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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tillys Inc | NYSE:TLYS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.17% | 5.97 | 6.09 | 5.90 | 6.09 | 26,559 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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45-2164791
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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¨
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Accelerated filer
|
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x
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|||
Non-accelerated filer
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¨
(do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Class A common stock $0.001 par value
|
15,392,584
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Class B common stock $0.001 par value
|
13,848,497
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 5.
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Item 6.
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May 5,
2018 |
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February 3,
2018 |
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April 29,
2017 |
||||||
ASSETS
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||||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
41,190
|
|
|
$
|
53,202
|
|
|
$
|
52,813
|
|
Marketable securities
|
63,799
|
|
|
82,750
|
|
|
52,833
|
|
|||
Receivables
|
4,955
|
|
|
4,352
|
|
|
4,737
|
|
|||
Merchandise inventories
|
56,837
|
|
|
53,216
|
|
|
55,437
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|
|||
Prepaid expenses and other current assets
|
9,266
|
|
|
9,534
|
|
|
8,513
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|||
Total current assets
|
176,047
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|
203,054
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|
174,333
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|||
Property and equipment, net
|
80,542
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|
83,321
|
|
|
87,823
|
|
|||
Other assets
|
3,277
|
|
|
3,736
|
|
|
6,207
|
|
|||
Total assets
|
$
|
259,866
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|
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$
|
290,111
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|
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$
|
268,363
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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||||||
Current liabilities:
|
|
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||||||
Accounts payable
|
$
|
19,504
|
|
|
$
|
21,615
|
|
|
$
|
22,842
|
|
Accrued expenses
|
23,713
|
|
|
22,731
|
|
|
21,404
|
|
|||
Deferred revenue
|
7,622
|
|
|
10,879
|
|
|
9,114
|
|
|||
Accrued compensation and benefits
|
6,614
|
|
|
6,119
|
|
|
4,728
|
|
|||
Dividends payable
|
—
|
|
|
29,067
|
|
|
—
|
|
|||
Current portion of deferred rent
|
5,322
|
|
|
5,220
|
|
|
5,834
|
|
|||
Capital lease obligation
|
—
|
|
|
—
|
|
|
612
|
|
|||
Total current liabilities
|
62,775
|
|
|
95,631
|
|
|
64,534
|
|
|||
Long-term portion of deferred rent
|
30,857
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|
31,340
|
|
|
34,356
|
|
|||
Other
|
2,476
|
|
|
2,715
|
|
|
—
|
|
|||
Total liabilities
|
96,108
|
|
|
129,686
|
|
|
98,890
|
|
|||
Commitments and contingencies (Note 5)
|
|
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||||||
Stockholders’ equity:
|
|
|
|
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|
||||||
Common stock (Class A), $0.001 par value; 100,000 shares authorized; 15,197, 14,927 and 13,678 shares issued and outstanding, respectively
|
15
|
|
|
15
|
|
|
14
|
|
|||
Common stock (Class B), $0.001 par value; 35,000 shares authorized; 13,948, 14,188 and 15,109 shares issued and outstanding, respectively
|
14
|
|
|
14
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|
|
15
|
|
|||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additional paid-in capital
|
144,550
|
|
|
143,984
|
|
|
138,797
|
|
|||
Retained earnings
|
19,068
|
|
|
16,398
|
|
|
30,604
|
|
|||
Accumulated other comprehensive income
|
111
|
|
|
14
|
|
|
43
|
|
|||
Total stockholders’ equity
|
163,758
|
|
|
160,425
|
|
|
169,473
|
|
|||
Total liabilities and stockholders’ equity
|
$
|
259,866
|
|
|
$
|
290,111
|
|
|
$
|
268,363
|
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Net sales
|
$
|
123,634
|
|
|
$
|
120,947
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Cost of goods sold (includes buying, distribution, and occupancy costs)
|
88,657
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|
88,042
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|
||
Gross profit
|
34,977
|
|
|
32,905
|
|
||
