Tilly’s, a leading destination specialty retailer of West Coast inspired apparel, footwear and accessories with an extensive assortment of the most relevant and sought-after brands rooted in action sports, music, art and fashion, has announced its financial results for the fourth quarter and full year ended January 28, 2017.
During the quarter under review, total net sales were US $ 160.2 million, an increase of 0.7 per cent from US $ 159.1 million last year while comparable store sales, which include e-commerce sales, increased 0.1 per cent. Comparable store sales increased 0.9 per cent in the fourth quarter last year.
Gross margin, or gross profit as a percentage of net sales, decreased to 30.6 per cent from 31.4 per cent last year during the quarter.
The company noted net sales of US $ 569 million, an increase of 3.3 per cent from US $ 551 million last year while comparable store sales, which include e-commerce sales, increased 0.5 per cent. Comparable store sales increased 1.2 per cent in fiscal 2015.
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“We finished fiscal 2016 with three consecutive quarters of year over year operating income growth and our first annual improvement in operating income of the last five years,” stated Ed Thomas, President and Chief Executive Officer, adding, “Our strong balance sheet enabled us to reward shareholders with a US $ 20 million special dividend in February. While we are encouraged by these results, we will continue to seek ways to improve profitability and continue our progress during fiscal 2017.”
The company expects its first quarter comparable store sales to decrease by a low to mid-single-digit percentage, and operating loss to be in the range of US $ 3-7 million.