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Tillys
🇺🇸 NYSE:TLYS
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May 04, 2024

Tillys Q1 2024 Earnings Report

Reported a net loss per share of $(0.65) on a GAAP basis and $(0.48) on a non-GAAP basis for Q1 2024.

Key Takeaways

Tilly's reported a decrease in net sales by 6.3% to $115.9 million and a net loss of $19.6 million, or $0.65 per share for the first quarter of fiscal year 2024. The company faced headwinds from the macro environment, but made progress on improving product margins and customer engagement.

Total net sales decreased by 6.3% to $115.9 million compared to the previous year.

Comparable net sales, including physical stores and e-commerce, decreased by 9.4%.

Net loss was $19.6 million, or $0.65 net loss per share, compared to $12.0 million, or $0.40 net loss per share, last year.

As of May 4, 2024, the Company had $68.0 million of cash, cash equivalents and marketable securities and no debt outstanding.

Total Revenue
$116M
Previous year: $124M
-6.3%
EPS
-$0.48
Previous year: -$0.4
+20.0%
Gross Profit
$24.3M
Previous year: $25.9M
-6.3%
Cash and Equivalents
$19.9M
Previous year: $43.7M
-54.5%
Total Assets
$410M
Previous year: $473M
-13.4%

Tillys

Tillys

Tillys Revenue by Segment

Forward Guidance

The Company currently estimates for the second quarter of fiscal 2024: net sales to be in the range of approximately $160 million to $165 million, SG&A expenses to be in the range of $48 million to $49 million, effective income tax rate of near-zero, after-tax results to be in the range of a net loss of approximately $(3.9) million to $(0.9) million, and per share results to be in the range of a net loss of $(0.13) to $(0.03).

Positive Outlook

  • Net sales are expected to be in the range of $160 million to $165 million.
  • SG&A expenses are anticipated to be between $48 million and $49 million in the absence of store asset impairment charges.
  • The company expects to have 247 total stores open at the end of the second quarter of fiscal 2024.
  • Per share results to be in the range of a net loss of $(0.13) to $(0.03).
  • Comparable net sales decrease in the range of approximately (10)% to (7)%.

Challenges Ahead

  • Comparable net sales are expected to decrease by approximately (10)% to (7)%.
  • An effective income tax rate of near-zero is expected due to the continuing impact of the valuation allowance.
  • After-tax results are projected to be a net loss of approximately $(3.9) million to $(0.9) million.
  • Company continues to face headwinds from the macro environment
  • It will remain difficult to improve our sales results in the near term

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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