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Tilly’s(TLYS) - 2025 Q2 - Quarterly Results
TLYSTilly’s(TLYS)2024-09-05 20:07

Financial Performance - Total net sales for Q2 FY2024 were 162.9million,anincreaseof162.9 million, an increase of 2.9 million or 1.8% compared to 160.0millioninQ2FY2023[3]Comparablenetsalesdecreasedby7.8160.0 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 44.3million,or27.744.3 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 4.9millionor1.74.9 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,comparedto162,867,000, 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 50.8million,or31.250.8 million, or 31.2% of net sales, compared to 47.0 million, or 29.4% of net sales, last year[5] - Operating loss was 0.9million,or0.50.9 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 0.1million,or0.1 million, or 0.00 net loss per share, compared to a net loss of 1.1million,or1.1 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,comparedtoanetlossof19,690,000, 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 140millionto140 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 76.7millionincashandcashequivalents,downfrom76.7 million in cash and cash equivalents, down from 104.3 million a year ago[11] - Total current assets increased to 194,422,000asofAugust3,2024,from194,422,000 as of August 3, 2024, from 176,059,000 as of February 3, 2024, reflecting a 10.7% increase[20] - Total liabilities increased to 302,424,000asofAugust3,2024,comparedto302,424,000 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 36,749,000asofAugust3,2024,downfrom36,749,000 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 95,011,000asofAugust3,2024,comparedto95,011,000 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,comparedto50,779,000, 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]