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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 | |
---|---|---|---|---|---|---|---|---|
0.12 | 2.05% | 5.98 | 6.025 | 5.87 | 5.91 | 34,500 | 01:00:00 |
Introduces Fiscal 2017 Second Quarter Outlook
First Quarter Comp Store Sales, Operating Results and EPS Exceed Company Outlook
Tilly’s, Inc. (NYSE: TLYS) today announced financial results for the first quarter (thirteen weeks) of fiscal 2017 ended April 29, 2017.
“We believe our initiatives are gaining traction. After a tough February, our combined March/April comparable store sales were up 5.3%, resulting in a positive comparable store sales result for the first quarter as a whole and our fourth consecutive quarter of year-over-year operating income improvement,” commented Ed Thomas, President and Chief Executive Officer.
First Quarter Results Overview
The following comparisons refer to operating results for the first quarter of fiscal 2017 versus the first quarter of fiscal 2016 ended April 30, 2016:
Balance Sheet and Liquidity
As of April 29, 2017, the Company had $105.6 million of cash and marketable securities and no debt outstanding under its revolving credit facility. In February 2017, the Company paid a first-ever special cash dividend to its stockholders of approximately $20.1 million in the aggregate. This compares to $88.4 million of cash and marketable securities and no debt outstanding as of April 30, 2016.
Fiscal 2017 Second Quarter Outlook
Based on current trends, the Company expects its second quarter comparable store sales to be in the range of flat to up low single-digits, operating income to be in the range of $1.2 million to $3.5 million, and income per diluted share to be in the range of $0.03 to $0.07. This compares to income per diluted share of $0.05 for the second quarter of fiscal 2016. This assumes an anticipated effective tax rate of approximately 40% and weighted average shares of approximately 29 million.
Conference Call Information
A conference call to discuss the financial results is scheduled for today, May 23, 2017, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (877) 407-4018 at 4:25 p.m. ET (1:25 p.m. PT). The conference call will also be available to interested parties through a live webcast at www.tillys.com. Please visit the website and select the “Investor Relations” link at least 15 minutes prior to the start of the call to register and download any necessary software.
A telephone replay of the call will be available until June 6, 2017, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13661327. Please note participants must enter the conference identification number in order to access the replay.
About Tillys
Tillys is a leading destination youth culture specialty retailer of casual apparel, footwear and accessories for young men, young women, boys and girls with an extensive assortment of the most relevant and sought-after brands rooted in the action sports, team sports, music, art and fashion inherent in the active and outdoor West Coast lifestyle. Tillys is headquartered in Irvine, California and currently operates 222 total stores across 31 states and its website, www.tillys.com.
Forward Looking Statements
Certain statements in this press release and oral statements made from time to time by our representatives are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our future financial and operating results, including but not limited to future comparable store sales, future operating income, future net income, future earnings per share, future gross, operating or product margins, anticipated tax rate, future inventory levels, and market share and our business and strategy, including but not limited to expected store openings and closings, expansion of brands and exclusive relationships, development and growth of our e-commerce platform and business, promotional strategy, and any other statements about our future expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management’s current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, enhance awareness of our brand and brand image, general consumer spending patterns and levels, the effect of weather, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”), including those detailed in the section titled “Risk Factors” and in our other filings with the SEC, which are available from the SEC’s website at www.sec.gov and from our website at www.tillys.com under the heading “Investor Relations”. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K.
