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    Tilly's, Inc. Reports Fiscal 2024 Third Quarter Operating Results

    12/5/24 4:05:00 PM ET
    $TLYS
    Clothing/Shoe/Accessory Stores
    Consumer Discretionary
    Get the next $TLYS alert in real time by email

    Tilly's, Inc. (NYSE:TLYS, the ", Company", )) today announced financial results for the third quarter of fiscal 2024 ended November 2, 2024.

    "Our third quarter results included our best quarterly comp sales performance since fiscal 2021, our first month of positive comp sales since February 2022 during fiscal August, and our second consecutive quarter of year-over-year store traffic growth," commented Hezy Shaked, Co-Founder, Executive Chairman, President and Chief Executive Officer. "However, we still have a long way to go to return to generating consistent sales growth and profitability. We are disappointed in our net sales performance in the early stages of the fourth quarter, yet somewhat encouraged by our improved product margins thus far in the fourth quarter."

    Operating Results Overview

    Fiscal 2024 Third Quarter Operating Results Overview

    The following comparisons refer to the Company's operating results for the third quarter of fiscal 2024 ended November 2, 2024 versus the third quarter of fiscal 2023 ended October 28, 2023.

    • Total net sales were $143.4 million, a decrease of 13.8%. This decrease was primarily attributable to the calendar shift impact of last year's 53rd week in the retail calendar, which caused a portion of the back-to-school season's sales volume to shift into the second quarter this year from the third quarter last year, resulting in a net sales reduction of $18.4 million in this year's third quarter. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 3.4% relative to the comparable 13-week period ended November 4, 2023.
      • Net sales from physical stores were $111.3 million, a decrease of 16.0%. Comparable store net sales decreased 5.6% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores represented 77.6% of total net sales this year compared to 79.6% of total net sales last year. The Company ended the third quarter with 246 total stores compared to 249 total stores at the end of the third quarter last year.
      • Net sales from e-com were $32.2 million, a decrease of 5.4%. E-com net sales increased 4.9% relative to the comparable 13-week period ended November 4, 2023. E-com net sales represented 22.4% of total net sales this year compared to 20.4% of total net sales last year.
    • Gross profit, including buying, distribution, and occupancy costs, was $37.2 million, or 25.9% of net sales, compared to $48.7 million, or 29.3% of net sales, last year. Product margins were generally consistent with last year's third quarter, declining by 10 basis points. Buying, distribution, and occupancy costs deleveraged by 320 basis points collectively, despite being $0.7 million lower than last year, primarily due to carrying these costs against a lower level of net sales this year.
    • Selling, general and administrative ("SG&A") expenses were $51.3 million, or 35.7% of net sales, compared to $51.2 million, or 30.8% of net sales, last year. Lower store payroll and related benefits as well as lower non-cash store asset impairment charges were largely offset by increased e-com fulfillment costs.
    • Operating loss was $14.1 million, or 9.8% of net sales, compared to $2.5 million, or 1.5% of net sales, last year, due to the combined impact of the factors noted above.
    • Pre-tax loss was $12.9 million, or 9.0% of net sales, compared to $1.2 million, or 0.7% of net sales, last year.
    • Income tax benefit was $5.0 thousand or 0.0% of pre-tax loss, compared to $0.3 million, or 28.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance.
    • Net loss was $12.9 million, or $0.43 net loss per share, compared to $0.8 million, or $0.03 net loss per share, last year. Weighted average shares were 30.1 million this year compared to 29.9 million shares last year.

    Fiscal 2024 Year-to-Date Third Quarter Operating Results Overview

    The following comparisons refer to the Company's operating results for the first 39 weeks of fiscal 2024 ended November 2, 2024 versus the first 39 weeks of fiscal 2023 ended October 28, 2023.

