Home / Knowledge / News / Apparel/Garments / Tilly's Q4'FY14 net sales drop marginally
Tilly's Q4'FY14 net sales drop marginally
20
Mar '14
Tilly’s, Inc. announced financial results for the fourth quarter of fiscal 2013 ended February 1, 2014.
 
For the fourth quarter ended February 1, 2014 (2012 reflects a 14-week period):
Total net sales were $139.9 million, a decrease of 0.6% compared to $140.8 million in the fourth quarter of 2012.
 
Comparable store sales, which include e-commerce sales, decreased 4.9% compared to the same 13-week period in 2012. E-commerce sales were $19.1 million, an increase of approximately 2% compared to the same thirteen-week period in 2012.
 
Gross profit was $43.8 million compared to $46.8 million in the fourth quarter of 2012. Gross margin was 31.3% compared to 33.3% in the fourth quarter of 2012. Product margins increased 40 basis points, offset primarily by deleverage in buying, distribution and occupancy costs as a result of the negative comparable store sales.
 
Operating income was $8.5 million and included $1.8 million in store asset impairment charges recorded in the fourth quarter. This compares to operating income of $14.8 million in the fourth quarter of 2012.
 
Net income was $5.4 million, or $0.19 per diluted share, based on a weighted average diluted share count of 28.2 million shares and an effective tax rate of approximately 36% due to a one-time tax benefit related to return to provision adjustments. 
 
This compares to net income in the fourth quarter of 2012 of $9.8 million, or $0.35 per diluted share, based on a weighted average diluted share count of 28.0 million shares. Applying an expected long-term effective tax rate of 40%, adjusted net income in the fourth quarter of 2012 was $8.9 million, or $0.32 per diluted share.
 
“In fiscal 2014, we have developed several key initiatives to adapt to the changing teen retail landscape and to capitalize on the long-term opportunities to grow our business.”
 
“While fourth quarter results were as expected, we are not satisfied with this level of financial performance. I am, however, pleased with how we navigated the challenging retail environment, which reflects the disciplined execution by our team. 
 
We controlled costs, appropriately positioned our inventory levels and adhered to a planned promotional strategy in the quarter that delivered better product margins than the prior year,” commented Daniel Griesemer, President and Chief Executive Officer. “In fiscal 2014, we have developed several key initiatives to adapt to the changing teen retail landscape and to capitalize on the long-term opportunities to grow our business.”
 


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X