Tillys Inc. (NASDAQ: TLYS) stock surged by 0.84% at last close whereas the TLYS stock price rises by 5.61% in the pre-market trading. Tillys is a leading specialty store of casual clothes, footwear, and accessories for young men, women, boys, and girls, with a broad variety of renowned global, developing, and proprietary brands anchored in an active, outdoor, and sociable lifestyle.
Tillys has released its first-quarter 2021 financial results, today. Given below is the summary:
- Total gross sales were $163.2 million, a first-quarter record, representing an increase of $85.9 million, or 111.1 percent, over $77.3 million the previous year.
- Previous year’s net profit was $1.6 million, or 2.1 percent of net sales, compared to $54.8 million, or 33.6 percent of net sales this year. The prior year effect of an anticipated inventory reserve of $4.7 million recorded during last year’s store closure time, which accounted for 600 basis points of the comparable increase, boosted product margins by 930 basis points as a percentage of net sales.
- SG&A expense was $40.0 million, or 24.5 percent of net sales, relative to $30.0 million, or 38.8 percent of net sales, prior year.
- Last year, an income tax gain of $10.6 million, or 37.9% of pre-tax loss, was offset by an income tax expenditure of $3.8 million, or 25.7 percent of pre-tax income.
- Net income increased to $11.0 million, or $0.36 per diluted share, compared to a net loss of $17.4 million, or $0.59 per share, in the first quarter after TLYS became public. This year’s weighted average shares were 30.5 million, up from 29.7 million the previous years.
During this time, TLYS is unable to anticipate future consumer traffic or comparable store net sales figures with any precision. Yet, TLYS anticipates that, based on current trends, its fiscal 2021 second quarter net sales and profits per share will be higher than the second quarter of fiscal 2020 and fiscal 2019, as long as its shops and e-commerce remain operational throughout the period. TLYS plans to have 244 total stores by the end of the second quarter of fiscal 2021, up from 238 and 229 total stores at the end of the second quarter of fiscal 2020 and 2019, accordingly.