    • Total net sales were $422.2 million, a decrease of 6.2%. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 6.8% relative to the comparable 39-week period ended November 4, 2023.
      • Net sales from physical stores were $336.4 million, a decrease of 6.6%. Comparable store net sales decreased 7.4% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores represented 79.7% of total net sales this year compared to 80.0% of total net sales last year.
      • Net sales from e-com were $85.8 million, a decrease of 4.7%. E-com net sales decreased 4.6% relative to the comparable 39-week period ended November 4, 2023. E-com net sales represented 20.3% of total net sales this year compared to 20.0% of total net sales last year.
    • Gross profit, including buying, distribution, and occupancy costs, was $111.4 million, or 26.4% of net sales, compared to $119.0 million, or 26.4% of net sales, last year. Product margins improved by 130 basis points primarily due to the combination of improved initial markups and lower total markdowns. Buying, distribution, and occupancy costs deleveraged by 140 basis points collectively, despite being $1.3 million lower than last year, primarily due to carrying these costs against lower net sales this year.
    • SG&A expenses were $147.1 million, or 34.9% of net sales, compared to $141.4 million, or 31.4% of net sales, last year. The $5.7 million increase in SG&A was primarily attributable to increases in store payroll and related benefits of $1.6 million due to wage rate increases, software as a service expense of $1.4 million, corporate payroll and related benefits of $1.2 million, e-commerce fulfillment expenses of $1.0 million, and non-cash store asset impairment charges of $1.0 million. These increases were partially offset by a variety of smaller expense decreases.
    • Operating loss was $35.7 million, or 8.5% of net sales, compared to $22.5 million, or 5.0% of net sales, last year, due to the combined impact of the factors noted above.
    • Pre-tax loss was $32.6 million, or 7.7% of net sales, compared to $18.8 million, or 4.2% of net sales, last year.
    • Income tax benefit was $21.8 thousand or 0.1% of pre-tax loss, compared to $4.9 million, or 26.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance.
    • Net loss was $32.6 million, or $1.08 net loss per share, compared to $13.9 million, or $0.47 net loss per share, last year. Weighted average shares were 30.0 million this year compared to 29.8 million shares last year.

    Balance Sheet and Liquidity

    As of November 2, 2024, the Company had $51.7 million of cash, cash equivalents and marketable securities and no debt outstanding. Total inventories increased 11.8% as of November 2, 2024 compared to October 28, 2023, largely due to pulling forward new inventory receipts to improve distribution center efficiencies. Total year-to-date capital expenditures at the end of the third quarter were $6.7 million this year compared to $10.5 million last year.

    Fiscal 2024 Fourth Quarter Outlook

    Total comparable net sales through December 3, 2024 decreased by 15.3% relative to the comparable period of last year ended December 5, 2023, with meaningfully improved product margins compared to last year. On a shifted basis, lining up the timing of this year's Thanksgiving holiday with last year's, total comparable net sales through December 3, 2024, decreased by 9.6% relative to the comparable period of last year ended November 28, 2023. Based on current and historical trends, the Company currently estimates the following for the fourth quarter of fiscal 2024:

    • Net sales to be in the range of approximately $149 million to $156 million, translating to an estimated comparable net sales decrease in the range of approximately 9% to 5%, respectively, relative to the comparable 13-week period last year;
    • Product margin improvement of approximately 200 basis points relative to last year's fourth quarter;
    • SG&A expenses to be approximately $52 million before factoring in any potential non-cash store asset impairment charges that may arise;
    • Pre-tax loss and net loss to be in the range of approximately $13.0 million to $9.5 million, respectively, with a near-zero effective income tax rate due to the continuing impact of a full, non-cash valuation allowance on deferred tax assets; and
    • Per share results to be in the range of a net loss of $0.43 to $0.32, respectively, with estimated weighted average shares of approximately 30 million.

    The Company currently expects to have 239 total stores open at the end of the fourth quarter of fiscal 2024. The Company opened three new stores in November and currently expects to close 10 predominantly underperforming stores near the end of the quarter.

