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TUESDAY MORNING CORPORATION ANNOUNCES FISCAL 2021 RESULTS; ENHANCES MANAGEMENT TEAM WITH NEW HIRES ACROSS KEY AREAS OF ORGANIZATION
DALLAS, TX – September 9, 2021 – Tuesday Morning Corporation (NASDAQ: TUEM), a leading off-price retailer of home goods and décor, today announced its results for the fourth quarter and full year fiscal 2021 ended June 30, 2021. In addition, the Company announced the appointment of Marc Katz as Principal and Chief Operating Officer, Jennifer Robinson as Chief Financial Officer and Bill Baumann as Chief Information Officer.
Fred Hand, Chief Executive Officer, stated, “I am proud of the Tuesday Morning team’s hard work and dedication over the past year emerging from bankruptcy with a strong liquidity position. I am very pleased to continue to work with Marc in his new role and welcome Jennifer and Bill to the team. We have been able to fill key leadership roles that will enhance our existing strong team. With our experienced and energized team in place we are well positioned to improve execution of our off-price model and position this great company for success.”
Marc Katz, appointed to newly created position of Principal and Chief Operating Officer, effective September 9, 2021. Mr. Katz currently serves as Interim Chief Financial Officer for the Company a position he held during the Company’s search for a permanent Chief Financial Officer. Mr. Katz is a well-respected financial leader with a proven history of optimizing financial growth for retail businesses. As COO, Mr. Katz will lead Tuesday Morning’s finance, information technology and supply chain organizations. Before joining Tuesday Morning, Mr. Katz served in various capacities at Burlington Stores, Inc., most recently as Burlington's Chief Financial Officer/Principal. During his tenure at Burlington, Mr. Katz oversaw finance, information technology, supply chain, asset protection and legal. Most recently, Mr. Katz served as President and Chief Financial Officer of Torrid from January 2020 through December 2020 and prior to his eleven years at Burlington, Mr. Katz served as Chief Financial Officer and Executive Vice President of A.C. Moore Arts & Crafts and Chief Information Officer and Senior Vice President at Foot Locker, Inc. He received a Master’s of Business Administration from St. Louis University and an undergraduate degree from the University of Missouri-St. Louis.
Jennifer Robinson has been appointed to Executive Vice President, Chief Financial Officer effective September 14, 2021. Ms. Robinson is joining Tuesday Morning from The Michaels Companies Inc., where she most recently served as Senior Vice President of Finance and Treasurer. During her tenure at Michaels, Ms. Robinson held numerous finance leadership positions, including Chief Accounting Officer and Controller. With over 20 years of experience, Ms. Robinson has an established record of driving transformational and strategic initiatives with tangible results. Prior to joining Michaels in 2007, Ms. Robinson began her career at Deloitte in audit and assurance services. She is a Certified Public Accountant, has a Master’s of Business Administration from the University of Arkansas and an undergraduate degree from Oklahoma State University. Mr. Katz will continue to serve as Interim Chief Financial Officer until Ms. Robinson’s appointment becomes effective.
Bill Baumann appointed to Executive Vice President, Chief Information Officer effective August 2021. Mr. Baumann joined Tuesday Morning from Torrid, Inc. where he served as Executive Vice President Customer Experience and Chief Information Officer. In that role, Mr. Baumann's scope of responsibility included Information Technology, Store Operations and Ecommerce. Prior to that role, Mr. Baumann held the Chief Information Officer position at several retailers including, Total Wine and More, West Marine and Recreational Equipment Inc. (REI). Mr. Baumann has a strong 20-year retail CIO track record of building high performing teams, driving IT/Digital transformation and delivering results. Mr. Baumann earned a Masters of Business Administration from Saint Mary's College of California and an undergraduate degree from New Hampshire College.
Mr. Hand continued, “As we look ahead, we see tremendous potential. Our primary objective will be to improve our off-price operating fundamentals across the entire organization. Despite near-term challenges related to elevated supply chain costs as well as the uncertainty with respect to the ongoing pandemic, we are focused on the long-term, and I am confident in our ability to position Tuesday Morning for future profitable growth.”
Given the lack of comparability to the fourth quarter of fiscal 2020, due to actions the Company took related to its reorganization under Chapter 11, as well as the impact from temporary store and distribution center closures related to Covid-19, this release includes a condensed review of fourth quarter sales and inventory. Fourth quarter fiscal 2019 financial results are also difficult to compare with fiscal 2021 due to the significant reduction in store count and promotional activity between the two periods.
The following information was filed by Tuesday Morning Corpde (TUEM) on Thursday, September 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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