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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 | |
---|---|---|---|---|---|---|---|---|
-0.07 | -1.20% | 5.76 | 5.87 | 5.75 | 5.85 | 56,097 | 21:00:08 |
GAAP Loss Per Share of $(0.69); Non-GAAP Loss Per Share of $(0.17)
Non-GAAP Net Loss Beats Prior Outlook
Tilly’s, Inc. (NYSE: TLYS, the "Company") today announced financial results for the fourth quarter of fiscal 2023 ended February 3, 2024.
"Our business currently faces many headwinds from the macro environment. Despite these headwinds, we are challenging ourselves to improve our business performance by carefully reconsidering everything we do," commented Hezy Shaked, Co-Founder and Interim President and Chief Executive Officer. "We see opportunities for improvement, but we expect it may take some time to see the benefits from our efforts in this environment."
Operating Results Overview
Fiscal 2023 Fourth Quarter Operating Results Overview
The following comparisons refer to the Company's operating results for the fourth quarter of fiscal 2023 (14 weeks) ended February 3, 2024 versus the fourth quarter of fiscal 2022 (13 weeks) ended January 28, 2023.
Fiscal 2023 Full Year Operating Results Overview
The following comparisons refer to the Company's operating results for fiscal 2023 (53 weeks) ended February 3, 2024 versus fiscal 2022 (52 weeks) ended January 28, 2023.
Non-GAAP Financial Measures
In addition to reporting financial measures in accordance with generally accepted accounting principles ("GAAP"), the Company is providing certain non-GAAP financial measures including "non-GAAP income tax (benefit) expense," "non-GAAP net (loss) income," and "non-GAAP (loss) earnings per share." These amounts are not in accordance with, and should not be construed as an alternative to, the most directly comparable corresponding GAAP measure. The Company’s management believes that these measures help provide investors with insight into the underlying comparable financial results, excluding items that may not be indicative of, or are unrelated to, the Company’s core day-to-day operating results.
For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable corresponding financial measures prepared in accordance with GAAP, please see the accompanying table titled “Supplemental Financial Information; Reconciliation of Select GAAP Financial Measures to Non-GAAP Financial Measures” contained in this press release.
Balance Sheet and Liquidity
As of February 3, 2024, the Company had $95.0 million of cash, cash equivalents and marketable securities and no debt outstanding compared to $113.3 million and no debt outstanding as of January 28, 2023. Total inventories at cost increased 2.6% per square foot as of February 3, 2024 compared to January 28, 2023. On a comparable date basis, total inventories as of February 3, 2024 decreased 9.6% per square foot versus February 4, 2023 due to timing of product receipts.
Total year-to-date capital expenditures at the end of the fourth quarter were $14.0 million this year compared to $15.1 million last year.
Fiscal 2024 First Quarter Outlook
Total comparable net sales through March 12, 2024, decreased by (13.4)% relative to the comparable period last year. Based on current quarter-to-date comparable net sales results and current and historical trends, the Company currently estimates that its fiscal 2024 first quarter net sales will be in the range of approximately $109 million to $119 million, translating to an estimated comparable net sales decrease in the range of approximately (14)% to (7)%, respectively, compared to last year. The Company currently estimates its SG&A expenses for the first quarter of fiscal 2024 to be approximately $42 million to $43 million, pre-tax loss to be in the range of approximately $(17) million to $(22) million, and estimated income tax rate to be approximately 27%. The Company currently expects its loss per share for the first quarter of fiscal 2024 to be in the range of $(0.42) to $(0.54) based on estimated weighted average shares of approximately 29.9 million. The Company currently expects to have 247 stores open at the end of the first quarter of fiscal 2024 compared to 248 at the end of last year's first quarter.
Fiscal 2024 New Store and Capital Expenditure Plans
The Company currently expects its total capital expenditures for fiscal 2024 not to exceed $15 million, primarily for the construction of 5 new stores and continued upgrades to certain distribution and information technology systems.
Conference Call Information
A conference call to discuss these financial results is scheduled for today, March 14, 2024, 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) 300-8521 (domestic) or (412) 317-6026 (international). 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 March 21, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10186382.
