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Tuesday Morning Corporation Message Board

  • smaycs4 smaycs4 Feb 16, 2012 8:01 PM Flag

    TUES is clearly undervalued

    Enterprise Value/EBITDA (ttm)6: 3.40

    Price/Sales (ttm): 0.18

    Book Value Per Share (mrq): 6.39

    Total Cash Per Share (mrq): 1.37
    Total Debt (mrq): 0.00

    The problem is obvious. Nobody within management or the board of directors gives a darn about the shareprice or shareholder value.

    This company could pay out $1.00-1.35 per share in cash tommorow. (Or even more if they wanted to take on some debt)

    I have said for years that mgmt should be replaced. I feel the same way today. Only this time, they can take the ENTIRE board of directors with them.

    This company has a lot of potential but its not going to be realized when nobody gives a flying rip in the boardroom.

    TUES very much needs someone to buy 5-10% and start rattling the cage.

    In other news, I stopped by my local TUES. And again left empty handed and generally unimpressed. Of course, a tightwad middle aged male is not their target customer.

    But, just because I never find anything worth buying doesnt mean that their prices are too high.

    The shopping center where my TUES is is pretty much abandonded. The supermarket that sat next to it went under which probably hurt TUES.

    A thrift store had leased the spot but the city had a panic attack and ended up paying the thrift store to not open a store there. (Harming TUES, I would argue)

    Another store in the Bham area, they doing a relocation.

    HOOVER, Alabama -- Tuesday Morning, a dis­count gift and home acces­sory chain, is relocating its store from the Riverchase Village to the Riverchase Promenade next to the 2nd and Charles bookstore near Interstate 459 and U.S. 31.

    Lyndsey Johnson, a spokeswoman for the chain, said the 11,295-square-foot store is scheduled to open March 6 at 1705 Montgom­ery Highway South. Renova­tions are under way at the new location, next to the old Goody's space which now houses the bookstore.

    The store's current loca­tion, which takes up 7,385 square feet, is at 3780 River­chase Village near Bruno's off Lorna Road and U.S. 31.

    "Tuesday Morning is always opportunistic with their real estate locations," Johnson wrote in an email. "We have moved to the Riv­erchase Promenade location as it allows Tuesday Morn­ing to take advantage of space which better fits our needs at this time."

    Bill Powell, executive di­rector of the Hoover Area Chamber of Commerce, said the move to the River­chase Promenade gives the store more visibility than what it has now in the River­chase Village. The new loca­tion is across from the Riv­erchase Galleria and close to the interstate interchange.

    Tuesday Morning sells home furnishing products, including crystal, fine china, bed and bath linens, as well as items such as toys and books.

    The company's first store opened in Dallas in 1974. Tuesday Morning now oper­ates more than 840 stores in 43 states, including six in the Birmingham-Hoover metro area, Johnson said.

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    • Book Value Per Share (mrq): 6.39

      Total Cash Per Share (mrq): 1.37

      The above are why I am holding my remaining shares for higher prices.

      • 1 Reply to smaycs4
      • "Book Value Per Share (mrq): 6.39

        Total Cash Per Share (mrq): 1.37

        The above are why I am holding my remaining shares for higher prices."

        I hear you. My concerns are more with the markets and economy in general than with Tuesday specifically (although I do think the whole "online platform" thing is nonsense). I'm afraid there are plenty of players on both sides of the political spectrum with the means willing to disrupt markets just to get their guy in office. With the exception of a very few select positions, I'm gonna wait this election cycle out.

    • I drove in that River­chase Promenade tonight and I intended to look & see where their store is going exactly but I went around & went inside 2nd & Charles, BAMMs used bookstore experiment instead.

      The casual male was closed as it must have been shortly after 6.

      That bookstore had a lot more traffic than I would have thought.

      Reminded me of a library really. Most of the books are indeed new though. Just marked down.

      After I left there, I forgot about looking for TUESs spot.

      I dont get to that side of town much. Had an expiring Johnny Rockets groupon.

      In the mall, I noticed the Pacific Sunwear is no longer. It was there the last time I was but it must have been several years.

      The mall also had decent foot traffic. Malls are NOT dead yet.

    • Turns out there is a 3rd store located in Madison. Visited yesterday and found the store neat and clean and fairly busy. I just moved into a new condo so I've been looking for an area rug. Found two at this store that I liked. One of the two was unfortunately too small so I revisited the other two stores on Satureday to see if they had the smaller rug style in a larger size. They did not. Both stores were very busy however. Surprisingly so given how empty they were on Friday evening. Anyway, returned to the Madison store today (busy again) and purchased the larger rug and a rug pad. For the quality of product, prices are very reasonable (according to a girlfriend who went with me and is knowledgeable about such things).

    • Went and visited the 2nd store tonight. My impression of it was very similar to my impression of the 1st store. Maybe it's the nature of the merchandise that makes things look so disorderly. This store was clean and well lighted, but in an out of the way location. Definitely a "destination" kind of situation vs. a "hey let's stop in there" type deal. I'm definitely not their demographic or much of a shopper in general for that matter so it's hard to say how valid my opinion is.

      • 1 Reply to microcaptrader
      • IMHO as a Store Manager during the time, the most interesting openings each month occurred in 2003 with the openings becoming less and less important beginning in 2004. I cannot understand what happened - something happened. High end merchandise largely disappeared.

        Almost on a daily basis, customers tell me they rarely ever drop by Tuesday Morning locally. These are ladies with funds to purchase virtually anything they chose. I'd see these ladies in my Tuesday Morning a couple times a week, at least. Their comments include that the store is a mess - and I agree with them. The other store in our area is quite nice, actually.

        A lady driving a Mercedes S600 doesn't buy a piece of cheap glassware for a gift. A nice piece of Waterford or Lalique - yes. Same for the lady spending $3000 on luxury linens - Christmas presents.

        Managers cannot make displays of merchandise anymore. Just put it on the shelf and hope someone finds it.

        Big Lots? They are doing a good job with their store locally. Tuesday Morning isn't even in the same league.

        Oh well.

    • tomandhelen Feb 17, 2012 7:55 PM Flag

      Well, here we go again! Pay raises and option perks for top execs, while earnings continue to decline and shareholders get nothing. They should be taking pay cuts instead of REWARDING THEMSELVES FOR A JOB NOT WELL DONE!!!!

    • "In other news, I stopped by my local TUES. And again left empty handed and generally unimpressed. Of course, a tightwad middle aged male is not their target customer."

      I stopped by a store in Huntsville (located very near the University but also in a less affluent part of town)and left empty handed and unimpressed as well. Store was a complete mess.

      There are two stores here. I will visit the other one tomorrow. I haven't dug into the financials yet, but if a large part of their stated book value is inventory, their stated book value may be way over-stated lol.

6.39+0.14(+2.24%)Oct 9 4:00 PMEDT