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4-Traders Homepage  >  Shares  >  Nyse  >  Tilly's Inc    TLYS

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Tilly : Posts 2Q Fiscal 2015 Results

08/31/2015 | 03:24am US/Eastern

Tilly's reported financial results for the second quarter (13 weeks) and first half (26 weeks) of fiscal 2015 ended August 1.

"Second quarter results were in line with our outlook, with sales growth driven by new store openings over the past twelve months and a strong e-commerce business. We maintained our diligent inventory management, resulting in continued healthy product margins, and began the third quarter with inventory well positioned for the back- to-school season. Our merchandise offering is resonating well with our customers and we are encouraged by the solid start to the third quarter," commented Daniel Griesemer, President and Chief Executive Officer.

Second Quarter Results Overview

In a release on August 26, the Company noted that the following comparisons refer to operating results for the second quarter of fiscal 2015 versus the second quarter of fiscal 2014 ended August 2, 2014:

-Total net sales were $130 million compared to $123 million, an increase of $7 million or 6 percent.

-Comparable store sales, which include e-commerce sales, increased 0.5 percent.

-Gross profit was $36.6 million compared to $34.7 million, an increase of $1.9 million or 6 percent. Gross margin, or gross profit as a percentage of net sales, was 28.1 percent compared to 28.2 percent. This slight decrease was primarily due to a 40 basis point decline in product margins, partially offset by lower buying, distribution and occupancy costs as a percentage of net sales.

-Operating income was $1.1 million compared to $2.3 million and included an aggregate of $0.9 million in non-cash store asset impairment charges and an accrual for a potential legal settlement.

-Net income was $0.6 million, or $0.02 per diluted share, compared to $1.3 million, or $0.05 per diluted share. Our effective tax rate was 50 percent compared to 46 percent, and was higher primarily due to a tax settlement related to a prior tax year.

First Half Results Overview

The following comparisons refer to operating results for the first half of fiscal 2015 versus the first half of fiscal 2014 ended August 2, 2014:

-Total net sales were $250 million compared to $234 million, an increase of $16 million or 7 percent.

-Comparable store sales, which include e-commerce sales, increased 1.2 percent.

-Gross profit was $72.6 million compared to $66.0 million, an increase of $6.6 million or 10 percent. Gross margin was 29.0 percent compared to 28.2 percent. This 80 basis point increase was primarily due to lower buying, distribution and occupancy costs as a percentage of net sales and a 20 basis point increase in product margins.

-Operating income was $3.2 million compared to $3.4 million and included an aggregate of $0.9 million in non-cash store asset impairment charges and an accrual for a potential legal settlement.

-Net income was $1.8 million, or $0.06 per diluted share, compared to $1.9 million, or $0.07 per diluted share.

Balance Sheet and Liquidity

As of August 1, the Company had $77 million of cash and marketable securities and no debt outstanding under its revolving credit facility. This compares to $57 million of cash and marketable securities and no debt as of August 2, 2014.

Third Quarter 2015 Outlook

The Company expects third quarter comparable store sales growth to be positive low single digits and net income per diluted share to be in the range of $0.12 to $0.16. This assumes an anticipated effective tax rate of approximately 40 percent and a weighted average diluted share count of 28.8 million shares.

Tillys is a specialty retailer of West Coast inspired apparel, footwear and accessories.

More information:

www.tillys.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

(c) 2015 ProQuest Information and Learning Company; All Rights Reserved., source Newspapers

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