Tilly's, Inc. Reports Fiscal 2023 Fourth Quarter Operating Results
- Tilly’s, Inc. reports a GAAP loss per share of $(0.69) and a non-GAAP loss per share of $(0.17) for the fourth quarter of fiscal 2023.
- Total net sales decreased by 4.1% to $173.0 million, with a comparable net sales decrease of 8.8%.
- Gross profit declined to 27.0% of net sales due to increased markdowns.
- Operating loss was $(8.5) million, compared to $(1.4) million last year.
- Non-GAAP net loss was $(5.2) million for the fourth quarter.
- Fiscal 2023 full-year net sales decreased by 7.3% to $623.1 million, with a comparable net sales decrease of 10.6%.
- The company reported a net loss of $(34.5) million, or $(1.16) loss per share for fiscal 2023.
- Tilly’s had $95.0 million in cash and marketable securities with no debt outstanding as of February 3, 2024.
- Gross profit declined to 27.0% of net sales due to increased markdowns.
- Operating loss was $(8.5) million, compared to $(1.4) million last year.
- Fiscal 2023 full-year net sales decreased by 7.3% to $623.1 million, with a comparable net sales decrease of 10.6%.
- The company reported a net loss of $(34.5) million, or $(1.16) loss per share for fiscal 2023.
Insights
The reported GAAP and non-GAAP loss per share for Tilly's Inc. reflect a challenging fiscal period for the company. The decline in total net sales by 4.1% in Q4 and 7.3% for the full fiscal year, coupled with a decrease in comparable net sales, indicates a contraction in consumer demand or a possible loss of market share. This is a key indicator of a company's health and can influence investor sentiment.
From a cost perspective, the gross profit margin contraction and SG&A expense increase are concerning. The 140 basis point decline in product margins due to increased markdowns suggests pricing pressure, while the SG&A increase is partly due to an extra fiscal week. The operating loss widening to (4.9)% of net sales in Q4 from (0.8)% last year further stresses the operational challenges faced.
On the balance sheet, the slight increase in inventories per square foot may indicate either an intentional buildup or slower inventory turnover. The decrease in cash and marketable securities year-over-year raises questions about liquidity management and capital allocation strategies.
The retail sector has been experiencing significant headwinds due to changing consumer behaviors and economic pressures. Tilly's acknowledgment of macro environmental challenges aligns with broader industry trends. However, the increase in e-commerce sales, which now represent a larger percentage of total net sales, is a positive sign, indicating a successful adaptation to the shift towards online shopping.
It's important to note that the company's operating loss and net loss have increased substantially, which may affect investor confidence. The forward-looking statements for Q1 2024 project a continued decline in comparable net sales, which could further impact the company's stock performance. The anticipated capital expenditures suggest a conservative investment in growth, focusing on a small number of new stores and technology upgrades.
The results highlight the importance of inventory management and the impact of markdowns on profitability within the retail industry. Tilly's has experienced a significant decrease in product margins, which is a common issue for apparel retailers in a competitive discounting environment. The company's strategy to improve business performance will likely focus on optimizing inventory levels, enhancing product assortment and improving supply chain efficiency.
The company's pivot towards e-commerce could be a strategic move to align with consumer shopping preferences. However, the physical store sales decline outpaces e-commerce growth, suggesting a need for a more aggressive digital transformation strategy. The stabilization of store count indicates a cautious approach to physical retail expansion, which may be prudent given the current retail landscape.
GAAP Loss Per Share of
Non-GAAP Net Loss Beats Prior Outlook
"Our business currently faces many headwinds from the macro environment. Despite these headwinds, we are challenging ourselves to improve our business performance by carefully reconsidering everything we do," commented Hezy Shaked, Co-Founder and Interim President and Chief Executive Officer. "We see opportunities for improvement, but we expect it may take some time to see the benefits from our efforts in this environment."
Operating Results Overview
Fiscal 2023 Fourth Quarter Operating Results Overview
The following comparisons refer to the Company's operating results for the fourth quarter of fiscal 2023 (14 weeks) ended February 3, 2024 versus the fourth quarter of fiscal 2022 (13 weeks) ended January 28, 2023.
