Tilly’s, Inc. reported total net sales for the first quarter ended April 28, were $96.5 million, an increase of 16.1 percent. Comparable store sales, which include e-commerce sales, increased 4.3 percent. E-commerce sales increased 31 percent to $10.9 million compared to the first quarter in the prior year.
“Growth in the quarter was driven by both new stores and increased comparable store sales, including e-commerce sales,” said Daniel Griesemer, president and CEO. “Although the first quarter is a relatively small proportion of our full year earnings, the earnings growth rate in the quarter exceeded our long-term plan and reflects a continued high-quality expansion of our business. We are excited about the significant opportunities ahead of us to drive sustained long-term growth and increased value for our shareholders.”
Balance Sheet and Liquidity
As of April 28, the company had $21.7 million of cash and cash equivalents as compared to $25.1 million as of Jan. 28, 2012 and $28.8 million as of April 30, 2011. The company ended the quarter with no long-term borrowings and no debt outstanding on its revolving credit facility.
Recently Completed Initial Public Offering
Tilly’s successfully completed its IPO on May 3, 2012, pricing its stock at $15.50 per share. As a result of this offering the company increased the number of shares outstanding by 7.6 million and received net proceeds of approximately $23 million, after payment of offering fees and expenses and a final distribution of taxable earnings to “S” Corporation shareholders.
TILLY’S
STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited) |
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Thirteen Weeks Ended | |||||||
April 28, | April 30, | ||||||
2012 | 2011 | ||||||
Net sales | $ | 96,524 | $ | 83,131 | |||
Cost of goods sold (includes buying, distribution, and occupancy costs) | 66,106 | 56,922 | |||||
Gross profit | 30,418 | 26,209 | |||||
Selling, general and administrative expenses | 24,392 | 21,244 | |||||
Operating income | 6,026 | 4,965 | |||||
Interest expense, net | 44 | 49 | |||||
Income before provision for income taxes | 5,982 | 4,916 | |||||
Provision for income taxes | 68 | 56 | |||||
Net income | $ | 5,914 | $ | 4,860 | |||
Basic income per common share | $ | 0.30 | $ | 0.24 | |||
Diluted income per common share | $ | 0.29 | $ | 0.24 | |||
Weighted average basic common shares outstanding | 20,000 | 20,000 | |||||
Weighted average diluted common shares outstanding | 20,512 | 20,440 | |||||
Pro forma income information: | |||||||
Historical income before provision for income taxes | $ | 5,982 | $ | 4,916 | |||
Pro forma provision for income taxes | 2,393 | 1,966 | |||||
Pro forma net income | $ | 3,589 | $ | 2,950 | |||
Pro forma basic income per common share | $ | 0.18 | $ | 0.15 | |||
Pro forma diluted income per common share | $ | 0.18 | $ | 0.14 |