Home / Knowledge / News / Apparel/Garments / Retailer Tilly's posts 69% slide in Q2FY15 net income
Retailer Tilly's posts 69% slide in Q2FY15 net income
29
Aug '14
Partly from a higher effective tax rate, net income tumbled 69% from a year ago quarter, at West Coast inspired apparel, accessories and NYSE listed retailer Tilly’s, Inc in the second fiscal quarter ended August 2, 2014.

In the second quarter of 2014, net income reached $1.3 million, or $0.05 per diluted share, based on a weighted average diluted share count of 28.0 million shares and an effective tax rate of approximately 46%, from a higher rate than expected due to certain stock option forfeitures.

This compares to net income in the second quarter of 2013 of $4.3 million, or $0.15 per diluted share, based on a weighted average diluted share count of 28.1 million shares and an effective tax rate of 40%, Tilly’s said.

Tilly’s reported net sales of $123.1 million in second quarter of 2014, stable compared to $123.0 million in the second quarter of 2013. However, comparable store sales, which include e-commerce sales, declined 7.1%.

Deleverage of occupancy costs and a 40 basis point decrease in product margins led to Tilly’s witnessing gross margin slipping to 28.2% versus 30.8% in the second quarter of 2013. Gross profit fell to $34.7 million in the quarter under review from $37.9 million in thirteen weeks to August 3, 2013.

Operating income reached $2.3 million in second quarter of 2014 compared to $7.2 million in the second quarter of 2013. As of August 2, 2014, the retailer had $57.4 million of cash and marketable securities and no borrowings or debt outstanding on its revolving credit facility.

For the third quarter, Tilly’s expects comparable store sales to decline in mid-single digits, and net income per diluted share to be in the range of $0.09 to $0.13 assuming an effective tax rate of 41% and a weighted average diluted share count of 28.1 million shares.

Tilly’s is headquartered in Southern California and as of August 27, 2014, operated 206 stores and an online store.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Applied DNA Sciences

Apparel/Garments | On 24th Feb 2017

SigNatureT DNA can help prevent apparel counterfeiting

SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...

Textiles | On 24th Feb 2017

Pakistan's textile exports down 1.54% in July-Jan FY17

The value of textile and garment exports made by Pakistan decreased...

Courtesy: The Irish News/Christian Cowan (Google)

Fashion | On 24th Feb 2017

Google & Christian Cowan create 'really blue' jeans

Google has partnered with British fashion designer Christian Cowan to ...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search