Home / Knowledge / News / Apparel/Garments / Tilly's net income down despite increased sales
Tilly's net income down despite increased sales
18
Mar '16
Courtesy: Tilly
Courtesy: Tilly's
Tilly's, a US based specialty apparel, footwear and accessories retailer, reported a fall of 59.15 per cent in its net income in the fourth quarter of fiscal 2015 despite an increase of 4.1 per cent in its net sales in the quarter because of year-on-year tax difference, according to a press statement released by the retailer.

The retailer posted a net income of $2.9 million or diluted EPS of $0.10 in Q4 of FY15, ended on January 30, 2016, as compared to a net income of $7.1 million or diluted EPS of $0.25 in the fourth quarter of previous fiscal. Net sales stood at $159 million as compared to $153 million last fiscal.

Income tax of $6.6 million impacted the fourth quarter earnings of fiscal 2015, which constituted 69.6 per cent of the pre-tax income of the retailer. Tax applicable in the corresponding quarter of FY14 was $4.1 million or 36.6 per cent of the pre-tax income.

The increase in tax was majorly because of a $2.6 million tax impact from stock option expirations. This resulted in the write-off of certain previously recognised deferred tax assets.

Commenting on the results, Ed Thomas, president and CEO of Tilly's said, “Our fourth quarter comparable store sales results were slightly better than our outlook, and we ended the quarter with clean and current inventories.”

“I am even more excited about the opportunities to improve the business for the long-term and look forward to making progress during fiscal 2016,” he added.

The retailer assumes an anticipated effective tax rate of approximately 40 per cent plus a $0.4 million income tax charge primarily for the impact of restricted stock vesting in addition to the effective rate in its outlook for FY16. (MCJ)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Hardik Sanghvi

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

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search