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Aug 03, 2024
Tillys Q2 2024 Earnings Report
Tillys' financial performance reflected a slight increase in net sales and an improved gross profit margin compared to the previous year.
Key Takeaways
Tilly's Inc. reported a slight increase in total net sales, reaching $162.9 million, and an improvement in gross profit margin to 30.7%. The company's operating loss decreased to $0.9 million, and net loss was $0.1 million, or $0.00 per share.
Total net sales increased by 1.8% to $162.9 million due to calendar shift impacts.
Comparable net sales decreased by 7.8%.
Gross profit improved to $49.9 million, with product margins up by 270 basis points.
Operating loss decreased to $0.9 million from $2.7 million year-over-year.
Tillys
Tillys
Forward Guidance
The company estimates net sales to be in the range of approximately $140 million to $146 million for the third quarter of fiscal 2024.
Positive Outlook
- Net sales to be in the range of approximately $140 million to $146 million.
- Comparable net sales decrease in the range of approximately (6)% to (2)%.
- The company currently expects to have 246 total stores open at the end of the third quarter of fiscal 2024.
- Pre-tax loss and net loss to be in the range of approximately $(11.6) million to $(8.7) million.
- Per share results to be in the range of a net loss of $(0.39) to $(0.29).
Challenges Ahead
- Total net sales for this year's third quarter will start with an $18.4 million deficit in net sales compared to last year's third quarter.
- SG&A expenses to be approximately $49 million before factoring in any potential non-cash store asset impairment charges which may arise.
- Pre-tax loss and net loss to be in the range of approximately $(11.6) million to $(8.7) million.
- Per share results to be in the range of a net loss of $(0.39) to $(0.29).
- The company currently expects to have 246 total stores open at the end of the third quarter of fiscal 2024 compared to 249 at the end of last year's third quarter.