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Tilly's Q1 result highlights business model strength

31
May '12
Tilly's Inc. announced financial results for the first quarter of fiscal 2012 ended April 28, 2012.

• Total net sales for the first quarter were $96.5 million, an increase of 16.1%. Comparable store sales, which include e-commerce sales, increased 4.3%. E-commerce sales increased 31% to $10.9 million compared to the first quarter in the prior year.
• Gross profit increased 16.1% to $30.4 million. Gross margin was 31.5%, equal to the first quarter of fiscal 2011.
• Operating income increased 21.4% to $6.0 million. Operating margin for the quarter was 6.2% as compared to 6.0% in the first quarter of 2011.
• On a GAAP basis, net income was $5.9 million, or $0.29 per diluted share, based on a weighted average diluted share count of 20.5 million. This compares to $4.9 million or $0.24 per diluted share based on 20.4 million weighted average diluted shares in the first quarter of fiscal 2011.
• On a pro-forma basis, assuming an effective tax rate of 40% for both periods, net income for the quarter increased 21.7% to $3.6 million, or $0.18 per weighted average diluted share, from $3.0 million or $0.14 per weighted average diluted share in the first quarter 2011.

Daniel Griesemer, President and Chief Executive Officer, commented, “We are pleased with our first quarter results, which highlight the success of our growth initiatives and the strength of our business model. Growth in the quarter was driven by both new stores and increased comparable store sales, including e-commerce sales.

“Although the first quarter is a relatively small proportion of our full year earnings, the earnings growth rate in the quarter exceeded our long-term plan and reflects a continued high-quality expansion of our business. We are excited about the significant opportunities ahead of us to drive sustained long-term growth and increased value for our shareholders.”

Balance Sheet and Liquidity
As of April 28, 2012, the company had $21.7 million of cash and cash equivalents as compared to $25.1 million as of January 28, 2012 and $28.8 million as of April 30, 2011. The company ended the quarter with no long-term borrowings and no debt outstanding on its revolving credit facility.

Recently Completed Initial Public Offering
Tilly's successfully completed its IPO on May 3, 2012, pricing its stock at $15.50 per share. As a result of this offering the company increased the number of shares outstanding by 7.6 million and received net proceeds of approximately $23 million, after payment of offering fees and expenses and a final distribution of taxable earnings to “S” Corporation shareholders.

Tilly's is a fast-growing destination specialty retailer of West Coast inspired apparel, footwear and accessories with an extensive assortment of the most relevant and sought-after brands rooted in action sports, music, art and fashion.

Tilly's Inc


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