Tilly’s Inc. reported same-store sales grew 2.7 percent for the nine-week period ended January 2.
The retailer provided a financial update in advance of its participation in the virtual ICR Conference 2021.
“Considering the ongoing, significant impacts and challenges of the COVID-19 pandemic across the country, I am proud of our team’s achievement of a positive overall comp for the 2020 holiday period,” commented Ed Thomas, president and chief executive officer. “To end the 2020 holiday period with as much cash as last year at this time is an amazing result after all that has taken place, which speaks to the quality of execution by our entire team, especially with respect to inventory and expense planning and management, during this most unpredictable year.”
Total net sales of $148.7 million increased by 3.3 percent for the 2020 holiday period compared to $143.9 million for last year’s comparable nine-week holiday period ended January 4, 2020.
Total comparable net sales, including physical stores and e-commerce, increased by 2.7 percent for the 2020 holiday period compared to a decrease of 2.0 percent for the 2019 holiday period. Comparable net sales of Footwear, Womens and Mens increased compared to the 2019 holiday period, partially offset by decreases in Boys, Accessories and Girls.
Comparable net sales in physical stores decreased by 12.4 percent for the 2020 holiday period compared to a decrease of 2.7 percent during the 2019 holiday period. Comparable net sales in physical stores decreased in all geographic markets during the 2020 holiday period compared to the 2019 holiday period. Net sales in physical stores represented 69.0 percent of total net sales for the 2020 holiday period compared to 80.5 percent of total net sales during the 2019 holiday period.
E-commerce net sales increased by 65.2 percent for the 2020 holiday period compared to an increase of 1.0 percent during the 2019 holiday period. E-commerce net sales increased across all 50 states during the 2020 holiday period compared to the 2019 holiday period. E-commerce net sales represented 31.0 percent of total net sales for the 2020 holiday period compared to 19.5 percent of total net sales during the 2019 holiday period.
The company believes the ongoing impacts of COVID-19, including government-mandated restrictions on customer traffic in physical stores and reductions in-store operating hours in effect during the 2020 holiday period, resulted in increased online shopping relative to physical stores compared to the 2019 holiday period.
As of January 4, 2021, the company had $169.1 million of cash and marketable securities, including an aggregate of $2.3 million of withheld store lease payments and no debt outstanding, compared to $166.4 million at this time last year.
The company currently expects to report its actual results for the fiscal 2020 fourth quarter and full fiscal year on or about March 11, 2021.
Photo courtesy Tilly’s
