Tilly’s Q1 results ‘better than expected’
IRVINE, Calif. — Tilly’s comparable store sales for March and April improved over February for the first quarter ended May 4, buoyed partly by the spring break and pre-Easter periods.
The company’s total net sales were $109 million, an increase of 13% from $96,524 for the first quarter ended April 28, 2012. Comparable store sales, which include e-commerce sales, increased 1.1% compared to the first quarter of 2012. E-commerce sales were $12.6 million, an increase of 16% compared to the first quarter of 2012.
“Our first quarter results were better than expected as comparable store sales in March and April improved from February, driven by the depth and relevance of our merchandise offering particularly during the critical spring break and pre-Easter periods. We maintained our pricing integrity during a highly promotional environment and ended the quarter with inventory that was clean, current and well positioned for summer,” said president and CEO Daniel Griesemer. “These results reflect the strength of our business model and the diligent execution of our team that remains focused on making strategic decisions for the long-term health of our brand.”
Gross profit increased 5.9% to $32.2 million compared to the first quarter of 2012. Gross margin was 29.5%, compared to 31.5% in the first quarter of 2012.
In other Tilly’s-related news, SVP and CFO Bill Langsdorf has announced plans to retire later this year. He plans to remain CFO until his successor is in place, and intends to work closely with Tilly’s management to ensure a smooth and successful transition of his responsibilities.
“I want to thank Bill for his many important contributions to Tilly’s success,” said Griesemer. “For more than six years, Bill has been a valuable and dedicated business partner to Tilly’s, and was instrumental in preparing Tilly’s for its successful initial public offering in 2012. He displays a unique blend of thoughtfulness, strategic thinking and hard work that earns him the respect, admiration and confidence of everyone who has the pleasure of working with him, both inside and outside of the company. We wish him all the best in his future endeavors.”
“I am proud of the Tilly’s team and what we have accomplished over the last several years,” added Langsdorf. “The company is well prepared for the future. After having completed our initial public offering last year, this is an opportune time for me to move to the next chapter. I look forward to assisting management as needed during this transition period.”
Tilly's is a specialty retailer of West Coast-inspired apparel, footwear and accessories with an extensive assortment of brands rooted in action sports, music, art and fashion. Tilly’s operates 175 stores as well as an e-commerce site.