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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 | |
---|---|---|---|---|---|---|---|---|
0.43 | 8.29% | 5.62 | 5.77 | 5.14 | 5.18 | 202,029 | 23:48:50 |
GAAP Net Loss Per Share of $(0.65); Non-GAAP Net Loss Per Share of $(0.48)
Non-GAAP Net Loss Per Share in Middle of Outlook Range
Tilly’s, Inc. (NYSE: TLYS, the "Company") today announced financial results for the first quarter of fiscal 2024 ended May 4, 2024.
"Our business continues to face many headwinds from the macro environment, but we believe we are making progress on improving our product margins and driving greater customer engagement through our marketing efforts," commented Hezy Shaked, Co-Founder and Interim President and Chief Executive Officer. "While we expect it to remain difficult to improve our sales results in the near term, we believe the efforts we are making now will produce benefits in the future when the current environment improves."
Operating Results Overview
Fiscal 2024 First Quarter Operating Results Overview
The following comparisons refer to the Company's operating results for the first quarter of fiscal 2024 ended May 4, 2024 versus the first quarter of fiscal 2023 ended April 29, 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," "non-GAAP net loss," and "non-GAAP net loss 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 May 4, 2024, the Company had $68.0 million of cash, cash equivalents and marketable securities and no debt outstanding compared to $93.4 million and no debt outstanding as of April 29, 2023. Total inventories increased 1.8% as of May 4, 2024 compared to April 29, 2023. Total year-to-date capital expenditures at the end of the first quarter were $2.1 million this year compared to $4.3 million last year.
Fiscal 2024 Second Quarter Outlook
Total comparable net sales for fiscal May ended June 1, 2024, decreased by (8.4)% relative to the comparable four-week period last year. Based on current quarter-to-date comparable net sales results and current and historical trends, the Company currently estimates the following for the second quarter of fiscal 2024:
The Company currently expects to have 247 total stores open at the end of the second quarter of fiscal 2024 compared to 246 at the end of last year's second quarter.
Conference Call Information
A conference call to discuss these financial results is scheduled for today, June 6, 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 June 13, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10188068.
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 246 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 changes in the macro-economic environment, 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)
May 4, 2024
February 3, 2024
April 29, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
19,880
$
47,027
$
43,686
Marketable securities
48,142
48,021
49,695
Receivables
7,135
5,947
12,973
Merchandise inventories
78,535
63,159
77,182
Prepaid expenses and other current assets
9,742
11,905
9,332
Total current assets
163,434
176,059
192,868
Operating lease assets
199,613
203,825
216,385
Property and equipment, net
45,442
48,063
49,438
Deferred tax assets, net
—
—
12,728
Other assets
1,522
1,598
1,765
TOTAL ASSETS
$
410,011
$
429,545
$
473,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
22,013
$
14,506
$
24,730
Accrued expenses
12,712
13,063
14,253
Deferred revenue
14,127
14,957
14,792
Accrued compensation and benefits
8,457
9,902
9,056
Current portion of operating lease liabilities
52,662
48,672
49,567
Current portion of operating lease liabilities, related party
3,194
3,121
2,908
Other liabilities
253
336
446
Total current liabilities
113,418
104,557
115,752
Long-term liabilities:
Noncurrent portion of operating lease liabilities
151,875
160,531
169,791
Noncurrent portion of operating lease liabilities, related party
18,438
19,267
21,633
Other liabilities
278
321
487
Total long-term liabilities
170,591
180,119
191,911
Total liabilities
284,009
284,676
307,663
Stockholders’ equity:
Common stock (Class A)
23
23
23
Common stock (Class B)
7
7
7
Preferred stock