-
Total net sales were
, a decrease of$173.0 million or$7.3 million 4.1% , compared to last year. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by$180.4 million 8.8% . The extra week in this year's fourth quarter accounted for in total net sales.$5.7 million -
Net sales from physical stores were
, a decrease of$125.6 million or$9.5 million 7.0% , compared to last year, with a comparable store net sales decrease of$135.0 million 11.8% . Net sales from physical stores represented72.6% of total net sales this year compared to74.9% of total net sales last year. The Company ended the fourth quarter with 248 total stores compared to 249 total stores at the end of the fourth quarter last year. -
Net sales from e-com were
, an increase of$47.4 million or$2.1 million 4.7% , compared to last year. E-com net sales represented$45.3 million 27.4% of total net sales this year compared to25.1% of total net sales last year.
-
Net sales from physical stores were
-
Gross profit, including buying, distribution, and occupancy costs, was
, or$46.7 million 27.0% of net sales, compared to , or$52.4 million 29.0% of net sales, last year. Product margins declined by 140 basis points primarily due to increased markdowns. Buying, distribution, and occupancy ("BDO") costs deleveraged by 70 basis points collectively, despite being lower than last year, primarily due to carrying these costs against a lower level of net sales this year.$0.5 million -
Selling, general and administrative ("SG&A") expenses were
, or$55.2 million 31.9% of net sales, compared to , or$53.8 million 29.8% of net sales, last year. The increase in SG&A was primarily due to the extra week in this year's fourth quarter, which added an estimated to SG&A expenses.$2.6 million -
Operating loss was
, or (4.9)% of net sales, compared to$(8.5) million , or (0.8)% of net sales, last year, due to the combined impact of the factors noted above.$(1.4) million -
Other income was
compared to$1.6 million last year, primarily attributable to earning significantly higher rates of return on our marketable securities compared to last year.$1.1 million -
Income tax expense, which includes a non-cash deferred tax asset valuation allowance of
, was$15.4 million or$13.6 million 195.9% of pre-tax loss, compared to an income tax benefit of , or$(0.2) million 61.7% of pre-tax loss last year. On a non-GAAP basis, excluding the impact of the valuation allowance, income tax benefit was , or$(1.8) million 25.8% of pre-tax loss. This quarter's non-GAAP effective income tax rate was primarily attributable to a decrease in pre-tax income and discrete income tax items associated with stock-based compensation. Last year's income tax benefit was primarily attributable to certain allowable deductions and tax credits. -
Net loss, including the non-cash valuation allowance charge noted above, was
, or$(20.6) million loss per share, compared to$(0.69) , or$(0.1) million loss per share, last year. On a non-GAAP basis, excluding the impact of the valuation allowance, this year's net loss was$(0.00) , or$(5.2) million loss per share. Weighted average shares were 29.9 million this year compared to 29.8 million shares last year.$(0.17)
Fiscal 2023 Full Year Operating Results Overview
The following comparisons refer to the Company's operating results for fiscal 2023 (53 weeks) ended February 3, 2024 versus fiscal 2022 (52 weeks) ended January 28, 2023.
-
Total net sales were
, a decrease of$623.1 million or$49.2 million 7.3% , compared to last year. Total comparable net sales, including both physical stores and e-com, decreased by$672.3 million 10.6% . The extra week in fiscal 2023 accounted for in total net sales.$5.7 million -
Net sales from physical stores were
, a decrease of$485.6 million or$45.5 million 8.6% , compared to last year, with a comparable store net sales decrease of$531.1 million 12.2% . Net sales from physical stores represented77.9% of total net sales compared to79.0% of total net sales last year. -
Net sales from e-com were
, a decrease of$137.5 million or$3.7 million 2.6% , compared to last year. E-com net sales represented$141.1 million 22.1% of total net sales compared to21.0% of total net sales last year.