Selling, general and administrative expenses
|
33,646
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|
|
33,234
|
|
||
Operating income (loss)
|
1,331
|
|
|
(329
|
)
|
||
Other income, net
|
383
|
|
|
238
|
|
||
Income (loss) before income taxes
|
1,714
|
|
|
(91
|
)
|
||
Income tax expense
|
491
|
|
|
70
|
|
||
Net income (loss)
|
$
|
1,223
|
|
|
$
|
(161
|
)
|
Basic income (loss) per share of Class A and Class B common stock
|
$
|
0.04
|
|
|
$
|
(0.01
|
)
|
Diluted income (loss) per share of Class A and Class B common stock
|
$
|
0.04
|
|
|
$
|
(0.01
|
)
|
Weighted average basic shares outstanding
|
29,080
|
|
|
28,705
|
|
||
Weighted average diluted shares outstanding
|
29,438
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|
|
28,705
|
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Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29, 2017
|
||||
Net income (loss)
|
$
|
1,223
|
|
|
$
|
(161
|
)
|
Other comprehensive income (loss):
|
|
|
|
||||
Net change in unrealized gain on available-for-sale securities, net of tax
|
97
|
|
|
(23
|
)
|
||
Other comprehensive income (loss)
|
97
|
|
|
(23
|
)
|
||
Comprehensive income (loss)
|
$
|
1,320
|
|
|
$
|
(184
|
)
|
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Number of Shares
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common
Stock
(Class A)
|
|
Common
Stock
(Class B)
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Stockholders’
Equity
|
||||||||||||
Balance at February 3, 2018
|
14,927
|
|
|
14,188
|
|
|
$
|
29
|
|
|
$
|
143,984
|
|
|
$
|
16,398
|
|
|
$
|
14
|
|
|
$
|
160,425
|
|
Cumulative-effect adjustment from adoption of ASC 606 (Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,447
|
|
|
—
|
|
|
1,447
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,223
|
|
|
—
|
|
|
1,223
|
|
|||||
Restricted stock vesting
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Taxes paid in lieu of shares issued
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|||||
Shares converted by founders
|
240
|
|
|
(240
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
580
|
|
|
—
|
|
|
—
|
|
|
580
|
|
|||||
Employee exercises of stock options
|
11
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|||||
Change in unrealized gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
|||||
Balance at May 5, 2018
|
15,197
|
|
|
13,948
|
|
|
$
|
29
|
|
|
$
|
144,550
|
|
|
$
|
19,068
|
|
|
$
|
111
|
|
|
$
|
163,758
|
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
1,223
|
|
|
$
|
(161
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,815
|
|
|
5,829
|
|
||
Stock-based compensation expense
|
580
|
|
|
577
|
|
||
Impairment of assets
|
145
|
|
|
—
|
|
||
Loss on disposal of assets
|
—
|
|
|
4
|
|
||
Gain on sales and maturities of marketable securities
|
(265
|
)
|
|
(152
|
)
|
||
Deferred income taxes
|
(87
|
)
|
|
(141
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(603
|
)
|
|
(748
|
)
|
||
Merchandise inventories
|
(3,811
|
)
|
|
(7,669
|
)
|
||
Prepaid expenses and other assets
|
246
|
|
|
1,049
|
|
||
Accounts payable
|
(1,710
|
)
|
|
5,143
|
|
||
Accrued expenses
|
107
|
|
|
(3,807
|
)
|
||
Accrued compensation and benefits
|
495
|
|
|
(2,531
|
)
|
||
Deferred rent
|
(381
|
)
|
|
(1,343
|
)
|
||
Deferred revenue
|
(1,084
|
)
|
|
(1,089
|
)
|
||
Net cash provided by (used in) operating activities
|
670
|
|
|
(5,039
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchase of property and equipment
|
(2,946
|
)
|
|
(2,983
|
)
|
||
Purchases of marketable securities
|
(21,052
|
)
|
|
(29,818
|
)
|
||
Maturities of marketable securities
|
40,397
|
|
|
32,022
|
|
||
Net cash provided by (used in) investing activities
|
16,399
|
|
|
(779
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Dividends paid
|
(29,067
|
)
|
|
(20,080
|
)
|
||
Proceeds from exercise of stock options
|
85
|
|
|
29
|
|
||
Taxes paid in lieu of shares issued for stock-based compensation
|
(99
|
)
|
|
(89
|
)
|
||
Payment of capital lease obligation
|
—
|
|
|
(223
|
)
|
||
Net cash used in financing activities
|
(29,081
|
)
|
|
(20,363
|
)
|
||
Change in cash and cash equivalents
|
(12,012
|
)
|
|
(26,181
|
)
|
||
Cash and cash equivalents, beginning of period
|
53,202
|
|
|
78,994
|
|
||
Cash and cash equivalents, end of period
|
$
|
41,190
|
|
|
$
|
52,813
|
|
Supplemental disclosures of cash flow information
|
|
|
|
||||
Interest paid
|
$
|
—
|
|
|
$
|
12
|
|
Supplemental disclosure of non-cash activities
|
|
|
|
||||
Unpaid purchases of property and equipment
|
$
|
235
|
|
|
$
|
2,094
|
|
•
|
Breakage revenue is now recognized over time in proportion to actual customer redemptions. Breakage revenue was previously recognized two full fiscal years after the gift cards were activated when the probability of redemption was considered remote.
