Tilly’s Inc slipped into a loss for the period ending 29 July (Q2) as sales decreased.
Tilly’s Inc Q2 in brief
- Net loss $1.1m versus net income of $3.8m
- Operating loss $2.7m versus operating income of $5.2m.
- SGA expenses rose from $46.8m or 27.8% of sales to $47m or 29.4% of sales.
- Net sales fell 5% to $160m.
“After a slow start to the second quarter in May, the trend of our comp sales improved for the remainder of the quarter and our prudent expense management drove better than expected results for the second quarter,” commented Ed Thomas, president and chief executive officer.
“We remain cautiously optimistic about the trend of our business considering the sequential improvement in our comp sales trend during fiscal August amid the peak of the back-to-school season to start the third quarter.”
Tilly’s warns it is expecting a deceleration of sales after the back-to-school period ends in August.
The company currently estimates that its fiscal 2023 third quarter net sales will be in the range of approximately $166m to $171m, falling by between 5-8%.
Pre-tax loss is expected to be in the range of approximately $(1.8)m to $(4.3)m.
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