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Apparel retailer Tilly's Q3 FY'13 e-commerce sales up 3%
27
Nov '13
Tilly’s, Inc. announced financial results for the third quarter of fiscal 2013 ended November 2, 2013.
 
 
For the third quarter ended November 2, 2013:
 
-Total net sales were $123.8 million, a decrease of 0.9% compared to $124.9 million in the third quarter of 2012, and reflect sales that shifted into the second quarter from the third quarter when compared to the 2012 fiscal calendar.
-Comparable store sales, which include e-commerce sales, decreased 2.4% compared to the third quarter of 2012. E-commerce sales were $13.3 million, an increase of 3.0% compared to the third quarter of 2012.
-Gross profit was $38.2 million compared to $41.8 million in the third quarter of 2012. Gross margin was 30.9% compared to 33.5% in the third quarter of 2012.
-Operating income was $10.2 million compared to $13.9 million in the third quarter of 2012.
-Net income was $6.1 million, or $0.22 per diluted share, based on a weighted average diluted share count of 28.2 million shares. This compares to net income in the third quarter of 2012 of $9.3 million, or $0.33 per diluted share, based on a weighted average diluted share count of 28.1 million shares. Applying the expected long-term effective tax rate of 40%, adjusted net income in the third quarter of 2012 was $8.3 million, or $0.30 per diluted share.
-At the conclusion of this press release is a reconciliation of non-GAAP results to GAAP results.
 
For the thirty-nine weeks ended November 2, 2013:
 
-Total net sales were $355.9 million, an increase of 9.0% compared to the first three quarters of the prior year.
-Comparable store sales, which include e-commerce sales, decreased 0.7% compared to the first three quarters of 2012. E-commerce sales were $38.7 million, an increase of 14.9% compared to the first three quarters of 2012.
-Gross profit increased 5.0% to $108.5 million. Gross margin was 30.5% compared to 31.7% in the prior year period.
-Operating income was $21.3 million. This compares to operating income of $16.6 million in the first three quarters of 2012, during which the Company recognized a one-time non-cash SG&A charge of $7.6 million, before tax, related to stock-based compensation expense triggered by the company’s initial public offering.
-Net income was $12.7 million, or $0.45 per diluted share, based on a weighted average diluted share count of 28.1 million shares. This compares to net income in the first three quarters of 2012 of $14.1 million, or $0.55 per diluted share, based on a weighted average diluted share count of 25.4 million shares. Adjusting for non-cash stock-based compensation charges and applying the expected long-term effective tax rate of 40%, adjusted net income was $14.1 million, or $0.55 per diluted share, in the first three quarters of 2012.
-At the conclusion of this press release is a reconciliation of non-GAAP results to GAAP results.
 
Click here to view full results.
 

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