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

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Tilly's Inc : Earnings Highlights and Review: Tilly's Outperformed Top- and Bottom-line Expectations

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06/13/2017 | 02:17pm CEST

Research Desk Line-up: Guess' Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 13, 2017 / Pro-Trader Daily publishes post-earnings coverage on Tilly's, Inc. (NYSE: TLYS) following the Company's posting of its first quarter of fiscal 2017 earnings results on May 23, 2017. The clothing and accessories retailer reported a marginal increase in revenue while its net loss narrowed on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Apparel Stores industry. Pro-TD has currently selected Guess', Inc. (NYSE: GES) for due-diligence and potential coverage as the Company reported on May 24, 2017, its financial results for Q1 which ended on April 29, 2017. Register for a free membership today, and be among the early birds that get access to our report on Guess' when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TLYS; also brushing on GES. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=TLYS

http://protraderdaily.com/optin/?symbol=GES

Earnings Reviewed

For the thirteen week of fiscal 2017 ended April 29, 2017, Tilly's total net sales were $120.9 million, up 0.6% from net sales $120.2 million in Q1 FY16. The Company's reported numbers exceeded analysts' estimates of $114.4 million.

For Q1 2017, Tilly's comparable store sales (comps), which include ecommerce sales, grew 0.6% in the reported quarter. The Company's store comps were almost flat on store traffic that grew 1% on a y-o-y basis. Tilly's ecommerce sales increased 6% and represented 13.4% of its total sales for Q1 2017 versus 12.7% in the year ago comparable period. In the reported quarter, the Company's store count dropped to 222 from 224 in the prior year's same period.

During Q1 2017, Tilly's gross margin, or gross profit as a percentage of net sales, increased to 27.2% from 27.1% in Q1 2016 with gain in gross margin attributable to an 80 basis point reduction in buying, distribution, and occupancy costs, offset by a 70 basis point decline in product margins from increased markdowns.

For Q1 2017, Tilly's selling, general, and administrative expenses ("SG&A") totaled $33.2 million, a decrease of $3.3 million from $36.6 million in Q1 2016. As a percentage of net sales, SG&A improved 290 basis points to 27.5% in the reported quarter from 30.4% in the year ago period. Tilly's operating loss was $0.3 million, or 0.3% of net sales, in Q1 2017 compared to an operating loss of $4.0 million, or 3.3% of net sales, in Q1 2016. The 300 basis point improvement in operating margin was primarily attributable to the reductions in SG&A.

Tilly's net loss narrowed to $0.2 million, or $0.01 per share, for Q1 2017 compared to a net loss of $2.7 million, or $0.10 per share, for Q1 2016. The Company's reported numbers were better than Wall Street's expectations for a loss of $0.10 per share.

"We believe our initiatives are gaining traction. After a tough February, our combined March/April comparable store sales were up 5.3%, resulting in a positive comparable store sales result for the first quarter as a whole and our fourth consecutive quarter of year-over-year operating income improvement," commented Ed Thomas, the Company's President and Chief Executive Officer.

Balance Sheet and Liquidity

As of April 29, 2017, Tilly's had $105.6 million of cash and marketable securities, a 19.5% increase compared to $88.4 million of cash and marketable securities as of April 30, 2016, despite having paid the first-ever special cash dividend to stockholders of $20.1 million in the aggregate from cash on hand during February 2017. The Company had no debt under its recently renewed credit facility. During Q1 2017, Tilly's inventory decreased 6.8% on a per square foot basis. Tilly's capital expenditures for the reported quarter were $3 million compared to $4.3 million in the year ago same period.

Outlook

Based on current trends, Tilly's is forecasting Q2 2017 comparable store sales to be in the range of flat to up low single-digits, operating income to be in the band of $1.2 million to $3.5 million, and income per diluted share to be in the range of $0.03 to $0.07.

Stock Performance

At the closing bell, on Monday, June 12, 2017, the stock was marginally up 0.48%, ending the trading session at $10.37. A total volume of 100.12 thousand shares have exchanged hands. Tilly's stock price skyrocketed 4.54% in the last one month, 3.29% in the past three months, and 82.79% in the previous twelve months. The stock is trading at a PE ratio of 21.21 and currently has a market cap of $302.60 million.

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© Accesswire 2017
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Financials ($)
Sales 2018 572 M
EBIT 2018 21,4 M
Net income 2018 13,1 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 21,69
P/E ratio 2019 19,27
Capi. / Sales 2018 0,49x
Capi. / Sales 2019 0,49x
Capitalization 283 M
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Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 12,0 $
Spread / Average Target 22%
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Managers
NameTitle
Edmond S. Thomas President, Chief Executive Officer & Director
Hezy Shaked Executive Chairman & Chief Strategy Officer
Michael L. Henry Chief Financial Officer & Head-Investor Relations
Janet E. Kerr Independent Director
Seth R. Johnson Independent Director
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