    Conference Call Information

    A conference call with analysts to discuss these financial results is scheduled for today, December 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Analysts interested in participating in the call are invited to dial (877) 300-8521 (domestic) or (412) 317-6026 (international). The conference call will also be available to interested parties through a live webcast at www.tillys.com. Please visit the website and select the "Investor Relations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until December 12, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10193481.

    About Tillys

    Tillys is a leading, destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 249 total stores across 33 states, as well as its website, www.tillys.com.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our current operating expectations in light of historical results, the impacts of inflation and potential recession on us and our customers, including on our future financial condition or operating results, expectations regarding changes in the macro-economic environment, customer traffic, our supply chain, our ability to properly manage our inventory levels, and any other statements about our future cash position, financial flexibility, expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to the impact of inflation on consumer behavior and our business and operations, supply chain difficulties, and our ability to respond thereto, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, attract talented employees, or enhance awareness of our brand and brand image, general consumer spending patterns and levels, including changes in historical spending patterns, the markets generally, our ability to satisfy our financial obligations, including under our credit facility and our leases, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), including those detailed in the section titled "Risk Factors" and in our other filings with the SEC, which are available on the SEC's website at www.sec.gov and on our website at www.tillys.com under the heading "Investor Relations". Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K.

    Tilly's, Inc.

    Consolidated Balance Sheets

    (In thousands, except par value)

    (unaudited)

     

     

     

     

     

     

     

     

     

    November 2,

    2024

     

    February 3,

    2024

     

    October 28,

    2023

    ASSETS

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash and cash equivalents

    $

    26,407

     

     

    $

    47,027

     

     

    $

    44,425

     

    Marketable securities

     

    25,321

     

     

     

    48,021

     

     

     

    49,523

     

    Receivables

     

    6,136

     

     

     

    5,947

     

     

     

    7,118

     

    Merchandise inventories

     

    92,481

     

     

     

    63,159

     

     

     

    82,753

     

    Prepaid expenses and other current assets

     

    11,781

     

     

     

    11,905

     

     

     

    11,816

     

    Total current assets

     

    162,126

     

     

     

    176,059

     

     

     

    195,635

     

    Operating lease assets

     

    181,117

     

     

     

    203,825

     

     

     

    216,205

     

    Property and equipment, net

     

    42,603

     

     

     

    48,063

     

     

     

    49,220

     

    Deferred tax assets, net

     

    —

     

     

     

    —

     

     

     

    13,229

     

    Other assets

     

    1,424

     

     

     

    1,598

     

     

     

    1,685

     

    TOTAL ASSETS

    $

    387,270

     

     

    $

    429,545

     

     

    $

    475,974

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable

    $

    32,577

     

     

    $

    14,506

     

     

    $

    27,025

     

    Accrued expenses

     

    12,771

     

     

     

    13,063

     

     

     

    14,688

     

    Deferred revenue

     

    13,333

     

     

     

    14,957

     

     

     

    13,520

     

    Accrued compensation and benefits

     

    8,127

     

     

     

    9,902

     

     

     

    10,590

     

    Current portion of operating lease liabilities

     

    49,944

     

     

     

    48,672

     

     

     

    50,063

     

    Current portion of operating lease liabilities, related party

     

    3,345

     

     

     

    3,121

     

     

     

    3,048

     

    Other liabilities

     

    210

     

     

     

    336

     

     

     

    330

     

    Total current liabilities

     

    120,307

     

     

     

    104,557

     

     

     

    119,264

     

    Long-term liabilities:

     

     

     

     

     

    Noncurrent portion of operating lease liabilities

     

    135,724

     

     

     

    160,531

     

     

     

    171,388

     

    Noncurrent portion of operating lease liabilities, related party

     

    16,736

     

     

     

    19,267

     

     

     

    20,081

     

    Other liabilities

     

    192

     

     

     

    321

     

     

     

    391

     

