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Tuesday Morning Tuesday Morning Corporation Announces First Quarter Fiscal 2022 Results November 4 , 2021 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 first quarter of fiscal 2022. In the first quarter of fiscal 2021 , SG & A was $ 62.1 million , and as a percentage of sales SG & A was 38.4 % for the period . ● Operating loss for the first quarter of fiscal 2022 was $ 11.7 million . Operating loss was $ 16.5 million in the first quarter of fiscal 2021 . • The Company reported a net loss of $ 14.6 million , or $ 0.17 per share , for the first quarter of fiscal 2022. Net income for the first quarter of fiscal 2021 was $ 18.6 million , or $ 0.41 per share . • EBITDA , a non - GAAP measure , was negative $ 9.5 million for the first quarter of fiscal 2022. EBITDA was $ 25.5 million for the first quarter of 2021. Adjusted EBITDA , a non - GAAP measure , was negative $ 5.7 million and negative $ 6.0 million for the first quarter of fiscal 2022 and 2021 , respectively . A reconciliation of GAAP and non - GAAP measures is provided below . • The Company ended the first quarter of fiscal 2022 with $ 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 to $ 61.9 million in cash and cash equivalents and $ 0.1 million outstanding under its line of credit in the same period of fiscal 2021 . • We officially completed the bankruptcy process and negotiated the final claims resulting in $ 14 million of cash returned to the Company . • Inventories at the end of the first quarter of fiscal 2022 were $ 174.1 million compared to $ 108.1 million in the same period of fiscal 2021 . Outlook Given the continued headwinds from the industry wide supply chain dislocation , the Company continues to expect to report an Adjusted EBITDA loss for fiscal 2022 , slightly improved from fiscal 2021 . The Company continues to expect to maintain sufficient liquidity to cover its obligations and plans for the fiscal year . 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 492 stores in 40 states . More information and a list of store locations may be found on the Company's website at www.tuesdaymorning.com . Conference Call Information