Home / Knowledge / News / Apparel/Garments / Sales surge 20.4% at apparel retailer Tilly's in Q2 FY'12

Sales surge 20.4% at apparel retailer Tilly's in Q2 FY'12

27
Aug '12
Tilly’s Inc. announced financial results for the second quarter of fiscal 2012 ended July 28, 2012.

For the thirteen weeks ended July 28, 2012:

  • Total net sales for the second quarter were $105.1 million, an increase of 20.4% compared to the second quarter in the prior year. Comparable store sales, which include e-commerce sales, increased 5.1%. E-commerce sales were $9.8 million, an increase of 22% compared to the second quarter in the prior year.
  • Gross profit increased 21.1% to $31.1 million. Gross margin was 29.6%, a 10 basis point increase over the second quarter of fiscal 2011.
  • Operating loss on a GAAP basis was $3.3 million, including a one-time, non-cash charge to SG&A expense of $7.6 million, before tax, to recognize life to date compensation expense for stock options which was triggered by the consummation of the Company’s initial public offering in the second quarter.
  • The annual tax rate for the second quarter was 33.6%. The quarter also included, as expected, a one-time net tax benefit of $1.0 million resulting from the Company’s conversion from an “S” Corporation to a “C” Corporation, the result of a $3.0 million deferred tax benefit and a nearly $2.0 million tax provision charge.
  • On a GAAP basis, net loss was $1.2 million, or $0.04 per share, based on a weighted average share count of 27.3 million shares, which includes the non-cash charge to SG&A and the one-time net tax provision benefit mentioned above. This compares to net income of $3.5 million or $0.17 per diluted share based upon 20.5 million weighted average diluted shares in the second quarter of fiscal 2011.
  • Adjusted net income for the quarter increased 49.3% to $2.6 million, or $0.09 per weighted average diluted share, compared to an adjusted net income of $1.7 million or $0.09 per weighted average diluted share in the second quarter of 2011. These results adjust GAAP net income for the one-time, non-cash compensation charge to SG&A, assume an expected long-term effective tax rate of 40% for both this year and last year periods, and add back a charge for on-going non-cash compensation expense for stock options of $0.6 million, before tax, to the second quarter of 2011, which equals the charge for on-going non-cash compensation expense in the second quarter of 2012.

Daniel Griesemer, President and Chief Executive Officer, commented, “Our second quarter results were ahead of plan and reflected our continued focus on achieving sustainable, long-term, quality growth. Solid comp store sales gains along with prudent fiscal and inventory management resulted in a 49% increase in adjusted net income during the quarter. The strong performance was broad based across geographies and real estate venues.

“We are particularly pleased that the new stores opened this year are performing well above our expectations, demonstrating the strength of the Tilly’s concept on a national basis. We believe our progress also continues to validate the relevance of the Tilly’s brand and our unique business model that focuses on offering relevant brands and styles to our customers, and we believe we are well positioned for continued success in the second half of 2012 and over the longer term.”

Click here to read more details:

Tilly's Inc.


Must ReadView All

Foreign brands competing with local clothing companies in Vietnam

Apparel/Garments | On 17th May 2021

Foreign brands competing with local clothing companies in Vietnam

International brands are giving tough competition to the local...

Pic: Casimiro PT / Shutterstock.com

E-commerce | On 17th May 2021

London-based global fashion platform Lyst raises £60mn

Lyst, a London-based global fashion aggregator that operates an...

Pic: Shutterstock

Textiles | On 17th May 2021

Prime Content| China cotton index may remain stable in coming months: TexPro

The China cotton is expected to remain above 16,000 RMB per ton or...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Dhruv Toshniwal & Udit Toshniwal,

Dhruv Toshniwal & Udit Toshniwal

Launched a year ago, Fashions Pvt Limited conceptualises and sees D2C...

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

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 2021

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


Advanced Search