    Total long-term liabilities

     

    152,652

     

     

     

    180,119

     

     

     

    191,860

     

    Total liabilities

     

    272,959

     

     

     

    284,676

     

     

     

    311,124

     

    Stockholders' equity:

     

     

     

     

     

    Common stock (Class A)

     

    23

     

     

     

    23

     

     

     

    23

     

    Common stock (Class B)

     

    7

     

     

     

    7

     

     

     

    7

     

    Preferred stock

     

    —

     

     

     

    —

     

     

     

    —

     

    Additional paid-in capital

     

    174,516

     

     

     

    172,478

     

     

     

    171,754

     

    Accumulated deficit

     

    (60,527

    )

     

     

    (27,962

    )

     

     

    (7,410

    )

    Accumulated other comprehensive income

     

    292

     

     

     

    323

     

     

     

    476

     

    Total stockholders' equity

     

    114,311

     

     

     

    144,869

     

     

     

    164,850

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $

    387,270

     

     

    $

    429,545

     

     

    $

    475,974

     

    Tilly's, Inc.

    Consolidated Statements of Operations

    (In thousands, except per share data)

    (unaudited)

     

     

     

     

     

     

     

    Thirteen Weeks Ended

     

    Thirty-Nine Weeks Ended

     

     

    November 2,

    2024

     

    October 28,

    2023

     

    November 2,

    2024

     

    October 28,

    2023

    Net sales

    $

    143,442

     

     

    $

    166,475

     

     

    $

    422,165

     

     

    $

    450,063

     

     

     

     

     

     

     

     

     

    Cost of goods sold (includes buying, distribution, and occupancy costs)

     

    105,314

     

     

     

    116,825

     

     

     

    307,939

     

     

     

    328,297

     

    Rent expense, related party

     

    931

     

     

     

    931

     

     

     

    2,796

     

     

     

    2,793

     

    Total cost of goods sold (includes buying, distribution, and occupancy costs)

     

    106,245

     

     

     

    117,756

     

     

     

    310,735

     

     

     

    331,090

     

    Gross profit

     

    37,197

     

     

     

    48,719

     

     

     

    111,430

     

     

     

    118,973

     

     

     

     

     

     

     

     

     

    Selling, general and administrative expenses

     

    51,118

     

     

     

    51,101

     

     

     

    146,734

     

     

     

    141,035

     

    Rent expense, related party

     

    133

     

     

     

    134

     

     

     

    397

     

     

     

    400

     

    Total selling, general and administrative expenses

     

    51,251

     

     

     

    51,235

     

     

     

    147,131

     

     

     

    141,435

     

     

     

     

     

     

     

     

     

    Operating loss

     

    (14,054

    )

     

     

    (2,516

    )

     

     

    (35,701

    )

     

     

    (22,462

    )

    Other income, net

     

    1,174

     

     

     

    1,341

     

     

     

    3,114

     

     

     

    3,625

     

    Loss before income taxes

     

    (12,880

    )

     

     

    (1,175

    )

     

     

    (32,587

    )

     

     

    (18,837

    )

    Income tax benefit

     

    (5

    )

     

     

    (328

    )

     

     

    (22

    )

     

     

    (4,897

    )

    Net loss

    $

    (12,875

    )

     

    $

    (847

    )

     

    $

    (32,565

    )

     

    $

    (13,940

    )

    Basic net loss per share of Class A and Class B common stock

    $

    (0.43

    )

     

    $

    (0.03

    )

     

    $

    (1.08

    )

     

    $

    (0.47

    )

    Diluted net loss per share of Class A and Class B common stock

    $

    (0.43

    )

     

    $

    (0.03

    )

     

    $

    (1.08

    )

     

    $

    (0.47

    )

    Weighted average basic shares outstanding

     

    30,060

     

     

     

    29,872

     

     

     

    30,017

     

     

     

    29,834

     

    Weighted average diluted shares outstanding

     

    30,060

     

     

     

    29,872

     

     

     

    30,017

     

     

     

    29,834

     

    Tilly's, Inc.

