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

FPCCI prepares report on Pakistan’s export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan’s export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Courtesy: Detego

Apparel/Garments | On 26th May 2018

Retailers adopting IoT strategies to monitor goods: Report

Retailers are adopting popular IoT strategies to more accurately...

European cities attracted 43% new brands in 2016: Report

Apparel/Garments | On 26th May 2018

European cities attracted 43% new brands in 2016: Report

European cities are the preferred new destination for international...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

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

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search