About Tillys
Tillys is a leading, destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 248 total stores across 33 states, as well as its website, www.tillys.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our current operating expectations in light of historical results, the impacts of inflation and potential recession on us and our customers, including on our future financial condition or operating results, expectations regarding customer traffic, our supply chain, our ability to properly manage our inventory levels, and any other statements about our future cash position, financial flexibility, 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 the impact of inflation on consumer behavior and our business and operations, supply chain difficulties, and our ability to respond thereto, 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, attract talented employees, or enhance awareness of our brand and brand image, general consumer spending patterns and levels, including changes in historical spending patterns, the markets generally, our ability to satisfy our financial obligations, including under our credit facility and our leases, 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 on the SEC’s website at www.sec.gov and on 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)
(unaudited)
February 3,
2024
January 28,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
47,027
$
73,526
Marketable securities
48,021
39,753
Receivables
5,947
9,240
Merchandise inventories
63,159
62,117
Prepaid expenses and other current assets
11,905
17,762
Total current assets
176,059
202,398
Operating lease assets
203,825
212,845
Property and equipment, net
48,063
50,635
Deferred tax assets, net
—
8,497
Other assets
1,598
1,377
TOTAL ASSETS
$
429,545
$
475,752
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
14,506
$
15,956
Accrued expenses
13,063
15,889
Deferred revenue
14,957
16,103
Accrued compensation and benefits
9,902
8,183
Current portion of operating lease liabilities
48,672
48,864
Current portion of operating lease liabilities, related party
3,121
2,839
Other liabilities
336
470
Total current liabilities
104,557
108,304
Long-term liabilities:
Noncurrent portion of operating lease liabilities
160,531
167,913
Noncurrent portion of operating lease liabilities, related party
19,267
22,388
Other liabilities
321
349
Total long-term liabilities
180,119
190,650
Total liabilities
284,676
298,954
Stockholders’ equity:
Common stock (Class A)
23
23
Common stock (Class B)
7
7
Preferred stock
—
—
Additional paid-in capital
172,478
170,033
(Accumulated deficit) retained earnings
(27,962
)
6,530
Accumulated other comprehensive income
323
205
Total stockholders’ equity
144,869
176,798
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
429,545
$
475,752
Tilly’s, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Fourteen
Weeks
Ended
Thirteen
Weeks
Ended
Fifty-Three
Weeks
Ended
Fifty-Two
Weeks
Ended
February 3,
2024
January 28,
2023
February 3,
2024
January 28,
2023
Net sales
$
173,020
$
180,350
$
623,083
$
672,280
Cost of goods sold (includes buying, distribution, and occupancy costs)
125,405
127,046
453,702
465,916
Rent expense, related party
931
936
3,724
3,616
Total cost of goods sold (includes buying, distribution, and occupancy costs)
126,336
127,982
457,426
469,532
Gross profit
46,684
52,368
165,657
202,748
Selling, general and administrative expenses
55,071
53,623
196,106
191,028
Rent expense, related party
133
133
533
533
Total selling, general and administrative expenses
55,204
53,756
196,639
191,561
Operating (loss) income
(8,520
)
(1,388
)
(30,982
)
11,187
Other income, net
1,574
1,118
5,199
1,980
(Loss) income before income taxes
(6,946
)
(270
)
(25,783
)
13,167
Income tax expense (benefit)
13,606
(166
)
8,709
3,490
Net (loss) income
$
(20,552
)
$
(104
)
$
(34,492
)
$
9,677
Basic (loss) earnings per share of Class A and Class B common stock
$
(0.69
)
$
(0.00
)
$
(1.16
)
$
0.32
Diluted (loss) earnings per share of Class A and Class B common stock
$
(0.69
)
$
(0.00
)
$
(1.16
)
$
0.32
Weighted average basic shares outstanding
29,889
29,785
29,848
30,115
Weighted average diluted shares outstanding