-
Net sales from physical stores were
-
Gross profit, including buying, distribution, and occupancy costs, was
, or$165.7 million 26.6% of net sales, compared to , or$202.7 million 30.2% of net sales, last year. BDO costs deleveraged by 210 basis points collectively, primarily due to carrying these costs against a lower level of net sales this year. BDO costs increased by collectively, predominantly due to increased occupancy costs, partially offset by a decrease in distribution costs resulting primarily from reduced freight costs. Product margins declined by 150 basis points primarily due to increased markdowns.$1.8 million -
SG&A expenses were
, or$196.6 million 31.6% of net sales, compared to , or$191.6 million 28.5% of net sales, last year. The increase in SG&A was primarily attributable to non-cash store asset impairment charges of$5.1 million and the impact of the extra week in fiscal 2023 which added an estimated$3.4 million to SG&A expenses.$2.6 million -
Operating loss was
, or (5.0)% of net sales, compared to operating income of$(31.0) million , or$11.2 million 1.7% of net sales, last year, due to the combined impact of the factors noted above. -
Other income was
compared to$5.2 million last year, primarily due to earning significantly higher rates of return on our marketable securities compared to last year.$2.0 million -
Income tax expense, including the previously noted non-cash deferred tax asset valuation allowance of
, was$15.4 million , or$8.7 million 33.8% of pre-tax loss, compared to , or$3.5 million 26.5% of pre-tax income, last year. On a non-GAAP basis, excluding the valuation allowance, income tax benefit was , or$(6.7) million 25.9% of pre-tax loss. -
Net loss, including the non-cash valuation allowance charge noted above, was
, or$(34.5) million loss per share, compared to net income of$(1.16) , or$9.7 million income per diluted share, last year. On a non-GAAP basis, excluding the impact of the valuation allowance, this year's net loss was$0.32 , or$(19.1) million loss per share. Weighted average shares were 29.8 million this year compared to 30.3 million diluted shares last year.$(0.64)
Non-GAAP Financial Measures
In addition to reporting financial measures in accordance with generally accepted accounting principles ("GAAP"), the Company is providing certain non-GAAP financial measures including "non-GAAP income tax (benefit) expense," "non-GAAP net (loss) income," and "non-GAAP (loss) earnings per share." These amounts are not in accordance with, and should not be construed as an alternative to, the most directly comparable corresponding GAAP measure. The Company’s management believes that these measures help provide investors with insight into the underlying comparable financial results, excluding items that may not be indicative of, or are unrelated to, the Company’s core day-to-day operating results.
For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable corresponding financial measures prepared in accordance with GAAP, please see the accompanying table titled “Supplemental Financial Information; Reconciliation of Select GAAP Financial Measures to Non-GAAP Financial Measures” contained in this press release.
Balance Sheet and Liquidity
As of February 3, 2024, the Company had
Total year-to-date capital expenditures at the end of the fourth quarter were
Fiscal 2024 First Quarter Outlook
Total comparable net sales through March 12, 2024, decreased by (13.4)% relative to the comparable period last year. Based on current quarter-to-date comparable net sales results and current and historical trends, the Company currently estimates that its fiscal 2024 first quarter net sales will be in the range of approximately
Fiscal 2024 New Store and Capital Expenditure Plans
The Company currently expects its total capital expenditures for fiscal 2024 not to exceed
Conference Call Information
A conference call to discuss these financial results is scheduled for today, March 14, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Investors and 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 March 21, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10186382.
