Home / Knowledge / News / Apparel/Garments / Net income doubles at apparel retailer Tilly's in Q1FY16
Net income doubles at apparel retailer Tilly's in Q1FY16
01
Jun '15
For the first fiscal quarter ended May 2, 2015, net income doubled over the same quarter of previous fiscal at apparel retailer and NYSE listed, Tilly’s, Inc.

Net income for the first quarter of fiscal 2016 reached $1.3 million, or $0.05 per diluted share as against
$0.6 million or $0.02 per diluted share in the same quarter of fiscal 2015.

Total net sales for the quarter ended May 2, 2015 amounted to $120.2 million, up 8.1 per cent compared to $111.1 million in the corresponding quarter of prior fiscal.

“Comparable store sales, which include e-commerce sales, increased slower at 2.0 per cent over the same 13-week period in fiscal 2015,” Tilly’s said in a press release.

Gross profit in the reporting quarter rose 15.3 per cent to $36.1 million as against $31.3 million in the prior fiscal first quarter. While gross margin was 30.0 per cent compared to 28.2 per cent.

“The 180 basis point increase in gross margin was primarily due to a 90 basis point increase in product margins and lower buying, distribution and occupancy costs as a percentage of net sales,” it explained.

The retailer added, “This was possible due to positive comparable store sales, and a favourable rent adjustment related to prior years.”

Operating income for the quarter under review touched $2.1 million, compared to operating income of $1.1 million in the same quarter of fiscal 2015.

Tilly’s attracted an effective tax rate of approximately 40 per cent in the first quarter of fiscal 2016 compared to 45 per cent in last fiscal’s first quarter, reflecting a discrete item related to stock option forfeitures.

As of May 2, 2015, the Company had $79.2 million of cash and marketable securities and no borrowings or debt outstanding on its revolving credit facility.

Tilly’s expects second quarter comparable store sales to be in the range of a decline of 2 per cent to an increase of 2 per cent and net income per diluted share to be in the range of $0.01 to $0.05.

“This assumes an anticipated effective tax rate of approximately 40 per cent and a weighted average diluted share count of 28.5 million shares,” it noted.

“Our first quarter results illustrate continued progress on our initiatives to increase sales and profitability, as we delivered positive comparable store sales and solid earnings growth,” CEO Daniel Griesemer said.

“We expanded our gross profit and ended the quarter with inventory well positioned for the summer and back-to-school seasons,” he too added.

Tilly's is a fast-growing destination specialty retailer of West Coast inspired apparel, footwear and accessories and as of May 27, 2015 operated 213 stores and a website. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 2nd Dec 2016

Indian currency crisis impacts global cotton market

The currency crisis in India, marked by insufficient supply of new...

Huang Wei from Fiber Raw Material Dept of Sinopec Chemical Commercial Holding speaking at the Forum

Textiles | On 2nd Dec 2016

Huge potential for nylon consumption: Experts

There is huge potential for increase in nylon consumption said...

Apparel/Garments | On 2nd Dec 2016

Aditya Birla Group to establish apparel unit in Odisha

Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Dinaz Madhukar
DLF Emporio and DLF Promenade

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Judy Frater
Somaiya Kala Vidya

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

Ritu Kumar
Label Ritu Kumar

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

Mike Hoffman
Gildan Activewear SRL

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

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