US-based fashion retailer Tilly’s Inc. has unveiled its financial results for the first quarter of fiscal 2016 ended April 30.
In the period under consideration, the retailer’s net sales stood at US $ 120.2 million, flat to last year. Comparable store sales, which include e-commerce sales, plunged 4.1 per cent in the reporting period. Gross profit was US $ 32.6 million, down 9.6 per cent from US $ 36.1 million last year. Operating loss for Tilly’s was US $ 4 million compared to operating income of US $ 2.1 million last year.
Net loss was US $ 2.7 million in the reporting quarter compared to net income of US $ 1.3 million in the same period last year. On a non-GAAP basis, (excluding a tax-effected US $ 1.0 million legal provision), net loss stood at US $ 1.7 million in the reporting quarter.
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Ed Thomas, President and Chief Executive Officer of the brand said, “Our first quarter results were at the better end of our outlook range before taking a legal provision into account, and we managed inventory well with a 7 per cent decrease on a per square foot basis,” adding, “Looking ahead, we expect to launch some important initiatives during the second quarter that we believe will improve the business for the long term, despite the current challenges affecting retail in general.”