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
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 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) |
||||||||
|
|
February 3, 2024 |
|
January 28, 2023 |
||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
47,027 |
|
|
$ |
73,526 |
||
Marketable securities |
|
48,021 |
|
|
|
39,753 |
||
Receivables |
|
5,947 |
|
|
|
9,240 |
||
Merchandise inventories |
|
63,159 |
|
|
|
62,117 |
||
Prepaid expenses and other current assets |
|
11,905 |
|
|
|
17,762 |
||
Total current assets |
|
176,059 |
|
|
|
202,398 |
||
Operating lease assets |
|
203,825 |
|
|
|
212,845 |
||
Property and equipment, net |
|
48,063 |
|
|
|
50,635 |
||
Deferred tax assets, net |
|
— |
|
|
|
8,497 |
||
Other assets |
|
1,598 |
|
|
|
1,377 |
||
TOTAL ASSETS |
$ |
429,545 |
|
|
$ |
475,752 |
||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
14,506 |
|
|
$ |
15,956 |
||
Accrued expenses |
|
13,063 |
|
|
|
15,889 |
||
Deferred revenue |
|
14,957 |
|
|
|
16,103 |
||
Accrued compensation and benefits |
|
9,902 |
|
|
|
8,183 |
||
Current portion of operating lease liabilities |
|
48,672 |
|
|
|
48,864 |
||
Current portion of operating lease liabilities, related party |
|
3,121 |
|
|
|
2,839 |
||
Other liabilities |
|
336 |
|
|
|
470 |
||
Total current liabilities |
|
104,557 |
|
|
|
108,304 |
||
Long-term liabilities: |
|
|
|
|||||
Noncurrent portion of operating lease liabilities |
|
160,531 |
|
|
|
167,913 |
||
Noncurrent portion of operating lease liabilities, related party |
|
19,267 |
|
|
|
22,388 |
||
Other liabilities |
|
321 |
|
|
|
349 |
||
Total long-term liabilities |
|
180,119 |
|
|
|
190,650 |
||
Total liabilities |
|
284,676 |
|
|
|
298,954 |
||
Stockholders’ equity: |
|
|
|
|||||
Common stock (Class A) |
|
23 |
|
|
|
23 |
||
Common stock (Class B) |
|
7 |
|
|
|
7 |
||
Preferred stock |
|
— |
|
|
|
— |
||
Additional paid-in capital |
|
172,478 |
|
|
|
170,033 |
||
(Accumulated deficit) retained earnings |
|
(27,962 |
) |
|
|
6,530 |
||
Accumulated other comprehensive income |
|
323 |
|
|
|
205 |
||
Total stockholders’ equity |
|
144,869 |
|
|
|
176,798 |
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
429,545 |
|
|
$ |
475,752 |
Tilly’s, Inc. Consolidated Statements of Operations (In thousands, except per share data) (unaudited) |
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|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Fourteen Weeks Ended |
|
Thirteen Weeks Ended |
|
Fifty-Three Weeks Ended |
|
Fifty-Two Weeks Ended |
||||||||
|
|
February 3, 2024 |
|
January 28, 2023 |
|
February 3, 2024 |
|
January 28, 2023 |
||||||||
Net sales |
$ |
173,020 |
|
|
$ |
180,350 |
|
|
$ |
623,083 |
|
|
$ |
672,280 |
||
|
|
|
|
|
|
|
|
|||||||||
Cost of goods sold (includes buying, distribution, and occupancy costs) |
|
125,405 |
|
|
|
127,046 |
|
|
|
453,702 |
|
|
|
465,916 |
||
Rent expense, related party |
|
931 |
|
|
|
936 |
|
|
|
3,724 |
|
|
|
3,616 |
||
Total cost of goods sold (includes buying, distribution, and occupancy costs) |
|
126,336 |
|
|
|
127,982 |
|
|
|
457,426 |
|
|
|
469,532 |
||
Gross profit |
|
46,684 |
|
|
|
52,368 |
|
|
|
165,657 |
|
|
|
202,748 |
||
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expenses |
|
55,071 |
|
|
|
53,623 |
|
|
|
196,106 |
|
|
|
191,028 |
||
Rent expense, related party |
|
133 |
|
|
|
133 |
|
|
|
533 |
|
|
|
533 |
||
Total selling, general and administrative expenses |
|
55,204 |
|
|
|
53,756 |
|
|
|
196,639 |
|
