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: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Neel Sawhney
One Friday

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search