Tilly’s reports 111.1 percent increase in Q1 sales
4 Jun 2021
Total net sales at Tilly’s Inc. were 163.2 million dollars, which represented an increase of 85.9 million dollars or 111.1 percent, compared to last year. Net sales from physical stores were 127.7 million dollars, an increase of 80.7 million dollars or 171.9 percent, while net sales from e-commerce were 35.5 million dollars, an increase of 5.1 million dollars or 17 percent compared to last year.
“Fiscal 2021 is off to a record-setting start with our best first quarter net sales and best earnings per share of any quarter since becoming a public company in May 2012,” commented Ed Thomas, President and Chief Executive Officer. “The second quarter is also off to a great start with a 30% increase in comparable net sales compared to fiscal 2019’s pre-pandemic second quarter. We believe these results are being driven by a compelling merchandise offering and excellent execution by our corporate and store teams, as well as several favorable environmental factors, including increased consumer activity generally, the impact of federal stimulus checks on consumer spending, a return to in-person learning in many schools, and the reopening of public venues.”
Highlights of Tilly’s first quarter results
The company said, total comparable net sales compared to the first quarter of fiscal 2019 increased 21.9 percent with comparable net sales from physical stores up 11.7 percent and e-commerce net sales up 80.4 percent.
The company ended the first quarter with 238 total stores compared to 239 total stores at the end of the first quarter last year. During the first quarter, Tilly’s opened two new stores and permanently closed two stores.
Operating income for the quarter improved to 14.9 million dollars or 9.1 percent of net sales compared to an operating loss of 28.4 million dollars or negative 36.7 percent of net sales, last year. Net income improved to 11 million dollars or 36 cents per diluted share compared to a net loss of 17.4 million dollars or loss of 59 cents per share, last year.
Tilly’s updates on second quarter performance
The company added that total net sales for the second quarter through May 31, 2021, were 58 million dollars, an increase of 29.7 million dollars or 104.7%, compared to the comparable period of fiscal 2020 ended June 1, 2020, and an increase of 15.9 million dollars or 37.7 percent, compared to the comparable period of fiscal 2019 ended June 3, 2019.
Net sales from physical stores for the second quarter were 47.1 million dollars, an increase of 38.7 million dollars or 462.6 percent compared to the comparable period of fiscal 2020 and an increase of 10.9 million dollars or 30 percent, compared to the comparable period of fiscal 2019.
Net sales from e-commerce for the quarter were 11 million dollars, a decrease of 9 million dollars or 45.2 percent compared to the comparable period of fiscal 2020 and an increase of 5 million dollars or 84.6 percent compared to the comparable period of fiscal 2019.