Tilly’s, Inc. (NYSE: TLYS, the “Company”) today announced record-setting financial results for the third quarter and first thirty-nine weeks of fiscal 2021 ended October 30, 2021.
“Fiscal 2021 continues to be a record-setting year for us so far, which we believe has been driven by our strong product assortment, an improved consumer spending environment, and the hard work and dedication of our entire team. Each of the first three quarters have produced record net sales and earnings per share,” commented Ed Thomas, President and Chief Executive Officer. “The fourth quarter is off to a strong start and, despite all of the challenges in the current environment, we remain optimistic about our business prospects for the remainder of fiscal 2021 and into fiscal 2022 at this time.”
Fiscal 2021 Third Quarter Operating Results Overview
The following comparisons refer to the Company’s operating results for the third quarter of fiscal 2021 versus the third quarter of fiscal 2020 ended October 31, 2020:
*Total net sales were $206.1 million, an increase of $65.8 million or 46.9%, compared to $140.3 million last year.
-Net sales from physical stores were $165.3 million, an increase of $60.7 million or 58.1%, compared to $104.6 million last year, which was primarily due to a much more normalized back-to-school season this year that was free of pandemic-forced closures. Net sales from stores represented 80.2% of total net sales compared to 74.5% of total net sales last year. The Company ended the third quarter with 243 total stores compared to 238 total stores at the end of the third quarter last year.
-Net sales from e-commerce were $40.8 million, an increase of $5.1 million or 14.3%, compared to $35.7 million last year. E-commerce net sales represented 19.8% of total net sales compared to 25.5% of total net sales last year.
-Total comparable net sales for the third quarter of fiscal 2021 compared to the pre-pandemic third quarter of fiscal 2019 increased by 27.4%. Comparable net sales from physical stores increased by 18.3%, with increases across all geographic markets, and e-commerce net sales increased by 80.5%. In the third quarter of fiscal 2019, total net sales from physical stores represented 85.3% of total net sales while net sales from e-commerce represented 14.7% of total net sales.
*Gross profit was $76.7 million, or 37.2% of net sales, a record in the Company’s history as a public company, compared to $40.7 million, or 29.0% of net sales, last year. Buying, distribution and occupancy costs improved by 690 basis points collectively, despite increasing by $2.7 million in total, due to leveraging these costs against higher net sales. Occupancy costs improved by 540 basis points despite increasing by $0.5 million with 5 net new stores. Distribution costs improved by 110 basis points despite increasing by $2.1 million. Buying costs improved by 40 basis points despite increasing by $0.1 million. Product margins improved by 130 basis points versus last year and by 200 basis points compared to fiscal 2019’s third quarter due to lower markdowns.
*Operating income improved to $29.0 million, or 14.1% of net sales, compared to $3.5 million, or 2.5% of net sales, primarily due to the significant increase in net sales.
*Net income improved to $20.8 million, or $0.66 per diluted share, which are third quarter records for the Company as a public company, compared to $2.1 million, or $0.07 per diluted share, last year. Weighted average shares were 31.4 million this year compared to 29.8 million last year.
details at: https://tillys.gcs-web.com/news-releases/news-release-details/tillys-inc-announces-third-consecutive-quarter-record-quarterly