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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.
Tillys
Tillys
Tillys Revenue by Segment
Revenue by Segment
Physical Stores Revenue
CapyFin.com 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.