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Oct 29, 2022
Tillys Q3 2022 Earnings Report
Reported better-than-expected Q3 2022 performance with reduced inventory per square foot, but November comparable net sales were weaker than expected.
Key Takeaways
Tilly's Inc. announced its Q3 2022 financial results, revealing total net sales of $177.8 million, a 13.7% decrease compared to the previous year. Despite a challenging environment, the company's performance exceeded expectations, and they are implementing strategies for improved fiscal 2023 performance.
Total net sales decreased by 13.7% to $177.8 million compared to last year.
Comparable net sales, including physical stores and e-commerce, decreased by 14.9%.
Gross profit was $54.6 million, or 30.7% of net sales, compared to $76.7 million, or 37.2% of net sales, last year.
Net income was $5.1 million, or $0.17 per diluted share, compared to $20.8 million, or $0.66 per diluted share, last year.
Revenue by Segment
Forward Guidance
The Company estimates Q4 2022 net sales to be in the range of approximately $183 million to $188 million and earnings per diluted share to be in the range of $0.02 to $0.06.
Positive Outlook
- Fourth quarter sales performance will revert to a more traditional holiday cadence, including being the largest sales quarter of the year
Challenges Ahead
- Total comparable net sales through November 29, 2022, including both physical stores and e-com, decreased by 18.5% relative to the comparable period last year.
- For Thanksgiving weekend, Thursday through Cyber Monday, total comparable net sales decreased by 13.4% compared to last year.
- The current business environment remains subject to many unpredictable risks and uncertainties including with respect to, among others, the current inflationary environment, continuing supply chain difficulties, labor challenges, the COVID-19 pandemic, geopolitical concerns, and how consumer behavior may change relative to any of these factors as well as last year's historical anomalies of pent-up demand coming out of pandemic-related restrictions and federal stimulus payments.
- The Company's estimates concerning its projected business performance may change at any time and there can be no guarantee that the Company's current estimates will be accurate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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