Tilly’s, Inc. Consolidated Balance Sheets(In thousands, except par value and per share data)
(unaudited)
April 29,2017 January 28,2017 ASSETS Current assets: Cash and cash equivalents $ 52,813 $ 78,994 Marketable securities 52,833 54,923 Receivables 4,737 3,989 Merchandise inventories 55,437 47,768 Prepaid expenses and other current assets 8,513 9,541 Total current assets 174,333 195,215 Property and equipment, net 87,823 89,219 Other assets 6,207 6,072 Total assets $ 268,363 $ 290,506 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 22,842 $ 17,584 Accrued expenses 21,404 23,872 Deferred revenue 9,114 10,203 Accrued compensation and benefits 4,728 7,259 Current portion of deferred rent 5,834 5,643 Current portion of capital lease obligation 612 835 Total current liabilities 64,534 65,396 Long-term portion of deferred rent 34,356 35,890 Total liabilities 98,890 101,286 Stockholders’ equity:Common stock (Class A), $0.001 par value; April 29, 2017 - 100,000 shares authorized,13,678 shares issued and outstanding; January 28, 2017 - 100,000 shares authorized, 13,434shares issued and outstanding
14 14Common stock (Class B), $0.001 par value; April 29, 2017 - 35,000 shares authorized, 15,109shares issued and outstanding; January 28, 2017 - 35,000 shares authorized, 15,329 sharesissued and outstanding
15 15Preferred stock, $0.001 par value; April 29, 2017 and January 28, 2017 - 10,000 sharesauthorized, no shares issued or outstanding
— — Additional paid-in capital 138,797 138,102 Retained earnings 30,604 51,023 Accumulated other comprehensive income 43 66 Total stockholders’ equity 169,473 189,220 Total liabilities and stockholders’ equity $ 268,363 $ 290,506 Tilly’s, Inc. Consolidated Statements of Loss(In thousands, except per share data)
(unaudited)
Three Months Ended April 29,2017 April 30,2016 Net sales $ 120,947 $ 120,218 Cost of goods sold (includes buying, distribution, and occupancy costs) 88,042 87,631 Gross profit 32,905 32,587 Selling, general and administrative expenses 33,234 36,554 Operating loss (329 ) (3,967 ) Other income, net 238 76 Loss before income taxes (91 ) (3,891 ) Income tax expense/(benefit) 70 (1,146 ) Net loss $ (161 ) $ (2,745 ) Basic loss per share of Class A and Class B common stock $ (0.01 ) $ (0.10 ) Diluted loss per share of Class A and Class B common stock $ (0.01 ) $ (0.10 ) Weighted average basic shares outstanding 28,705 28,425 Weighted average diluted shares outstanding 28,705 28,425 Tilly’s, Inc. Consolidated Statements of Cash Flows(In thousands)
(unaudited)
Three Months Ended April 29,2017 April 30,2016 Cash flows from operating activities Net loss $ (161 ) $ (2,745 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,829 5,805 Stock-based compensation expense 577 850 Impairment of assets — 682 Loss on disposal of assets 4 3 Gain on sales and maturities of marketable securities (152 ) (51 ) Deferred income taxes (141 ) 29 Changes in operating assets and liabilities: — Receivables (748 ) (503 ) Merchandise inventories (7,669 ) (8,362 ) Prepaid expenses and other assets 1,049 (3,134 ) Accounts payable 5,143 5,109 Accrued expenses (3,807 ) (1,970 ) Accrued compensation and benefits (2,531 ) (1,536 ) Deferred rent (1,343 ) (851 ) Deferred revenue (1,089 ) (1,308 ) Net cash used in operating activities (5,039 ) (7,982 ) Cash flows from investing activities Purchase of property and equipment (2,983 ) (4,325 ) Proceeds from sale of property and equipment — 5 Purchases of marketable securities (29,818 ) (19,943 ) Proceeds from marketable securities 32,022 25,000 Net cash (used in) provided by investing activities (779 ) 737 Cash flows from financing activities Dividends paid (20,080 ) — Proceeds from exercise of stock options 29 — Payment of capital lease obligation (223 ) (209 ) Taxes paid in lieu of shares issued for stock-based compensation (89 ) (92 ) Net cash used in financing activities (20,363 ) (301 ) Change in cash and cash equivalents (26,181 ) (7,546 ) Cash and cash equivalents, beginning of period 78,994 51,020 Cash and cash equivalents, end of period $ 52,813 $ 43,474 Tilly's, Inc. Store Count and Square Footage StoresOpen at
Beg of Quarter
StoresOpened
During Quarter
StoresClosed
During Quarter
StoresOpen at
End of Quarter
Total GrossSquare Footage
End of Quarter
(in thousands)
2016 Q1 224 — — 224 1,704 2016 Q2 224 2 1 225 1,713 2016 Q3 225 1 1 225 1,716 2016 Q4 225 — 2 223 1,703 2017 Q1 223 — 1 222 1,697
View source version on businesswire.com: http://www.businesswire.com/news/home/20170523006076/en/
Investor Relations:Tilly’s, Inc.Michael Henry, 949-609-5599, ext. 17000Chief Financial Officerirelations@tillys.com
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