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

Apparel/Garments | On 26th May 2016

PM expects Parliament to pass GST bill this year

Prime Minister Narendra Modi expects Parliament to pass the...

Apparel/Garments | On 26th May 2016

Bangladesh garment exports up 10% in July-April

Continuing the steady growth witnessed over the past few months,...

Textiles | On 26th May 2016

Spun yarn production growth in FY16 slowest in 4 years

India’s cotton yarn production grew by 2 per cent to 4,136 million kg ...

Interviews View All

Veronique Lee
Modavanti

Sustainable fashion is not necessarily pocket- friendly. Are consumers...

Amit Jain
Shingora Textiles Ltd

What benchmarks in design and production need to be met in the manufacture ...

Binoy Ravjani
Hero's Fashion

What are the latest trends in hand block printing?

Kevin Nelson
TissueGen

<b><i>Kevin Nelson, Chief Scientific Officer, TissueGen discusses the...

Giorgio Mantovani
Corman S.p.A

<b><i>Giorgio Mantovani, MD of Corman, with a presence in both Milano and...

Urs Stalder
Sanitized AG

<b><i>Urs Stalder, CEO, Sanitized AG, talks about the increasing use of...

Judy Frater
Somaiya Kala Vidya

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin
Chapurin

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

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search