Tilly’s, Inc. Announces 2023 Holiday Period Net Sales, Updates Fourth Quarter Outlook
08 Janeiro 2024 - 8:30AM
Business Wire
Tilly’s, Inc. (NYSE: TLYS, the “Company”) today announced net
sales results for the nine-week period ended December 30, 2023 (the
“2023 holiday period”) in advance of its attendance and
participation in the ICR Conference 2024 on January 8-9, 2024.
“Condensed peaks of increased consumer activity over Black
Friday weekend, just before Christmas and in the week following
Christmas were more than offset by significant decreases in
consumer activity outside of those event-driven peaks, producing a
slightly softer holiday season for us overall than we originally
anticipated,” commented Ed Thomas, President and Chief Executive
Officer. “We anticipate ending fiscal 2023 with a strong cash
position, a reasonable inventory level, and no debt as we continue
to focus on opportunities to improve our business in fiscal
2024.”
- Total net sales of $139.7 million decreased by (7.4)% for the
2023 holiday period compared to $150.9 million for last year’s
comparable nine-week holiday period ended December 31, 2022 (the
“2022 holiday period”).
- Total comparable net sales, including both physical stores and
e-commerce, decreased by (9.0)% during the 2023 holiday period
compared to the 2022 holiday period. Comparable net sales of
Footwear increased by a single-digit percentage, Girls and Mens
apparel decreased by single-digit percentages, while Boys, Womens
and Accessories decreased by double-digit percentages compared to
the 2022 holiday period.
- Comparable net sales in physical stores decreased by (12.3)%
during the 2023 holiday period compared to the 2022 holiday period.
Comparable net sales in physical stores were single-digit negative
in the Midwest, New England and the Northwest and double-digit
negative elsewhere on a percentage basis compared to the 2022
holiday period. Net sales in physical stores represented 71.9% of
total net sales during the 2023 holiday period compared to 74.4% of
total net sales during the 2022 holiday period.
- E-commerce net sales increased by 1.6% during the 2023 holiday
period compared to the 2022 holiday period. E-commerce net sales
represented 28.1% of total net sales during the 2023 holiday period
compared to 25.6% of total net sales during the 2022 holiday
period.
- As of January 2, 2024, the Company had approximately $129
million of cash and marketable securities and no debt
outstanding.
Fiscal 2023 Fourth Quarter Outlook Update
Based on the Company’s net sales results for the 2023 holiday
period and historical trends for the remainder of the quarter, the
Company now expects its fiscal 2023 fourth quarter net sales to be
in the range of approximately $169 million to $172 million and its
loss per share to be in the range of $(0.20) to $(0.24). The
Company expects to end fiscal 2023 with 248 total stores, total
cash and marketable securities of approximately $90 million
reflecting the normal seasonal fluctuation of such balances, and no
debt outstanding.
The scope and nature of the impacts of current market conditions
on the Company’s business continue to evolve. As a result, there
can be no guarantee that the Company’s financial results through
the remainder of the fourth quarter will remain consistent with
those of the 2023 holiday period. In addition, the foregoing
information does not reflect the full financial results for the
2023 holiday period. The Company’s actual financial results for the
fiscal 2023 fourth quarter and full fiscal year ending February 3,
2024, are subject to completion of the period, the finalization of
its normal quarter-end and year-end accounting procedures, and the
audit of its fiscal 2023 financial statements. The Company
currently expects to report its actual results for the fiscal 2023
fourth quarter and full fiscal year on or about March 14, 2024.
ICR Conference 2024
The Company will be participating in the ICR Conference 2024 in
Orlando, Florida on January 8-9, 2024. The Company will be
conducting a fireside chat presentation at 10:30 a.m. Eastern time
on Tuesday, January 9, 2024. The audio of the fireside chat will be
webcast live over the internet and can be accessed under the
Investor Relations section of the Company’s website at
www.tillys.com.
About Tillys
Tillys is a leading, destination specialty retailer of casual
apparel, footwear and accessories for young men, young women, boys
and girls with an extensive selection of iconic global, emerging,
and proprietary brands rooted in an active, outdoor and social
lifestyle. Tillys is headquartered in Irvine, California and
currently operates 251 total stores across 33 states as well as its
website, www.tillys.com
Forward Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. In particular, statements regarding our current
operating expectations in light of historical results, the impacts
of inflation and potential recession on us and our customers,
including on our future financial condition or operating results,
expectations regarding customer traffic, our supply chain, our
ability to properly manage our inventory levels, and any other
statements about our future cash position, financial flexibility,
expectations, plans, intentions, beliefs or prospects expressed by
management are forward-looking statements. These forward-looking
statements are based on management’s current expectations and
beliefs, but they involve a number of risks and uncertainties that
could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including, but
not limited to the impact of inflation on consumer behavior and our
business and operations, supply chain difficulties, and our ability
to respond thereto, our ability to respond to changing customer
preferences and trends, attract customer traffic at our stores and
online, execute our growth and long-term strategies, expand into
new markets, grow our e-commerce business, effectively manage our
inventory and costs, effectively compete with other retailers,
attract talented employees, or enhance awareness of our brand and
brand image, general consumer spending patterns and levels,
including changes in historical spending patterns, the markets
generally, our ability to satisfy our financial obligations,
including under our credit facility and our leases, and other
factors that are detailed in our Annual Report on Form 10-K, filed
with the Securities and Exchange Commission (“SEC”), including
those detailed in the section titled “Risk Factors” and in our
other filings with the SEC, which are available on the SEC’s
website at www.sec.gov and on our website at www.tillys.com under
the heading “Investor Relations”. Readers are urged not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. We do not undertake any
obligation to update or alter any forward-looking statements,
whether as a result of new information, future events or otherwise.
This release should be read in conjunction with our financial
statements and notes thereto contained in our Form 10-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108139729/en/
Investor Relations: Michael
L. Henry Executive Vice President, Chief Financial Officer
949-609-5599 x.17000 irelations@tillys.com
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