—
—
—
Additional paid-in capital
173,197
172,478
170,608
Accumulated deficit
(47,583
)
(27,962
)
(5,438
)
Accumulated other comprehensive income
358
323
321
Total stockholders’ equity
126,002
144,869
165,521
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
410,011
$
429,545
$
473,184
Tilly’s, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Thirteen Weeks Ended
May 4, 2024
April 29, 2023
Net sales
$
115,856
$
123,637
Cost of goods sold (includes buying, distribution, and occupancy costs)
90,612
96,768
Rent expense, related party
931
931
Total cost of goods sold (includes buying, distribution, and occupancy costs)
91,543
97,699
Gross profit
24,313
25,938
Selling, general and administrative expenses
44,968
43,066
Rent expense, related party
133
133
Total selling, general and administrative expenses
45,101
43,199
Operating loss
(20,788
)
(17,261
)
Other income, net
1,154
1,064
Loss before income taxes
(19,634
)
(16,197
)
Income tax benefit
(13
)
(4,229
)
Net loss
$
(19,621
)
$
(11,968
)
Basic net loss per share of Class A and Class B common stock
$
(0.65
)
$
(0.40
)
Diluted net loss per share of Class A and Class B common stock
$
(0.65
)
$
(0.40
)
Weighted average basic shares outstanding
29,962
29,798
Weighted average diluted shares outstanding
29,962
29,798
Tilly’s, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Thirteen Weeks Ended
May 4, 2024
April 29, 2023
Cash flows from operating activities
Net loss
$
(19,621
)
$
(11,968
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
3,095
3,214
Stock-based compensation expense
566
522
Impairment of assets
1,663
154
(Gain) loss on disposal of assets
(16
)
16
Gain on maturities of marketable securities
(708
)
(295
)
Deferred income taxes
—
(4,231
)
Changes in operating assets and liabilities:
Receivables
(822
)
(3,683
)
Merchandise inventories
(15,376
)
(15,065
)
Prepaid expenses and other assets
2,690
8,162
Accounts payable
7,480
8,765
Accrued expenses
14
441
Accrued compensation and benefits
(1,445
)
873
Operating lease liabilities
(2,254
)
(1,616
)
Deferred revenue
(830
)
(1,311
)
Other liabilities
(126
)
(173
)
Net cash used in operating activities
(25,690
)
(16,195
)
Cash flows from investing activities
Purchases of marketable securities
(29,496
)
(24,524
)
Purchases of property and equipment
(2,137
)
(4,255
)
Proceeds from maturities of marketable securities
30,000
15,081
Proceeds from sale of property and equipment
23
—
Net cash used in investing activities
(1,610
)
(13,698
)
Cash flows from financing activities
Proceeds from exercise of stock options
153
53
Net cash provided by financing activities
153
53
Change in cash and cash equivalents
(27,147
)
(29,840
)
Cash and cash equivalents, beginning of period
47,027
73,526
Cash and cash equivalents, end of period
$
19,880
$
43,686
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:
Thirteen Weeks Ended
May 4, 2024
April 29, 2023
Income tax benefit
$
(13
)
$
(4,229
)
Non-cash valuation allowance on deferred tax assets
(5,164
)
—
Non-GAAP income tax benefit
$
(5,177
)
$
(4,229
)
Thirteen Weeks Ended
May 4, 2024
April 29, 2023
Net loss
$
(19,621
)
$
(11,968
)
Non-cash valuation allowance on deferred tax assets
(5,164
)
—
Non-GAAP net loss
$
(14,457
)
$
(11,968
)
Basic net loss per share of Class A and Class B common stock
$
(0.65
)
$
(0.40
)
Diluted net loss per share of Class A and Class B common stock
$
(0.65
)
$
(0.40
)
Non-GAAP basic net loss per share of Class A and Class B common stock
$
(0.48
)
$
(0.40
)
Non-GAAP diluted net loss per share of Class A and Class B common stock
$
(0.48
)
$
(0.40
)
Weighted average basic shares outstanding used to compute GAAP and non-GAAP basic net loss per share
29,962
29,798
Weighted average diluted shares outstanding used to compute GAAP and non-GAAP diluted net loss per share
29,962
29,798
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
2024 Q1
248
2
4
246
1,784
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606366151/en/
Investor Relations: Michael Henry, Executive Vice President, Chief Financial Officer (949) 609-5599, ext. 17000 irelations@tillys.com
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