Encouraging results for Tilly’s over the second quarter

The surfing apparel company enjoyed a good second quarter, reporting total net sales of 138.8 million dollars, an increase of 1.8 percent from 136.4 million dollars last year, same quarter. Comparable store sales also improved, adding 2.1 percent.

“We believe the combination of our merchandising, marketing and operating initiatives is gaining traction, as evidenced by our positive comps and improved store traffic," commented Ed Thomas, president and CEO.

Comparable store sales, which includes e-commerce sales, increased 2.1 percent, compared to the 0.9 percent they grew a year ago. "Our early back-to-school results are encouraging, and we believe we are well positioned to continue the momentum we have been building over recent quarters," explained Thomas.

Gross profit was 40.9 million millions (+5.4 percent YoY increase). A previously disclosed Measured in accordance with accounting principles generally accepted in the United States (GAAP), selling, general, and administrative expenses came in at 42.2 million dollars, or 30.4 percent of net sales, compared to 36.6 million dollars, or 26.8 percent of net sales, last year.

A previously disclosed 6.2 million dollars provision helped the company on a GAAP basis. Income tax benefit was 0.4 million dollars, or 42.8 percent of pre-tax loss, compared to income tax expense of 0.9 million dollars, or 38.3 percent of pre-tax income last year. On a non-GAAP basis, excluding the impact of the legal provision, income tax expense was 2.0 million dollars, or 39.1 percent of pre-tax income.