Tilly’s(TLYS)2025-06-05 20:21Financial Performance - Total net sales for the first quarter of fiscal 2025 were 115.9 million in the same period last year[111]. - Comparable store net sales decreased by 7.0% relative to the comparable 13-week period ended May 4, 2024[114]. - Gross profit was 24.3 million, or 21.0% of net sales, last year[115]. - Net sales from physical stores were 21.7 million, a decrease of 5.8%[117]. - Operating loss was 20.8 million, or 17.9% of net sales last year[118]. - Net loss was 0.74 net loss per share, compared to 0.65 net loss per share last year[120]. Store Operations - The company expects to close 12 stores during fiscal 2025, with seven already closed by May 2025[98]. - The company operated 238 stores as of May 3, 2025, down from 246 stores at the same time last year[93]. - Average net sales per physical store decreased to 373 in the prior year[112]. Expenses - Store payroll and payroll-related expenses represented approximately 45% of total selling, general and administrative expenses in the first quarter of fiscal 2025[95]. - SG&A expenses were 45.1 million, or 38.9% of net sales last year[116]. Cash Flow and Financing - Net cash used in operating activities was 17.6 million compared to 14.3 million this year, compared to net cash used of 55.4 million[135]. - The company expects to finance operations and capital expenditures with existing cash on hand and cash flows from operations[121]. Taxation - The effective income tax rate is expected to be near zero until the company can return to generating consistent operating profits[97]. - The income tax benefit was 13 thousand, or 0.1% of pre-tax loss last year[119]. Future Outlook - The company anticipates that a consistent comparable net sales decrease of approximately 10% or more would necessitate borrowing under its credit facility[96]. - Working capital decreased to 31.6 million, a decrease of $21.1 million[123].