katz will continue to report directly to Fred Hand, Chief Executive Officer.
Outlook
The Company now expects fourth quarter fiscal 2022 comparable store sales to decrease 8% when compared to the fourth quarter of fiscal 2021. This compares to the prior guidance for fourth quarter fiscal 2022 comparable store sales to decrease 3% to 5% when compared to the fourth quarter of fiscal 2021.
Given the updated expectation for the fourth quarter, the Company now expects to report an Adjusted EBITDA loss for fiscal 2022 between $30 million and $32 million. This compares to the prior guidance for an Adjusted EBITDA loss for fiscal 2022 between $26 million and $29 million.
The Company is still finalizing its annual closing procedures and plans to provide more detail on its business performance on its fourth quarter and full year fiscal 2022 earnings call in September.
About Tuesday Morning
Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal décor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Based in Dallas, Texas, the Company opened its first store in 1974 and currently operates 490 stores in 40 states. More information and a list of store locations may be found on the Company’s website at www.tuesdaymorning.com.