|
•
|
Revenue for merchandise shipped to the customer from a distribution center or store is now recognized at the shipping point, whereas it was previously recognized upon customer receipt.
|
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Adoption
Increase (Decrease)
|
||||||
Merchandise inventories
|
$
|
56,837
|
|
|
$
|
57,266
|
|
|
$
|
(429
|
)
|
Other assets
|
3,277
|
|
|
3,813
|
|
|
(536
|
)
|
|||
Accrued expenses
|
23,713
|
|
|
23,620
|
|
|
93
|
|
|||
Deferred revenue
|
7,622
|
|
|
10,387
|
|
|
(2,765
|
)
|
|||
Retained earnings
|
19,068
|
|
|
17,361
|
|
|
1,707
|
|
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Adoption
Increase (Decrease)
|
||||||
Net sales
|
$
|
123,634
|
|
|
$
|
123,042
|
|
|
$
|
592
|
|
Cost of goods sold
|
88,657
|
|
|
88,418
|
|
|
239
|
|
|||
Gross profit
|
34,977
|
|
|
34,624
|
|
|
353
|
|
|
May 5, 2018
|
||||||||||
|
Cost or
Amortized Cost
|
|
Gross Unrealized
Holding Gains
|
|
Estimated
Fair Value
|
||||||
Commercial paper
|
$
|
49,548
|
|
|
$
|
152
|
|
|
$
|
49,700
|
|
Fixed income securities
|
14,099
|
|
|
—
|
|
|
14,099
|
|
|||
|
$
|
63,647
|
|
|
$
|
152
|
|
|
$
|
63,799
|
|
|
|
|
|
|
|
||||||
|
February 3, 2018
|
||||||||||
|
Cost or
Amortized Cost |
|
Gross Unrealized
Holding Gains
|
|
Estimated
Fair Value |
||||||
Commercial paper
|
$
|
59,566
|
|
|
$
|
23
|
|
|
$
|
59,589
|
|
Fixed income securities
|
23,119
|
|
|
42
|
|
|
23,161
|
|
|||
|
$
|
82,685
|
|
|
$
|
65
|
|
|
$
|
82,750
|
|
|
|
|
|
|
|
||||||
|
April 29, 2017
|
||||||||||
|
Cost or
Amortized Cost |
|
Gross Unrealized
Holding Gains |
|
Estimated
Fair Value |
||||||
Commercial paper
|
$
|
44,735
|
|
|
$
|
72
|
|
|
$
|
44,807
|
|
Fixed income securities
|
8,000
|
|
|
26
|
|
|
8,026
|
|
|||
|
$
|
52,735
|
|
|
$
|
98
|
|
|
$
|
52,833
|
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Gains on investments
|
$
|
195
|
|
|
$
|
152
|
|
|
May 5, 2018
|
|
February 3, 2018
|
|
April 29, 2017
|
||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||||
Cash equivalents
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Money market securities
|
$
|
26,874
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fixed income securities
|
—
|
|
|
5,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
49,700
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,589
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,807
|
|
|
$
|
—
|
|
Fixed income securities
|
—
|
|
|
14,099
|
|
|
—
|
|
|
—
|
|
|
23,161
|
|
|
—
|
|
|
—
|
|
|
8,026
|
|
|
—
|
|
|
Three Months Ended
|
||
|
May 5,
2018 |
|
April 29,
2017 |
|
($ in thousands)
|
||
Carrying value of assets with impairment
|
$145
|
|
NA
|
Fair value of assets impaired
|
$—
|
|
NA
|
Number of stores tested for impairment
|
4
|
|
7
|
Number of stores with impairment
|
1
|
|
—
|
(1)
|
Intrinsic value for stock options is defined as the difference between the market price of our Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The market value per share was
$11.17
at
May 5, 2018
.
