We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.98 | 0 | 09:00:00 |
|
|
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
45-2164791
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
x
|
|
|
|
|
|||
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
|
|
Class A common stock $0.001 par value
|
21,536,199
|
|
Class B common stock $0.001 par value
|
7,944,108
|
|
|
|
|
|
|
|
|
Page
|
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
November 3,
2018 |
|
February 3,
2018 |
|
October 28,
2017 |
||||||
ASSETS
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
24,751
|
|
|
$
|
53,202
|
|
|
$
|
38,912
|
|
Marketable securities
|
95,766
|
|
|
82,750
|
|
|
82,961
|
|
|||
Receivables
|
7,633
|
|
|
4,352
|
|
|
3,647
|
|
|||
Merchandise inventories
|
71,488
|
|
|
53,216
|
|
|
62,242
|
|
|||
Prepaid expenses and other current assets
|
10,707
|
|
|
9,534
|
|
|
9,759
|
|
|||
Total current assets
|
210,345
|
|
|
203,054
|
|
|
197,521
|
|
|||
Property and equipment, net
|
78,679
|
|
|
83,321
|
|
|
87,576
|
|
|||
Other assets
|
3,667
|
|
|
3,736
|
|
|
7,805
|
|
|||
Total assets
|
$
|
292,691
|
|
|
$
|
290,111
|
|
|
$
|
292,902
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
34,352
|
|
|
$
|
21,615
|
|
|
$
|
27,329
|
|
Accrued expenses
|
19,895
|
|
|
22,731
|
|
|
31,854
|
|
|||
Deferred revenue
|
7,172
|
|
|
10,879
|
|
|
8,335
|
|
|||
Accrued compensation and benefits
|
8,690
|
|
|
6,119
|
|
|
6,005
|
|
|||
Dividends payable
|
—
|
|
|
29,067
|
|
|
—
|
|
|||
Current portion of deferred rent
|
5,466
|
|
|
5,220
|
|
|
5,762
|
|
|||
Capital lease obligation
|
—
|
|
|
—
|
|
|
155
|
|
|||
Total current liabilities
|
75,575
|
|
|
95,631
|
|
|
79,440
|
|
|||
Long-term portion of deferred rent
|
31,624
|
|
|
31,340
|
|
|
31,377
|
|
|||
Other
|
1,997
|
|
|
2,715
|
|
|
2,955
|
|
|||
Total liabilities
|
109,196
|
|
|
129,686
|
|
|
113,772
|
|
|||
Commitments and contingencies (Note 5)
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
||||||
Common stock (Class A), $0.001 par value; 100,000 shares authorized; 21,536, 14,927 and 14,357 shares issued and outstanding, respectively
|
21
|
|
|
15
|
|
|
14
|
|
|||
Common stock (Class B), $0.001 par value; 35,000 shares authorized; 7,944, 14,188 and 14,488 shares issued and outstanding, respectively
|
8
|
|
|
14
|
|
|
15
|
|
|||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additional paid-in capital
|
149,141
|
|
|
143,984
|
|
|
140,240
|
|
|||
Retained earnings
|
34,111
|
|
|
16,398
|
|
|
38,765
|
|
|||
Accumulated other comprehensive income
|
214
|
|
|
14
|
|
|
96
|
|
|||
Total stockholders’ equity
|
183,495
|
|
|
160,425
|
|
|
179,130
|
|
|||
Total liabilities and stockholders’ equity
|
$
|
292,691
|
|
|
$
|
290,111
|
|
|
$
|
292,902
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Net sales
|
$
|
146,826
|
|
|
$
|
152,824
|
|
|
$
|
427,866
|
|
|
$
|
412,581
|
|
Cost of goods sold (includes buying, distribution, and occupancy costs)
|
103,170
|
|
|
102,730
|
|
|
299,127
|
|
|
288,653
|
|
||||
Gross profit
|
43,656
|
|
|
50,094
|
|
|
128,739
|
|
|
123,928
|
|
||||
Selling, general and administrative expenses
|
36,919
|
|
|
35,982
|
|
|
108,193
|
|
|
111,384
|
|
||||
Operating income
|
6,737
|
|
|
14,112
|
|
|
20,546
|
|
|
12,544
|
|
||||
Other income, net
|
585
|
|
|
375
|
|
|
1,457
|
|
|
810
|
|
||||
Income before income taxes
|
7,322
|
|
|
14,487
|
|
|
22,003
|
|
|
13,354
|
|
||||
Income tax expense
|
1,967
|
|
|
5,730
|
|
|
5,737
|
|
|
5,354
|
|
||||
Net income
|
$
|
5,355
|
|
|
$
|
8,757
|
|
|
$
|
16,266
|
|
|
$
|
8,000
|
|