    Consolidated Statements of Cash Flows

    (In thousands)

    (unaudited)

     

     

     

     

     

    Thirty-Nine Weeks Ended

     

     

    November 2,

    2024

     

    October 28,

    2023

    Cash flows from operating activities

     

     

     

    Net loss

    $

    (32,565

    )

     

    $

    (13,940

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation and amortization

     

    9,586

     

     

     

    9,547

     

    Stock-based compensation expense

     

    1,744

     

     

     

    1,684

     

    Impairment of assets

     

    3,605

     

     

     

    2,631

     

    (Gain) loss on disposal of assets

     

    (45

    )

     

     

    2

     

    Gain on maturities of marketable securities

     

    (1,449

    )

     

     

    (1,156

    )

    Deferred income taxes

     

    —

     

     

     

    (4,732

    )

    Changes in operating assets and liabilities:

     

     

     

    Receivables

     

    611

     

     

     

    4,196

     

    Merchandise inventories

     

    (29,322

    )

     

     

    (20,636

    )

    Prepaid expenses and other assets

     

    900

     

     

     

    5,980

     

    Accounts payable

     

    18,047

     

     

     

    11,033

     

    Accrued expenses

     

    (159

    )

     

     

    106

     

    Accrued compensation and benefits

     

    (1,775

    )

     

     

    2,407

     

    Operating lease liabilities

     

    (5,422

    )

     

     

    (4,545

    )

    Deferred revenue

     

    (1,624

    )

     

     

    (2,583

    )

    Other liabilities

     

    (335

    )

     

     

    (452

    )

    Net cash used in operating activities

     

    (38,203

    )

     

     

    (10,458

    )

     

     

     

     

    Cash flows from investing activities

     

     

     

    Purchases of marketable securities

     

    (59,557

    )

     

     

    (88,146

    )

    Purchases of property and equipment

     

    (6,678

    )

     

     

    (10,543

    )

    Proceeds from maturities of marketable securities

     

    83,500

     

     

     

    80,000

     

    Proceeds from sale of property and equipment

     

    24

     

     

     

    9

     

    Net cash provided by (used in) investing activities

     

    17,289

     

     

     

    (18,680

    )

     

     

     

     

    Cash flows from financing activities

     

     

     

    Proceeds from exercise of stock options

     

    294

     

     

     

    210

     

    Taxes paid on short-swing profits disgorgement payment

     

    —

     

     

     

    (173

    )

    Net cash provided by financing activities

     

    294

     

     

     

    37

     

     

     

     

     

    Change in cash and cash equivalents

     

    (20,620

    )

     

     

    (29,101

    )

    Cash and cash equivalents, beginning of period

     

    47,027

     

     

     

    73,526

     

    Cash and cash equivalents, end of period

    $

    26,407

     

     

    $

    44,425

     

    Tilly's, Inc.

    Store Count and Square Footage

     

     

     

     

     

     

     

     

     

     

     

     

     

    Store Count at Beginning of Quarter

     

    New Stores Opened During Quarter

     

    Stores Permanently Closed During Quarter

     

    Store Count at End of Quarter

     

    Total Gross Square Footage End of Quarter (in thousands)

    2023 Q1

    249

     

    1

     

    2

     

    248

     

    1,809

    2023 Q2

    248

     

    —

     

    2

     

    246

     

    1,792

    2023 Q3

    246

     

    3

     

    —

     

    249

     

    1,810

    2023 Q4

    249

     

    3

     

    4

     

    248

     

    1,801

    2024 Q1

    248

     

    2

     

    4

     

    246

     

    1,784

    2024 Q2

    246

     

    1

     

    —

     

    247

     

    1,791

    2024 Q3

    247

     

    —

     

    1

     

    246

     

    1,780

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241205990996/en/

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