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Tilly’s, Inc. Announces Third Quarter Fiscal 2012 Results

For the thirty-nine weeks ended October 27, 2012:

  • Total net sales for the first three quarters were $326.5 million, an increase of 17.6% compared to the first three quarters of the prior year. Comparable store sales, which include e-commerce sales, increased 3.6%. E-commerce sales were $33.6 million, an increase of 23% compared to the first three quarters of the prior year.
  • Gross profit increased 17.8% to $103.4 million. Gross margin was 31.7%, slightly above the prior year period.
  • Operating income on a GAAP basis was $16.6 million including a one-time, non-cash charge to SG&A expense of $7.6 million, before tax, to recognize life to date compensation expense for stock options, which was triggered by the consummation of the Company‚Äôs initial public offering in the second quarter.
  • On a GAAP basis, net income was $14.1 million, or $0.55 per weighted average diluted share, based on a weighted average diluted share count of 25.4 million shares. GAAP net income includes the one-time non-cash compensation charge of $7.6 million to SG&A as well as a one-time net tax provision benefit of $3.0 million, both triggered at the initial public offering effective date in the second quarter of 2012. This compares to net income of $20.5 million, or $1.00 per diluted share, based on 20.5 million weighted average diluted shares in the prior year period.
  • Adjusted net income increased 24.2% to $14.5 million, or $0.57 per weighted average diluted share, compared to adjusted net income of $11.7 million or $0.57 per weighted average diluted share in the prior year period. These results adjust GAAP net income for the one-time, non-cash compensation charge to SG&A incurred in the second quarter of 2012, assume an expected long-term effective tax rate of 40% for both this year and last year periods, and add back a charge for on-going non-cash compensation expense for stock options of $1.3 million, before tax, for the second and third quarters of 2011, which equals the charge for on-going non-cash compensation expense in the second and third quarters of 2012.
  • At the conclusion of this press release is a reconciliation of GAAP to non-GAAP results.

Balance Sheet and Liquidity

As of October 27, 2012, the Company had $49.8 million of cash and marketable securities as compared to $25.1 million as of January 28, 2012 and $15.7 million as of October 29, 2011. The Company ended the quarter with no long-term borrowings and no debt outstanding on its revolving credit facility.

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