Basic income per share of Class A and Class B common stock
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.56
|
|
|
$
|
0.28
|
|
Diluted income per share of Class A and Class B common stock
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.55
|
|
|
$
|
0.28
|
|
Weighted average basic shares outstanding
|
29,373
|
|
|
28,782
|
|
|
29,221
|
|
|
28,746
|
|
||||
Weighted average diluted shares outstanding
|
30,075
|
|
|
29,031
|
|
|
29,746
|
|
|
28,954
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28, 2017
|
||||||||
Net income
|
$
|
5,355
|
|
|
$
|
8,757
|
|
|
$
|
16,266
|
|
|
$
|
8,000
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Net change in unrealized gain (loss) on available-for-sale securities, net of tax
|
127
|
|
|
(6
|
)
|
|
200
|
|
|
30
|
|
||||
Other comprehensive income (loss)
|
127
|
|
|
(6
|
)
|
|
200
|
|
|
30
|
|
||||
Comprehensive income
|
$
|
5,482
|
|
|
$
|
8,751
|
|
|
$
|
16,466
|
|
|
$
|
8,030
|
|
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,266
|
|
|
—
|
|
|
16,266
|
|
|||||
Restricted stock vesting
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Taxes paid in lieu of shares issued
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(111
|
)
|
|
—
|
|
|
—
|
|
|
(111
|
)
|
|||||
Shares converted by founders
|
6,244
|
|
|
(6,244
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
1,662
|
|
|
—
|
|
|
—
|
|
|
1,662
|
|
|||||
Employee exercises of stock options
|
323
|
|
|
—
|
|
|
—
|
|
|
3,606
|
|
|
—
|
|
|
—
|
|
|
3,606
|
|
|||||
Change in unrealized gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
200
|
|
|||||
Balance at November 3, 2018
|
21,536
|
|
|
7,944
|
|
|
$
|
29
|
|
|
$
|
149,141
|
|
|
$
|
34,111
|
|
|
$
|
214
|
|
|
$
|
183,495
|
|
|
Nine Months Ended
|
||||||
|
November 3,
2018 |
|
October 28,
2017 |
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
16,266
|
|
|
$
|
8,000
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
16,966
|
|
|
17,644
|
|
||
Share-based compensation expense
|
1,662
|
|
|
1,773
|
|
||
Impairment of assets
|
786
|
|
|
848
|
|
||
Loss on disposal of assets
|
11
|
|
|
170
|
|
||
Gain on marketable securities
|
(983
|
)
|
|
(510
|
)
|
||
Deferred income taxes
|
(419
|
)
|
|
(1,194
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(3,281
|
)
|
|
342
|
|
||
Merchandise inventories
|
(18,462
|
)
|
|
(14,474
|
)
|
||
Prepaid expenses and other assets
|
(1,290
|
)
|
|
(777
|
)
|
||
Accounts payable
|
12,859
|
|
|
9,177
|
|
||
Accrued expenses
|
(6,403
|
)
|
|
4,202
|
|
||
Accrued compensation and benefits
|
2,571
|
|
|
(1,254
|
)
|
||
Deferred rent
|
530
|
|
|
(4,394
|
)
|
||
Deferred revenue
|
(1,534
|
)
|
|
(1,868
|
)
|
||
Net cash provided by operating activities
|
19,279
|
|
|
17,685
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchase of property and equipment
|
(10,394
|
)
|
|
(9,716
|
)
|
||
Purchases of marketable securities
|
(116,442
|
)
|
|
(112,612
|
)
|
||
Maturities of marketable securities
|
104,678
|
|
|
85,134
|
|
||
Net cash used in investing activities
|
(22,158
|
)
|
|
(37,194
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Dividends paid
|
(29,067
|
)
|
|
(20,080
|
)
|
||
Proceeds from exercise of stock options
|
3,606
|
|
|
288
|
|
||
Taxes paid in lieu of shares issued for share-based compensation
|
(111
|
)
|
|
(101
|
)
|
||
Payment of capital lease obligation
|
—
|
|
|
(680
|
)
|
||
Net cash used in financing activities
|
(25,572
|
)
|
|
(20,573
|
)
|
||
Change in cash and cash equivalents
|
(28,451
|
)
|
|
(40,082
|
)
|
||
Cash and cash equivalents, beginning of period
|
53,202
|
|
|
78,994
|
|
||