|
|
Three Months Ended
|
||||
|
May 5,
2018 |
|
April 29,
2017 |
||
Weighted average grant-date fair value per option granted
|
$5.35
|
|
$4.01
|
||
Expected option term (1)
|
5.0 years
|
|
|
5.0 years
|
|
Weighted average expected volatility factor (2)
|
51.6
|
%
|
|
51.4
|
%
|
Weighted average risk-free interest rate (3)
|
2.6
|
%
|
|
1.9
|
%
|
Expected annual dividend yield
|
—
|
%
|
|
—
|
%
|
(1)
|
We have limited historical information regarding expected option term. Accordingly, we determine the expected option term of the awards using the latest historical data available from comparable public companies and management’s expectation of exercise behavior.
|
(2)
|
Stock volatility for each grant is measured using the weighted average of historical daily price changes of our common stock over the most recent period equal to the expected option term of the awards.
|
(3)
|
The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date.
|
|
Restricted
Stock
|
|
Weighted
Average
Grant-Date
Fair Value
|
|||
Nonvested at February 3, 2018
|
109,532
|
|
|
$
|
12.24
|
|
Vested
|
(27,750
|
)
|
|
$
|
16.07
|
|
Forfeited
|
(875
|
)
|
|
$
|
16.07
|
|
Nonvested at May 5, 2018
|
80,907
|
|
|
$
|
10.89
|
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Cost of goods sold
|
$
|
140
|
|
|
$
|
141
|
|
Selling, general and administrative expenses
|
440
|
|
|
436
|
|
||
Stock-based compensation
|
$
|
580
|
|
|
$
|
577
|
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Net income (loss)
|
$
|
1,223
|
|
|
$
|
(161
|
)
|
Weighted average basic shares outstanding
|
29,080
|
|
|
28,705
|
|
||
Dilutive effect of stock options and restricted stock
|
358
|
|
|
—
|
|
||
Weighted average shares for diluted income per share
|
29,438
|
|
|
28,705
|
|
||
Basic income (loss) per share of Class A and Class B common stock
|
$
|
0.04
|
|
|
$
|
(0.01
|
)
|
Diluted income (loss) per share of Class A and Class B common stock
|
$
|
0.04
|
|
|
$
|
(0.01
|
)
|
•
|
overall economic trends;
|
•
|
our ability to attract traffic to our stores and e-commerce platform;
|
•
|
our ability to identify and respond effectively to consumer preferences and fashion trends;
|
•
|
competition;
|
•
|
the timing of our releases of new and seasonal styles;
|
•
|
changes in our product mix;
|
•
|
pricing;
|
•
|
the level of customer service that we provide in stores and through our e-commerce platform;
|
•
|
our ability to source and distribute products efficiently;
|
•
|
calendar shifts of holiday or seasonal periods;
|
•
|
the number and timing of store openings and the relative proportion of new stores to mature stores; and
|
•
|
the timing and success of promotional and advertising efforts.
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
|
||||||
Statements of Operations Data:
|
|
|
|
||||
Net sales
|
$
|
123,634
|
|
|
$
|
120,947
|
|
Cost of goods sold
|
88,657
|
|
|
88,042
|
|
||
Gross profit
|
34,977
|
|
|
32,905
|
|
||
Selling, general and administrative expenses
|
33,646
|
|
|
33,234
|
|
||
Operating income (loss)
|
1,331
|
|
|
(329
|
)
|
||
Other income, net
|
383
|
|
|
238
|
|
||
Income (loss) before income taxes
|
1,714
|
|
|
(91
|
)
|
||
Income tax expense
|
491
|
|
|
70
|
|
||
Net income (loss)
|
$
|
1,223
|
|
|
$
|
(161
|
)
|
|
|
|
|
||||
Percentage of Net Sales:
|
|
|
|
||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
||
Cost of goods sold
|
71.7
|
%
|
|
72.8
|
%
|
||
Gross profit
|
28.3
|
%
|
|
27.2
|
%
|
||
Selling, general and administrative expenses
|
27.2
|
%
|
|
27.5
|
%
|
||
Operating income (loss)
|
1.1
|
%
|
|
(0.3
|
)%
|
||
Other income, net
|
0.3
|
%
|
|
0.2
|
%
|
||
Income (loss) before income taxes
|
1.4
|
%
|
|
(0.1
|
)%
|
||
Income tax expense
|
0.4
|
%
|
|
0.1
|
%
|
||
Net income (loss)
|
1.0
|
%
|
|
(0.1
|
)%
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Operating Data:
|
|
|
|
||||
Stores operating at end of period
|
222
|
|
|
222
|
|
||
Comparable store sales change
(1)
|
0.1
|
%
|
|
0.6
|
%
|
||
Total square feet at end of period (in thousands)
|
1,675
|
|
|
1,697
|
|
||
Average net sales per retail store (in thousands)
(2)
|
$
|
493
|
|
|
$
|
470
|
|
Average net sales per square foot
(2)
|
$
|
65
|
|
|
$
|
62
|
|
E-commerce revenues (in thousands)
(3)
|
$
|
15,133
|
|
|
$
|
16,252
|
|
E-commerce revenues as a percentage of net sales
|
12.2
|
%
|
|
13.4
|
%
|
(1)
|
Comparable store sales are net sales from stores that have been open at least 12 full fiscal months as of the end of the current reporting period. A remodeled or relocated store is included in comparable store sales, both during and after construction, if the square footage of the store used to sell merchandise was not changed by more than 20% and the store was not closed for more than five days in any fiscal month. Comparable store sales include sales through our e-commerce platform but exclude gift card breakage income, deferred revenue on loyalty program and e-commerce shipping and handling fee revenue.