29,889
29,785
29,848
30,323
Tilly’s, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Fiscal Year Ended
February 3,
2024
January 28,
2023
Cash flows from operating activities
Net (loss) income
$
(34,492
)
$
9,677
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization
12,834
14,134
Insurance proceeds from casualty loss
—
23
Stock-based compensation expense
2,218
2,267
Impairment of assets
3,431
17
Loss on disposal of assets
38
92
Gain on maturities of marketable securities
(1,966
)
(466
)
Deferred income taxes
8,497
2,949
Changes in operating assets and liabilities:
Receivables
5,563
1,710
Merchandise inventories
(1,042
)
3,505
Prepaid expenses and other assets
5,561
(1,487
)
Accounts payable
(1,474
)
(12,194
)
Accrued expenses
(596
)
(5,396
)
Accrued compensation and benefits
1,719
(8,873
)
Operating lease liabilities
(5,323
)
(5,231
)
Deferred revenue
(1,146
)
(993
)
Other liabilities
(555
)
(1,149
)
Net cash used in operating activities
(6,733
)
(1,415
)
Cash flows from investing activities
Purchases of marketable securities
(121,045
)
(89,349
)
Purchases of property and equipment
(13,958
)
(15,123
)
Proceeds from maturities of marketable securities
115,000
147,271
Proceeds from sale of property and equipment
10
6
Net cash (used in) provided by investing activities
(19,993
)
42,805
Cash flows from financing activities
Proceeds from exercise of stock options
400
176
Taxes paid on short-swing profits disgorgement payment
(173
)
—
Short swing profits disgorgement payment
—
661
Share repurchases related to share repurchase program
—
(10,902
)
Net cash provided by (used in) financing activities
227
(10,065
)
Change in cash and cash equivalents
(26,499
)
31,325
Cash and cash equivalents, beginning of period
73,526
42,201
Cash and cash equivalents, end of period
$
47,027
$
73,526
Tilly’s, Inc. Supplemental Financial Information Reconciliation of Select GAAP Financial Measures to Non-GAAP Financial Measures (In thousands) (unaudited)
Definitions of certain non-GAAP financial measures included in the tables below are as follows:
Fourteen
Weeks
Ended
Thirteen
Weeks
Ended
Fifty-Three
Weeks
Ended
Fifty-Two
Weeks
Ended
February 3,
2024
January 28,
2023
February 3,
2024
January 28,
2023
Income tax expense (benefit)
$
13,606
$
(166
)
$
8,709
$
3,490
Non-cash valuation allowance on deferred tax assets
(15,395
)
—
(15,395
)
—
Non-GAAP income tax (benefit) expense
$
(1,789
)
$
(166
)
$
(6,686
)
$
3,490
Fourteen
Weeks
Ended
Thirteen
Weeks
Ended
Fifty-Three
Weeks
Ended
Fifty-Two
Weeks
Ended
February 3,
2024
January 28,
2023
February 3,
2024
January 28,
2023
Net (loss) income
$
(20,552
)
$
(104
)
$
(34,492
)
$
9,677
Non-cash valuation allowance on deferred tax assets
(15,395
)
—
(15,395
)
—
Non-GAAP net (loss) income
$
(5,157
)
$
(104
)
$
(19,097
)
$
9,677
Basic (loss) earnings per share of Class A and Class B common stock
$
(0.69
)
$
(0.00
)
$
(1.16
)
$
0.32
Diluted (loss) earnings per share of Class A and Class B common stock
$
(0.69
)
$
(0.00
)
$
(1.16
)
$
0.32
Non-GAAP basic (loss) earnings per share of Class A and Class B common stock
$
(0.17
)
$
(0.00
)
$
(0.64
)
$
0.32
Non-GAAP diluted (loss) earnings per share of Class A and Class B common stock
$
(0.17
)
$
(0.00
)
$
(0.64
)
$
0.32
Weighted average basic shares outstanding used to compute GAAP and non-GAAP basic (loss) earnings per share
29,889
29,785
29,848
30,115
Weighted average diluted shares outstanding used to compute GAAP and non-GAAP diluted (loss) earnings per share
29,889
29,785
29,848
30,323
Tilly's, Inc.
Store Count and Square Footage
Store
Count at
Beginning of
Quarter
New Stores
Opened
During Quarter
Stores
Permanently
Closed
During Quarter
Store Count at
End of Quarter
Total Gross
Square Footage
End of Quarter
(in thousands)
2023 Q1
249
1
2
248
1,809
2023 Q2
248
—
2
246
1,792
2023 Q3
246
3
—
249
1,810
2023 Q4
249
3
4
248
1,801
View source version on businesswire.com: https://www.businesswire.com/news/home/20240314367760/en/
Investor Relations Contact: Michael Henry, Executive Vice President, Chief Financial Officer (949) 609-5599, ext. 17000 irelations@tillys.com
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