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Jul 29, 2023
Tillys Q2 2023 Earnings Report
Tilly's Q2 2023 earnings beat expectations, with improved comp sales trend in August.
Key Takeaways
Tilly's reported a decrease in net sales by 5.0% to $160.0 million, with a comparable sales decrease of 8.5%. Despite the sales decline, prudent expense management led to better than expected results. The company reported a net loss $(1.1) million, or $(0.04) per share.
Total net sales decreased by 5.0% to $160.0 million compared to last year.
Comparable net sales, including physical stores and e-commerce, decreased by 8.5%.
Net loss was $(1.1) million, or $(0.04) per share, compared to net income of $3.8 million, or $0.13 per diluted share, last year.
Gross profit was $44.3 million, or 27.7% of net sales, compared to $52.0 million, or 30.9% of net sales, last year.
Revenue by Segment
Forward Guidance
The Company currently estimates that its fiscal 2023 third quarter net sales will be in the range of approximately $166 million to $171 million, translating to an estimated comparable net sales decrease in the range of approximately 5% to 8% for the third quarter of fiscal 2023 compared to last year.
Challenges Ahead
- Estimated comparable net sales decrease in the range of approximately 5% to 8% for the third quarter of fiscal 2023 compared to last year.
- The Company anticipates that its comparable net sales results may decelerate following the need-based purchasing period during the month of August amid the peak of the back-to-school season.
- The Company currently estimates its SG&A expenses for the third quarter of fiscal 2023 to be approximately $50 million
- Pre-tax loss to be in the range of approximately $(1.8) million to $(4.3) million
- The Company currently expects its loss per share for the third quarter of fiscal 2023 to be in the range of $(0.05) to $(0.11) based on estimated weighted average shares of approximately 29.8 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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