Cash and cash equivalents, end of period
|
$
|
24,751
|
|
|
$
|
38,912
|
|
Supplemental disclosures of cash flow information
|
|
|
|
||||
Interest paid
|
$
|
11
|
|
|
$
|
25
|
|
Income taxes paid
|
$
|
6,585
|
|
|
$
|
4,719
|
|
Supplemental disclosure of non-cash activities
|
|
|
|
||||
Unpaid purchases of property and equipment
|
$
|
2,727
|
|
|
$
|
7,303
|
|
•
|
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
|
$
|
71,488
|
|
|
$
|
72,065
|
|
|
$
|
(577
|
)
|
Other assets
|
3,667
|
|
|
4,203
|
|
|
(536
|
)
|
|||
Accrued expenses
|
19,895
|
|
|
19,758
|
|
|
137
|
|
|||
Deferred revenue
|
7,172
|
|
|
10,336
|
|
|
(3,164
|
)
|
|||
Retained earnings
|
34,111
|
|
|
32,283
|
|
|
1,828
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Adoption
Increase (Decrease)
|
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Adoption
Increase (Decrease) |
||||||||||||
Net sales
|
$
|
146,826
|
|
|
$
|
147,449
|
|
|
$
|
(623
|
)
|
|
$
|
427,866
|
|
|
$
|
426,961
|
|
|
$
|
905
|
|
Cost of goods sold
|
103,170
|
|
|
103,403
|
|
|
(233
|
)
|
|
299,127
|
|
|
298,740
|
|
|
387
|
|
||||||
Gross profit
|
43,656
|
|
|
44,046
|
|
|
(390
|
)
|
|
128,739
|
|
|
128,221
|
|
|
518
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Retail stores
|
$
|
125,590
|
|
|
$
|
133,828
|
|
|
$
|
371,825
|
|
|
$
|
360,480
|
|
E-commerce
|
21,236
|
|
|
18,996
|
|
|
56,041
|
|
|
52,101
|
|
||||
Total net sales
|
$
|
146,826
|
|
|
$
|
152,824
|
|
|
$
|
427,866
|
|
|
$
|
412,581
|
|
|
November 3, 2018
|
||||||||||
|
Cost or
Amortized Cost
|
|
Gross Unrealized
Holding Gains
|
|
Estimated
Fair Value
|
||||||
Commercial paper
|
$
|
64,247
|
|
|
$
|
293
|
|
|
$
|
64,540
|
|
Fixed income securities
|
31,226
|
|
|
—
|
|
|
31,226
|
|
|||
|
$
|
95,473
|
|
|
$
|
293
|
|
|
$
|
95,766
|
|
|
|
|
|
|
|
||||||
|
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
|
|
|
|
|
|
|
|
||||||
|
October 28, 2017
|
||||||||||
|
Cost or
Amortized Cost |
|
Gross Unrealized
Holding Gains |
|
Estimated
Fair Value |
||||||
Commercial paper
|
$
|
59,607
|
|
|
$
|
161
|
|
|
$
|
59,768
|
|
Fixed income securities
|
23,193
|
|
|
—
|
|
|
23,193
|
|
|||
|
$
|
82,800
|
|
|
$
|
161
|
|
|
$
|
82,961
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Gains on investments
|
$
|
213
|
|
|
$
|
182
|
|
|
$
|
648
|
|
|
$
|
397
|
|
|
November 3, 2018
|
|
February 3, 2018
|
|
October 28, 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
|
$
|
21,139
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
64,540
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,589
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,768
|
|
|
$
|
—
|
|
Fixed income securities
|
—
|
|
|
31,226
|
|
|
—
|
|
|
—
|
|
|
23,161
|
|
|
—
|
|
|
—
|
|
|
23,193
|
|
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
|
($ in thousands)
|
||||||
Carrying value of assets with impairment
|
*
|
|
$397
|
|
$786
|
|
$848
|
Number of stores tested for impairment
|
2
|
|
7
|
|
5
|
|
10
|
Number of stores with impairment
|
—
|
|
2
|
|
2
|
|
4
|
|
Stock
Options
|
|
Grant Date
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life (in Years)
|
|
Aggregate
Intrinsic
Value (1)
|
|||||
Outstanding at February 3, 2018
|
1,851,250
|
|
|
$
|
9.50
|
|
|
|
|
|
||
Granted
|
311,625
|
|
|
$
|
11.52
|
|
|
|
|
|
||
Exercised
|
(322,500
|
)
|
|
$
|
11.19
|
|
|
|
|
|
||
Forfeited
|
(57,500
|
)
|
|
$
|
9.03
|
|
|
|
|
|
||
Expired
|
(15,500
|
)
|
|
$
|
15.42
|
|
|
|
|
|
||
Outstanding at November 3, 2018
|
1,767,375
|
|
|
$
|
9.52
|
|
|
7.0
|
|
$
|
12,683
|
|
Vested and expected to vest at November 3, 2018
|
1,767,375
|
|
|
