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Tuesday Morning (TUEM)

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.

Company profile

Ticker
TUEM
Exchange
CEO
Steven Becker
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
TMI Holdings, Inc. • Tuesday Morning, Inc. • Friday Morning, LLC • Days of the Week, Inc. • Nights of the Week, Inc. • Tuesday Morning Partners, Ltd. ...
IRS number
752398532

TUEM stock data

Analyst ratings and price targets

Last 3 months

Calendar

12 May 22
18 Aug 22
30 Jun 23
Quarter (USD) Apr 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jun 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 8.46M 8.46M 8.46M 8.46M 8.46M 8.46M
Cash burn (monthly) (no burn) 4.45M 6.03M 4.05M 10.12M 8.43M
Cash used (since last report) n/a 20.26M 27.43M 18.42M 46.08M 38.37M
Cash remaining n/a -11.81M -18.98M -9.97M -37.62M -29.91M
Runway (months of cash) n/a -2.7 -3.1 -2.5 -3.7 -3.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 22 Hand Fred Common Stock Payment of exercise Dispose F No No 0.5951 148,205 88.2K 3,905,074
30 Mar 22 Paul Metcalf Common Stock Payment of exercise Dispose F No No 1.15 14,455 16.62K 1,502,143
21 Jan 22 Bridgett C. Zeterberg Common Stock Payment of exercise Dispose F No No 1.8 14,454 26.02K 503,978
20 Jan 22 Marcelo Podesta Common Stock Grant Acquire A No No 0 29,091 0 29,091
86.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 54 54
Opened positions 9 6 +50.0%
Closed positions 9 12 -25.0%
Increased positions 10 15 -33.3%
Reduced positions 11 11
13F shares Current Prev Q Change
Total value 26.75M 82.26M -67.5%
Total shares 74.31M 74.79M -0.6%
Total puts 0 41.6K EXIT
Total calls 35.4K 126.71K -72.1%
Total put/call ratio 0.3
Largest owners Shares Value Change
Osmium Partners 22.24M $8.01M 0.0%
Tensile Capital Management 20.16M $7.26M 0.0%
Greenhouse Funds LLLP 6.23M $2.24M 0.0%
Adage Capital Partners GP, L.L.C. 4.14M $1.49M 0.0%
Archon Capital Management 3.77M $1.36M +2.3%
Grace & White 3.15M $1.13M +12.0%
Long Focus Capital Management 2.98M $1.07M +29.5%
Vanguard 2.44M $876K 0.0%
Empirical Capital Management 1.45M $521K +1.6%
First Manhattan 1.25M $450K -13.8%
Largest transactions Shares Bought/sold Change
Skylands Capital 572.84K -767.49K -57.3%
Long Focus Capital Management 2.98M +677.53K +29.5%
Gratia Capital 0 -565.23K EXIT
Grace & White 3.15M +335.87K +12.0%
Fuller & Thaler Asset Management 643.25K -257.68K -28.6%
First Manhattan 1.25M -200K -13.8%
Rockefeller Capital Management 0 -160K EXIT
Primecap Management 1.12M -114.4K -9.2%
Wiley Bros.-aintree Capital 109.93K +109.93K NEW
Archon Capital Management 3.77M +84.81K +2.3%

Financial report summary

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Risks
  • Increases in fuel prices and changes in transportation industry regulations or conditions may increase our freight costs and thus our cost of sales, which could have a material adverse effect on our business and operations.
  • An increase in the cost or a disruption in the flow of our imported products may significantly decrease our sales and profits.
  • Our results of operations will be negatively affected if we are unsuccessful in effectively managing our supply chain operations.
  • The loss of, disruption in operations of, or increased costs in the operation of our distribution center facilities would have a material adverse effect on our business and operations.
  • Failure to identify and respond to changes in consumer trends and preferences could significantly harm our business.
  • Our sales depend on a volume of traffic to our stores, and a reduction in traffic to, or the closing of, anchor tenants and other destination retailers in the shopping centers in which our stores are located could significantly reduce our sales and leave us with excess inventory.
  • We must continuously attract buying opportunities for off‑price merchandise and anticipate consumer demand as off‑price merchandise becomes available, and our failure to do so could adversely affect our performance.
  • Our results of operations will be negatively affected if we are not successful in managing our inventory profitably.
  • The unplanned loss or departure of one or more members of our senior management or other key management could have a material adverse effect on our business.
  • Our business is intensely competitive, and a number of different competitive factors could have a material adverse effect on our business, results of operations, cash flows and financial condition.
  • Changes to federal tax policy may adversely impact our operations and financial performance.
  • If we do not attract, train and retain quality employees in appropriate numbers, including key employees and management, our performance could be adversely affected.
  • Our results of operations are subject to seasonal and quarterly fluctuations, which could have a material adverse effect on our operating results or the market price of our common stock.
  • If we fail to protect the security of information about our business and our customers, suppliers, business partners and employees, we could damage our reputation and our business, incur substantial additional costs and become subject to litigation and government investigations and enforcement actions.
  • We are subject to various government regulations, changes in the existing laws and regulations and new laws and regulations which may adversely affect our operations and financial performance.
  • We face litigation risks from customers, employees, and other third parties in the ordinary course of business.
  • We face risks with respect to product liability claims and product recalls, which could adversely affect our reputation, our business, and our consolidated results of operations.
  • Our stores may be adversely affected by local conditions, natural disasters, and other events.
  • Our results of operations may be negatively affected by inventory shrinkage.
  • Our results of operations may be negatively impacted by exposure to unexpected costs related to our insurance programs.
  • We are subject to customer payment-related risks that could increase operating costs or exposure to fraud or theft, subject us to potential liability and potentially disrupt our business.
  • Our common stock is subject to ownership and transfer restrictions intended to preserve our ability to use our net operating loss carryforwards and other tax attributes.
Management Discussion
  • Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations  
  • We are one of the original off-price retailers and a leading destination for unique home and lifestyle goods, selling high-quality products at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers.  Our customers come to us for an ever-changing, exceptional assortment of brand names at great prices.  Our strong value proposition has established a loyal customer base, who we engage regularly with social media, email, direct mail and digital media.
  • The COVID-19 pandemic has had an adverse effect on our business operations, store traffic, employee availability, financial conditions, results of operations, liquidity and cash flow. On March 25, 2020, we temporarily closed all of our 687 stores nationwide, severely reducing revenues and resulting in significant operating losses and the elimination of substantially all operating cash flow. As allowed by state and local jurisdictions, 685 of our stores gradually reopened as of the end of June 2020. Two stores were permanently closed during the fourth quarter 2020.  In accordance with our bankruptcy plan of reorganization, described below, we completed the permanent closure of 197 stores in the first quarter of 2021 and the closure of our Phoenix distribution center in second quarter of 2021. In addition, as part of our restructuring, we secured financing to pay creditors in accordance with the plan of reorganization and to fund planned operations and expenditures.

Content analysis

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Removed: construction, renegotiated, smaller