Tillys Inc. comparable store sales, including e-commerce sales, for the ten-week Holiday period ended Jan. 5, 2013 decreased 1 percent, compared to a 5 percent increase for the comparable Holiday period ended Jan. 7, 2012.
Based on the results for the Holiday period, GAAP net income for the fourth quarter is expected to be in the range of $9.0 million to $9.3 million, or 32 to 33 cents per diluted share. That compares to guidance of $9.3 million to $10.3 million, or 33 to 36 cents per diluted share issued Nov. 20. In both instance, Zumiez assumed an anticipated effective tax rate of 32.9 percent and a diluted share count of 28.2 million shares, compared to 20.5 million diluted shares in the fourth quarter of last year. The companys 2012 fourth quarter includes one additional week compared to last year, and our 2012 fiscal year is a 53-week year compared to a 52-week fiscal 2011.
On an adjusted basis, using an anticipated on-going effective tax rate of 40 percent, adjusted net income in the fourth quarter is expected to be in the range of $8.1 million to $8.4 million, or 29 to 30 cents per diluted share.
The company has revised its earnings per diluted share outlook to reflect fourth quarter guidance. On a GAAP basis, and using an anticipated full year effective tax rate of 32.9 percent, net income for fiscal year 2012 is expected to be in the range of 89 to 90 cents per diluted share, down from 90 to 93 cents in its Nov. 20 guidance. Both estimates assume a diluted share count of 26.1 million shares, compared to 20.5 million diluted shares for the full year 2011.