|
(2)
|
E-commerce sales, e-commerce shipping and handling fee revenue and gift card breakage are excluded from net sales in deriving average net sales per retail store.
|
(3)
|
E-commerce revenues include e-commerce sales and e-commerce shipping fee revenue.
|
%
|
Attributable to
|
1.2%
|
Decrease in buying, distribution and occupancy costs of $0.7 million, primarily due to distribution savings and occupancy reductions.
|
(0.1)%
|
Decrease in product margins due to lower initial markups as a result of a change in our product mix towards more branded merchandise.
|
1.1%
|
Total
|
%
|
|
$ millions
|
Attributable to
|
(0.2)%
|
|
$0.3
|
Decrease in corporate and store payroll and benefits expenses as a percentage of net sales. The dollar increase was primarily attributable to minimum wage increases in certain jurisdictions.
|
(0.1)%
|
|
0.1
|
Net change in all other SG&A expenses. The dollar increase was primarily attributable to increased expenses associated with new order management, website and point-of-sale systems.
|
(0.3)%
|
|
$0.4
|
Total
|
$ millions
|
Description
|
$107.4
|
Working capital at February 3, 2018
|
3.3
|
Decrease in deferred revenue primarily due to the balance sheet implementation impacts of our adoption of ASC 606,
Revenue Recognition
.
|
2.6
|
Net increase from changes in all other current assets and liabilities
|
$113.3
|
Working capital at May 5, 2018
|
|
Three Months Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Net cash provided by (used in) operating activities
|
$
|
670
|
|
|
$
|
(5,039
|
)
|
Net cash provided by (used in) investing activities
|
16,399
|
|
|
(779
|
)
|
||
Net cash used in financing activities
|
(29,081
|
)
|
|
(20,363
|
)
|
||
Net decrease in cash and cash equivalents
|
$
|
(12,012
|
)
|
|
$
|
(26,181
|
)
|
•
|
Breakage revenue is now recognized over time in proportion to actual customer redemptions. Breakage revenue was previously recognized two full fiscal years after the gift cards were activated when the probability of redemption was considered remote.
|
•
|
Revenue for merchandise shipped to the customer from a distribution center or store is now recognized at the shipping point, whereas it was previously recognized upon customer receipt.
|
Votes For
|
Votes Against
|
Abstentions
|
Broker Non-Votes
|
153,514,212
|
14,938
|
14,361
|
—
|
Votes For
|
Votes Against
|
Abstentions
|
Broker Non-Votes
|
151,761,907
|
98,284
|
28,564
|
1,654,756
|
One Year
|
Two Years
|
Three Years
|
Abstentions
|
Broker Non-Votes
|
150,617,345
|
3,694
|
1,258,550
|
9,166
|
1,654,756
|
Exhibit
No.
|
|
Description of Exhibit
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
Interactive data files from Tilly’s, Inc.’s Quarterly Report on Form 10-Q for the quarter ended May 5, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Income (Loss); (iv) the Consolidated Statement of Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
|
*
|
Filed herewith
|
**
|
Furnished herewith and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
|
|
Tilly’s, Inc.
|
Date:
|
June 12, 2018
|
|
|
|
/s/ Edmond Thomas
|
|
|
Edmond Thomas
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
June 12, 2018
|
|
|
|
/s/ Michael Henry
|
|
|
Michael Henry
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
1 Year Tillys Chart |
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