$
|
9.52
|
|
|
7.0
|
|
$
|
12,683
|
|
Exercisable at November 3, 2018
|
786,750
|
|
|
$
|
10.81
|
|
|
5.3
|
|
$
|
4,624
|
|
(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 period and the weighted average exercise price of in-the-money stock options outstanding at the end of the fiscal period. The market value per share was
$16.68
at
November 3, 2018
.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
Weighted average grant-date fair value per option granted
|
$9.49
|
|
*
|
|
$5.45
|
|
$4.02
|
Expected option term (1)
|
5.0 years
|
|
*
|
|
5.0 years
|
|
5.0 years
|
Weighted average expected volatility factor (2)
|
53.2%
|
|
*
|
|
51.6%
|
|
51.4%
|
Weighted average risk-free interest rate (3)
|
2.8%
|
|
*
|
|
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 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
|
|
Granted
|
21,476
|
|
|
$
|
14.90
|
|
Vested
|
(67,732
|
)
|
|
$
|
11.08
|
|
Forfeited
|
(2,375
|
)
|
|
$
|
16.07
|
|
Nonvested at November 3, 2018
|
60,901
|
|
|
$
|
14.32
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Cost of goods sold
|
$
|
124
|
|
|
$
|
146
|
|
|
$
|
391
|
|
|
$
|
447
|
|
Selling, general and administrative expenses
|
411
|
|
|
432
|
|
|
1,271
|
|
|
1,326
|
|
||||
Share-based compensation
|
$
|
535
|
|
|
$
|
578
|
|
|
$
|
1,662
|
|
|
$
|
1,773
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Net income
|
$
|
5,355
|
|
|
$
|
8,757
|
|
|
$
|
16,266
|
|
|
$
|
8,000
|
|
Weighted average basic shares outstanding
|
29,373
|
|
|
28,782
|
|
|
29,221
|
|
|
28,746
|
|
||||
Dilutive effect of stock options and restricted stock
|
702
|
|
|
249
|
|
|
525
|
|
|
208
|
|
||||
Weighted average shares for diluted income per share
|
30,075
|
|
|
29,031
|
|
|
29,746
|
|
|
28,954
|
|
||||
Basic income per share of Class A and Class B common stock
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.56
|
|
|
$
|
0.28
|
|
Diluted income per share of Class A and Class B common stock
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.55
|
|
|
$
|
0.28
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||
Stock options
|
25
|
|
|
1,282
|
|
|
560
|
|
|
1,291
|
|
Restricted stock
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
Total
|
25
|
|
|
1,338
|
|
|
560
|
|
|
1,347
|
|
•
|
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
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
|
|
|
|
||||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
146,826
|
|
|
$
|
152,824
|
|
|
$
|
427,866
|
|
|
$
|
412,581
|
|
Cost of goods sold
|
103,170
|
|
|
102,730
|
|
|
299,127
|
|
|
288,653
|
|
||||
Gross profit
|
43,656
|
|
|
50,094
|
|
|
128,739
|
|
|
123,928
|
|
||||
Selling, general and administrative expenses
|
36,919
|
|
|
35,982
|
|
|
108,193
|
|
|
111,384
|
|
||||
Operating income
|
6,737
|
|
|
14,112
|
|
|
20,546
|
|
|
12,544
|
|
||||
Other income, net
|
585
|
|
|
375
|
|
|
1,457
|
|
|
810
|
|
||||
Income before income taxes
|
7,322
|
|
|
14,487
|
|
|
22,003
|
|
|
13,354
|
|
||||
Income tax expense
|
1,967
|
|
|
5,730
|
|
|
5,737
|
|
|
5,354
|
|
||||
Net income
|
$
|
5,355
|
|
|
$
|
8,757
|
|
|
$
|
16,266
|
|
|
$
|
8,000
|
|
|
|
|
|
|
|
|
|
||||||||
Percentage of Net Sales:
|
|
|
|
|
|
|
|
||||||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
||||
Cost of goods sold
|
70.3
|
%
|
|
67.2
|
%
|
|
69.9
|
%
|
|
70.0
|
%
|
||||
Gross profit
|
29.7
|
%
|
|
32.8
|
%
|
|
30.1
|
%
|
|
30.0
|
%
|
||||
Selling, general and administrative expenses
|
25.1
|
%
|
|
23.5
|
%
|
|
25.3
|
%
|
|
27.0
|
%
|
||||
Operating income
|
4.6
|
%
|
|
9.2
|
%
|
|
4.8
|
%
|
|
3.0
|
%
|
||||
