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Tilly's reports Q2 FY20 sales of $136 mn

09
Sep '20
Pic: Shutterstock
Pic: Shutterstock
Tilly's, a US-based destination specialty retailer of casual apparel, footwear and accessories, has reported 16 per cent sales decline to $135.8 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $161.7 million in the same period previous fiscal.  Company’s net income for the quarter was $5.3 million (Q2 FY19: $9.3 million).
 
"Our second quarter results were much better than we anticipated considering that the quarter started with all stores closed. The third quarter has been significantly impacted by the delay in back-to-school dates thus far, but we continue to carefully manage our inventory levels and expenses to protect our long-term health to the best of our ability in this largely unpredictable environment," Ed Thomas, president and chief executive officer at Tilly's, said in a press release.
 
Gross profit for the quarter was $41.7 million ($51.7 million). Selling, general and administrative expenses were $34.0 million ($39.6 million). Tilly's operating income during Q2 FY20 was down to $7.7 million ($12.1 million). 
 
In its third quarter business update until August 29, company reported 40.6 per cent rise in its e-commerce sales to $13.6 million compared to $9.6 million for the same period previous fiscal. However, net sales are down to $50.2 million ($77.9 million).

Fibre2Fashion News Desk (JL)


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