|
|
191,561 |
||
|
|
|
|
|
|
|
|
|||||||||
Operating (loss) income |
|
(8,520 |
) |
|
|
(1,388 |
) |
|
|
(30,982 |
) |
|
|
11,187 |
||
Other income, net |
|
1,574 |
|
|
|
1,118 |
|
|
|
5,199 |
|
|
|
1,980 |
||
(Loss) income before income taxes |
|
(6,946 |
) |
|
|
(270 |
) |
|
|
(25,783 |
) |
|
|
13,167 |
||
Income tax expense (benefit) |
|
13,606 |
|
|
|
(166 |
) |
|
|
8,709 |
|
|
|
3,490 |
||
Net (loss) income |
$ |
(20,552 |
) |
|
$ |
(104 |
) |
|
$ |
(34,492 |
) |
|
$ |
9,677 |
||
Basic (loss) earnings per share of Class A and Class B common stock |
$ |
(0.69 |
) |
|
$ |
(0.00 |
) |
|
$ |
(1.16 |
) |
|
$ |
0.32 |
||
Diluted (loss) earnings per share of Class A and Class B common stock |
$ |
(0.69 |
) |
|
$ |
(0.00 |
) |
|
$ |
(1.16 |
) |
|
$ |
0.32 |
||
Weighted average basic shares outstanding |
|
29,889 |
|
|
|
29,785 |
|
|
|
29,848 |
|
|
|
30,115 |
||
Weighted average diluted shares outstanding |
|
29,889 |
|
|
|
29,785 |
|
|
|
29,848 |
|
|
|
30,323 |
Tilly’s, Inc. Consolidated Statements of Cash Flows (In thousands) (unaudited) |
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|
|
Fiscal Year Ended |
||||||
|
|
February 3, 2024 |
|
January 28, 2023 |
||||
Cash flows from operating activities |
|
|
|
|||||
Net (loss) income |
$ |
(34,492 |
) |
|
$ |
9,677 |
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
12,834 |
|
|
|
14,134 |
|
|
Insurance proceeds from casualty loss |
|
— |
|
|
|
23 |
|
|
Stock-based compensation expense |
|
2,218 |
|
|
|
2,267 |
|
|
Impairment of assets |
|
3,431 |
|
|
|
17 |
|
|
Loss on disposal of assets |
|
38 |
|
|
|
92 |
|
|
Gain on maturities of marketable securities |
|
(1,966 |
) |
|
|
(466 |
) |
|
Deferred income taxes |
|
8,497 |
|
|
|
2,949 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|||||
Receivables |
|
5,563 |
|
|
|
1,710 |
|
|
Merchandise inventories |
|
(1,042 |
) |
|
|
3,505 |
|
|
Prepaid expenses and other assets |
|
5,561 |
|
|
|
(1,487 |
) |
|
Accounts payable |
|
(1,474 |
) |
|
|
(12,194 |
) |
|
Accrued expenses |
|
(596 |
) |
|
|
(5,396 |
) |
|
Accrued compensation and benefits |
|
1,719 |
|
|
|
(8,873 |
) |
|
Operating lease liabilities |
|
(5,323 |
) |
|
|
(5,231 |
) |
|
Deferred revenue |
|
(1,146 |
) |
|
|
(993 |
) |
|
Other liabilities |
|
(555 |
) |
|
|
(1,149 |
) |
|
Net cash used in operating activities |
|
(6,733 |
) |
|
|
(1,415 |
) |
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Purchases of marketable securities |
|
(121,045 |
) |
|
|
(89,349 |
) |
|
Purchases of property and equipment |
|
(13,958 |
) |
|
|
(15,123 |
) |
|
Proceeds from maturities of marketable securities |
|
115,000 |
|
|
|
147,271 |
|
|
Proceeds from sale of property and equipment |
|
10 |
|
|
|
6 |
|
|
Net cash (used in) provided by investing activities |
|
(19,993 |
) |
|
|
42,805 |
|
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Proceeds from exercise of stock options |
|
400 |
|
|
|
176 |
|
|
Taxes paid on short-swing profits disgorgement payment |
|
(173 |
) |
|
|
— |
|
|
Short swing profits disgorgement payment |
|
— |
|
|
|
661 |
|
|
Share repurchases related to share repurchase program |
|
— |
|
|
|
(10,902 |
) |
|
Net cash provided by (used in) financing activities |
|
227 |
|
|
|
(10,065 |
) |
|
|
|
|
|
|||||
Change in cash and cash equivalents |
|
(26,499 |
) |
|
|
31,325 |
|
|
Cash and cash equivalents, beginning of period |
|
73,526 |
|
|
|
42,201 |
|
|
Cash and cash equivalents, end of period |
$ |
47,027 |
|
|
$ |
73,526 |
|
Tilly’s, Inc.