Other income, net
|
0.4
|
%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
||||
Income before income taxes
|
5.0
|
%
|
|
9.5
|
%
|
|
5.1
|
%
|
|
3.2
|
%
|
||||
Income tax expense
|
1.3
|
%
|
|
3.7
|
%
|
|
1.3
|
%
|
|
1.3
|
%
|
||||
Net income
|
3.6
|
%
|
|
5.7
|
%
|
|
3.8
|
%
|
|
1.9
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 3,
2018 |
|
October 28,
2017 |
|
November 3,
2018 |
|
October 28,
2017 |
||||||||
Operating Data:
|
|
|
|
|
|
|
|
||||||||
Stores operating at end of period
|
227
|
|
|
220
|
|
|
227
|
|
|
220
|
|
||||
Comparable store sales change
(1)
|
4.3
|
%
|
|
1.5
|
%
|
|
3.1
|
%
|
|
1.5
|
%
|
||||
Total square feet at end of period (in thousands)
|
1,693
|
|
|
1,681
|
|
|
1,693
|
|
|
1,681
|
|
||||
Average net sales per retail store (in thousands)
(2)
|
$
|
556
|
|
|
$
|
606
|
|
|
$
|
1,665
|
|
|
$
|
1,625
|
|
Average net sales per square foot
(2)
|
$
|
74
|
|
|
$
|
79
|
|
|
$
|
222
|
|
|
$
|
213
|
|
E-commerce revenues (in thousands)
(3)
|
$
|
21,236
|
|
|
$
|
18,996
|
|
|
$
|
56,041
|
|
|
$
|
52,101
|
|
E-commerce revenues as a percentage of net sales
|
14.5
|
%
|
|
12.4
|
%
|
|
13.1
|
%
|
|
12.6
|
%
|
(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.
|
%
|
|
$ millions
|
Primarily Attributable to
|
1.1%
|
|
$0.9
|
Increase in store payroll due to minimum wage increases and higher comparable store net sales.
|
0.5%
|
|
0.7
|
Expenses associated with the secondary offering completed in early September 2018.
|
0.4%
|
|
0.6
|
Increase in online marketing costs associated with e-commerce net sales growth.
|
(0.4)%
|
|
(0.7)
|
Legal matter in the prior year.
|
(0.3)%
|
|
(0.4)
|
Net year-over-year decrease in corporate incentive accruals as a result of the cost of goods charge described above.
|
0.3%
|
|
(0.2)
|
Net increase in other SG&A as a percentage of sales.
|
1.6%
|
|
$0.9
|
Total
|
$ millions
|
Description
|
$107.4
|
Working capital at February 3, 2018
|
13.6
|
Increase in cash, cash equivalents and marketable securities, net of dividends paid, primarily due to higher net income
|
5.2
|
Increase in merchandise inventories, net of merchandise payables
|
3.0
|
Decrease in working capital due to the balance sheet implementation impacts of our adoption of ASC 606,
Revenue Recognition
|
5.6
|
Net increase from changes in all other current assets and liabilities
|
$134.8
|
Working capital at November 3, 2018
|
|
Nine Months Ended
|
||||||
|
November 3,
2018 |
|
October 28,
2017 |
||||
Net cash provided by operating activities
|
$
|
19,279
|
|
|
$
|
17,685
|
|
Net cash used in investing activities
|
(22,158
|
)
|
|
(37,194
|
)
|
||
Net cash used in financing activities
|
(25,572
|
)
|
|
(20,573
|
)
|
||
Net decrease in cash and cash equivalents
|
$
|
(28,451
|
)
|
|
$
|
(40,082
|
)
|
•
|
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.
|
Exhibit
No.
|
|
Description of Exhibit
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
Interactive data files from Tilly’s, Inc.’s Quarterly Report on Form 10-Q for the quarter ended November 3, 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; (iv) the Consolidated Statement of Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows and (vi) Notes to the 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:
|
December 7, 2018
|
|
|
|
/s/ Edmond Thomas
|
|
|
Edmond Thomas
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
December 7, 2018
|
|
|
|
/s/ Michael Henry
|
|
|
Michael Henry
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
1 Year Tillys Chart |
1 Month Tillys Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions