Tilly’s posts 46 percent jump in full year net sales

Tilly’s, Inc. total net sales were 204.5 million dollars, an increase of 26.6 million dollars or 14.9 percent, while comparable net sales, including both physical stores and e-commerce, increased by 12.5 percent compared to last year.

Total net sales for FY21 were 775.7 million dollars, an increase of 244.4 million dollars or 46 percent.

"Each quarter of fiscal 2021 set company records for net sales and operating income. Our fourth quarter comparable net sales grew by 12.5 percent and our earnings per share of 38 cents represented our best fourth quarter earnings in our public company history," commented Ed Thomas, the company’s president and chief executive officer.

Highlights of Tilly’s Q4 results

Fourth quarter net sales from physical stores were 152.2 million dollars, an increase of 29.6 million dollars or 24.2 percent. Comparable net sales from physical stores increased by 20.7 percent. The company ended fiscal 2021 with 241 total stores compared to 238 total stores at the end of fiscal 2020.

Net sales from e-commerce were 52.3 million dollars, a decrease of 3.1 million dollars or 5.6 percent.

Gross profit was 70.4 million dollars, an increase of 12.1 million dollars or 20.8 percent, while gross margin was 34.4 percent, an improvement of 170 basis points compared to 32.7 percent last year. Net income was 12.1 million dollars or 38 cents per diluted share.

Tilly’s FY21 financial performance

Full year net sales from physical stores were 609.7 million dollars, an increase of 251.8 million dollars or 70.4 percent. Net sales from e-commerce were 165.9 million dollars, a decrease of 7.5 million dollars or 4.3 percent.

Gross profit was 276.7 million dollars, an increase of 134.5 million dollars or 94.6 percent, while gross margin was 35.7 percent, an improvement of 890 basis points as a percentage of net sales, compared to 26.8 percent last year.

Net income was 64.2 million dollars or 2.06 dollars per diluted share, compared to a net loss of 1.1 million dollars or 4 cents per basic share, last year.

Tilly’s first quarter outlook

Through March 6, 2022, the Company's fiscal 2022 first quarter total comparable net sales, including both physical stores and e-commerce, increased by 10.4 percent compared to the comparable period of 2021 with an increase in net sales from physical stores of 14 percent and a decrease from e-commerce net sales of 1.3 percent. Comparable net sales for fiscal February 2022 increased by a double-digit percentage, but have been negative through March 6.

Based on current and historical trends, the company currently estimates that its total net sales will be in the range of 143 million dollars to 148 million dollars for the first quarter of fiscal 2022, which translates to a comparable net sales decrease of 10 percent to 13 percent relative to the first quarter of fiscal 2021.

The company anticipates its earnings per diluted share for the quarter will be in the range of break-even to 5 cents.