Tilly's Q1 sales down 40.7 percent

First quarter net sales at Tilly’s, Inc. were 77.3 million dollars, a decrease of 53 million dollars or 40.7 percent since the company had to temporarily close all of its 239 stores on March 18, 2020 in response to the Covid-19 pandemic. The company said in a statement that net sales from physical stores were 47 million dollars, a decrease of 57.5 percent, while net sales from e-commerce were 30.3 million dollars, an increase of 54.2 percent compared to the first quarter of fiscal 2019.

“The first quarter was severely impacted by the Covid-19 pandemic, resulting in the temporary closure of all 239 of our stores halfway through the quarter and the painful decision to furlough 91 percent of our employee population,” said Ed Thomas, President and Chief Executive Officer of the company, adding, “So much remains unpredictable at this time, but we are thankful that we have recently been able to bring some of our people back to work with the reopening of 160 of our stores thus far.”

Tilly’s posts Q1 loss, reveals Q2 business trends

The company added that gross profit for the quarter was 1.6 million dollars or 2.1 percent of net sales, compared to 35.7 million dollars or 27.4 percent of net sales last year. Operating loss was 28.4 million dollars or 36.7 percent of net sales, compared to operating income of 0.1 million dollars or 0.1 percent of net sales, last year, while net loss was 17.4 million dollars or 59 cents per share, compared to net income of 0.7 million dollars or 2 cents per diluted share, last year.

During the second quarter, the company has reopened 160 or 67 percent, of its total 239 stores as of June 2, 2020. The company said, total comparable store net sales for the second quarter including e-commerce and periods for which physical stores were temporarily closed as a result of the Covid-19 pandemic, were 28.2 million dollars, a decrease of 13.6 million dollars or 32.6 percent. Tilly’s further said that comparable store net sales from physical stores were 8.2 million dollars, a decrease of 27.7 million dollars or 77.1 percent, while net sales from e-commerce were 20 million dollars, an increase of 14 million dollars or 236.8 percent compared to 5.9 million dollars for the comparable period last year.