Supplemental Financial Information
Reconciliation of Select GAAP Financial Measures to Non-GAAP Financial Measures
(In thousands)
(unaudited)
Definitions of certain non-GAAP financial measures included in the tables below are as follows:
- We define "non-GAAP income tax (benefit) expense" as income tax expense (benefit) less non-cash valuation allowance on deferred tax assets.
|
Fourteen Weeks Ended |
|
Thirteen Weeks Ended |
|
Fifty-Three Weeks Ended |
|
Fifty-Two Weeks Ended |
|||||||||
|
February 3, 2024 |
|
January 28, 2023 |
|
February 3, 2024 |
|
January 28, 2023 |
|||||||||
Income tax expense (benefit) |
$ |
13,606 |
|
|
$ |
(166 |
) |
|
$ |
8,709 |
|
|
$ |
3,490 |
||
Non-cash valuation allowance on deferred tax assets |
|
(15,395 |
) |
|
|
— |
|
|
|
(15,395 |
) |
|
|
— |
||
Non-GAAP income tax (benefit) expense |
$ |
(1,789 |
) |
|
$ |
(166 |
) |
|
$ |
(6,686 |
) |
|
$ |
3,490 |
- We define "non-GAAP net (loss) income" as net (loss) income less non-cash valuation allowance on deferred tax assets.
- We define "non-GAAP basic (loss) earnings per share" and "non-GAAP diluted (loss) earnings per share" as non-GAAP net (loss) income divided by the applicable weighted average shares outstanding.
|
Fourteen Weeks Ended |
|
Thirteen Weeks Ended |
|
Fifty-Three Weeks Ended |
|
Fifty-Two Weeks Ended |
|||||||||
|
February 3, 2024 |
|
January 28, 2023 |
|
February 3, 2024 |
|
January 28, 2023 |
|||||||||
Net (loss) income |
$ |
(20,552 |
) |
|
$ |
(104 |
) |
|
$ |
(34,492 |
) |
|
$ |
9,677 |
||
Non-cash valuation allowance on deferred tax assets |
|
(15,395 |
) |
|
|
— |
|
|
|
(15,395 |
) |
|
|
— |
||
Non-GAAP net (loss) income |
$ |
(5,157 |
) |
|
$ |
(104 |
) |
|
$ |
(19,097 |
) |
|
$ |
9,677 |
||
|
|
|
|
|
|
|
|
|||||||||
Basic (loss) earnings per share of Class A and Class B common stock |
$ |
(0.69 |
) |
|
$ |
(0.00 |
) |
|
$ |
(1.16 |
) |
|
$ |
0.32 |
||
Diluted (loss) earnings per share of Class A and Class B common stock |
$ |
(0.69 |
) |
|
$ |
(0.00 |
) |
|
$ |
(1.16 |
) |
|
$ |
0.32 |
||
Non-GAAP basic (loss) earnings per share of Class A and Class B common stock |
$ |
(0.17 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.64 |
) |
|
$ |
0.32 |
||
Non-GAAP diluted (loss) earnings per share of Class A and Class B common stock |
$ |
(0.17 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.64 |
) |
|
$ |
0.32 |
||
Weighted average basic shares outstanding used to compute GAAP and non-GAAP basic (loss) earnings per share |
|
29,889 |
|
|
|
29,785 |
|
|
|
29,848 |
|
|
|
30,115 |
||
Weighted average diluted shares outstanding used to compute GAAP and non-GAAP diluted (loss) earnings per share |
|
29,889 |
|
|
|
29,785 |
|
|
|
29,848 |
|
|
|
30,323 |
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240314367760/en/
Investor Relations Contact:
Michael Henry, Executive Vice President, Chief Financial Officer
(949) 609-5599, ext. 17000
irelations@tillys.com
Source: Tilly’s, Inc.
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