Home / Knowledge / News / Apparel/Garments / Tilly's Q1'FY14 comparable store sales skid 6.8%
Tilly's Q1'FY14 comparable store sales skid 6.8%
29
May '14
Tilly’s, Inc. announced financial results for the first quarter of fiscal 2014 ended May 3, 2014.
 
For the first quarter ended May 3, 2014:
Total net sales were $111.1 million, an increase of 1.8% compared to $109.1 million in the first quarter of 2013.
 
Comparable store sales, which include e-commerce sales, decreased 6.8% compared to the same 13-week period in 2013. E-commerce sales were $12.7 million, an increase of approximately 1.2% compared to the same thirteen-week period in 2013.
 
Gross profit was $31.3 million compared to $31.8 million in the first quarter of 2013. Gross margin was 28.2% compared to 29.1% in the first quarter of 2013. Product margins increased approximately 60 basis points, offset primarily by deleverage in occupancy costs as a result of the negative comparable store sales.
 
Operating income was $1.1 million and compares to operating income of $3.9 million in the first quarter of 2013.
 
Net income was $0.6 million, or $0.02 per diluted share, based on a weighted average diluted share count of 28.2 million shares and an effective tax rate of approximately 45%, reflecting a discrete item related to stock option forfeitures. This compares to net income in the first quarter of 2013 of $2.3 million, or $0.08 per diluted share, based on a weighted average diluted share count of 28.0 million shares and an effective tax rate of 40%.
 
“Earnings results were in line with our expectations and reflect the continuation of a tough retail environment and the planned reduction in our clearance merchandise, which put pressure on our comparable store sales. We delivered strong product margin improvement through careful inventory management and operating discipline, and our inventory is well positioned for the summer selling season. We also advanced our strategic initiatives including the opening of our new dedicated e-commerce fulfillment center,” commented Daniel Griesemer, President and Chief Executive Officer. “We remain focused on maintaining the continued health and relevance of our brand, and are confident in our ability to capitalize on the long-term opportunities to grow our business.”
 
Balance Sheet and Liquidity
As of May 3, 2014, the Company had $52.4 million of cash and marketable securities and no borrowings or debt outstanding on its revolving credit facility.
 
Second Quarter 2014 Outlook
We continue to experience weak traffic trends and a highly promotional environment in teen retail. If these trends continue, we would expect second quarter comparable store sales to decline in the high single digits, and net income per diluted share to be in the range of $0.03 to $0.07. This assumes an anticipated effective tax rate of 40% and a weighted average diluted share count of 28.2 million shares. Second quarter 2013 net income was $4.3 million, or $0.15 per diluted share, based on a weighted average diluted share count of 28.1 million shares.
 

Tilly's, Inc


Must ReadView All

Courtesy: VF Corporation

Apparel/Garments | On 5th May 2016

VF Corp’s Q1 2016 revenue up 2% to $2.8 billion

VF Corporation reported a rise of 2 per cent in its total revenue to...

Textiles | On 5th May 2016

Brazilian cotton prices rise nearly 10% in April

Firm demand, decrease in supply from important cotton growing...

Apparel/Garments | On 5th May 2016

Kishore Biyani named Future Retail’s vice-chairman

Future Retail has appointed its Independent Director VK Chopra as...

Interviews View All

Gaurav Poddar
Siyaram Silk Mills Ltd.

How do you foresee the prospects of Indian apparel market in 2014? Kindly...

Mohammed Monabber Ahmed
Anowara Group

How do you look at the current market scenario of T-shirts worldwide and...

Stephan Hohmann
HANRO

What are the major changing trends in the global fashion market and the...

Dr. Rene Wollert
Freudenberg Nonwovens

<i><b>Dr. Rene Wollert</b> discusses the current scenario of the global...

Daniel Dwight
Cooley Group

An international executive with significant experience leading high-tech...

Rory Holmes
INDA - The Association of the Nonwoven Fabrics Industry

Rory Holmes is President of INDA, the Association of the Nonwoven Fabrics...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search