Tilly’s(TLYS) - 2025 Q2 - Quarterly Results

Financial Performance - Total net sales for Q2 FY2024 were $162.9 million, an increase of$ 2.9 million or 1.8% compared to $160.0 million in Q2 FY2023[3] - Comparable net sales decreased by 7.8% relative to the shifted 13-week period ended August 5, 2023[3] - Gross profit was$ 49.9 million, or 30.7% of net sales, compared to $44.3 million, or 27.7% of net sales, last year, reflecting a 270 basis point improvement in product margins[4] - Total net sales for the first half of FY2024 were$ 278.7 million, a decrease of $4.9 million or 1.7% compared to$ 283.6 million last year[7] - Net sales for the thirteen weeks ended August 3, 2024, were $162,867,000, compared to$ 159,951,000 for the same period last year, representing a 1.3% increase[21] Expenses and Losses - SG&A expenses increased to $50.8 million, or 31.2% of net sales, compared to$ 47.0 million, or 29.4% of net sales, last year[5] - Operating loss was $0.9 million, or 0.5% of net sales, an improvement from an operating loss of$ 2.7 million, or 1.7% of net sales, last year[5] - Net loss for Q2 FY2024 was $0.1 million, or$ 0.00 net loss per share, compared to a net loss of $1.1 million, or$ 0.04 net loss per share, last year[6] - The net loss for the twenty-six weeks ended August 3, 2024, was $19,690,000, compared to a net loss of$ 13,093,000 for the same period last year[22] Future Projections - The company expects Q3 FY2024 net sales to be in the range of approximately $140 million to$ 146 million, translating to an estimated comparable net sales decrease of approximately (6)% to (2)%[13] Store Operations - The company plans to maintain 246 total stores at the end of Q3 FY2024, compared to 249 at the end of the previous year's third quarter[14] - The company opened 1 new store during the second quarter of 2024, bringing the total store count to 247[23] Cash and Assets - As of August 3, 2024, the company had $76.7 million in cash and cash equivalents, down from$ 104.3 million a year ago[11] - Total current assets increased to $194,422,000 as of August 3, 2024, from$ 176,059,000 as of February 3, 2024, reflecting a 10.7% increase[20] - Total liabilities increased to $302,424,000 as of August 3, 2024, compared to$ 284,676,000 as of February 3, 2024, indicating a 6.1% rise[20] - The company had cash and cash equivalents of $36,749,000 as of August 3, 2024, down from$ 47,027,000 as of February 3, 2024, representing a decrease of 22.0%[22] - Merchandise inventories increased to $95,011,000 as of August 3, 2024, compared to$ 63,159,000 as of February 3, 2024, a significant increase of 50.4%[20] Share Information - Selling, general and administrative expenses for the thirteen weeks ended August 3, 2024, were $50,779,000, compared to$ 47,001,000 for the same period last year, reflecting an increase of 5.9%[21] - The weighted average basic shares outstanding increased to 30,029,000 for the thirteen weeks ended August 3, 2024, compared to 29,831,000 for the same period last year[21]