“Our third quarter performance was better than we expected and we entered the fourth quarter with reduced inventory per square foot compared to last year,” commented Ed Thomas, President and Chief Executive Officer. “Although our November comparable net sales results were weaker than we expected, we saw an improved relative trend during the Black Friday weekend compared to earlier in the month. We are being cautious in our expectations for the fourth quarter, but believe we have the strategies in place to achieve improved performance in fiscal 2023.”
Fiscal 2022 Third Quarter Operating Results Overview:
*Total net sales were $177.8 million, a decrease of $28.2 million or 13.7%, compared to $206.1 million last year. Total comparable net sales, including both physical stores and e-commerce (“e-com”), decreased by 14.9%.
*Gross profit, including buying, distribution, and occupancy costs, was $54.6 million, or 30.7% of net sales, compared to $76.7 million, or 37.2% of net sales, last year.
*Operating income was $6.3 million, or 3.6% of net sales, compared to $29.0 million, or 14.1% of net sales, last year, due to the combined impact of the factors noted above.
*Net income was $5.1 million, or $0.17 per diluted share, compared to $20.8 million, or $0.66 per diluted share, last year. Weighted average diluted shares were 30.0 million this year compared to 31.4 million last year.
details at: https://tillys.gcs-web.com/news-releases/news-release-details/tillys-inc-announces-third-quarter-operating-results-introduces