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Total net sales in Q3 FY22 were $177.8 million, a decrease of 13.7 per cent, compared to $206.1 million last year. Total comparable net sales in the third quarter of FY22, including both physical stores and e-commerce, decreased by 14.9 per cent compared to the corresponding period of last year, the company said in a press release.
American specialty retailer of casual apparel and footwear Tilly’s, Inc has reported a gross profit of $54.6 million in the third quarter (Q3) of fiscal 2022 (FY22), ended October 29, compared to $76.7 million in Q3 FY21. The company’s product margins declined by 300 basis points in Q3 FY22, primarily due to an increased markdown rate compared to last year.
In Q3 FY22, net sales from physical stores were $141.5 million, a decrease of 14.4 per cent, compared to $165.3 million last year with a comparable store net sales decrease of 15.8 per cent. Net sales from physical stores represented 79.6 per cent of total net sales compared to 80.2 per cent of total net sales last year. The company ended the third quarter with 247 total stores compared to 243 total stores at the end of the third quarter last year.
Net sales from e-commerce in Q3 FY22 were $36.3 million, a decrease of 11.1 per cent, compared to $40.8 million last year. E-com net sales represented 20.4 per cent of total net sales compared to 19.8 per cent of total net sales last year.
Tilly’s selling, general, and administrative expenses in Q3 FY22 were $48.3 million, or 27.1 per cent of net sales, compared to $47.7 million, or 23.2 per cent of net sales, last year.
In Q2 FY22, operating income was $6.3 million, or 3.6 per cent of net sales, compared to $29 million, or 14.1 per cent of net sales, last year, due to the combined impact of the factors noted above.
The company’s net income in the third quarter of fiscal 2022 was $5.1 million, or $0.17 per diluted share, compared to $20.8 million, or $0.66 per diluted share, in Q3 FY21.
For the first three quarters of fiscal 2022, total net sales were $491.9 million, a decrease of 13.9 per cent, compared to $571.2 million last year. Total comparable net sales, including both physical stores and e-com, decreased by 14.9 per cent.
Gross profit, including buying, distribution, and occupancy costs, in the first three quarters of FY22 was $150.4 million, or 30.6 per cent of net sales, compared to $206.3 million, or 36.1 per cent of net sales, in the corresponding period last year.
For the first three quarters of fiscal 2022, selling, general, and administrative expenses were $137.8 million, or 28 per cent of net sales, compared to $136.0 million, or 23.8 per cent of net sales, last year.
The company’s operating income for the first nine months of fiscal 2022 was $12.6 million, or 2.6 per cent of net sales, compared to $70.3 million, or 12.3 per cent of net sales, last year. Net income was $9.8 million, or $0.32 per diluted share, compared to $52.2 million, or $1.68 per diluted share, last year.
Tilly’s estimates that its fiscal 2022 fourth quarter net sales will be in the range of approximately $183 million to $188 million. Selling, general, and administrative expenses are expected to be in the range of approximately $54 million to $55 million. The company currently expects its Q3 FY22 earnings per diluted share to be in the range of $0.02 to $0.06 based on estimated weighted average diluted shares of approximately 29.9 million. This compares to $204.5 million in net sales and $0.38 in earnings per diluted share for the fourth quarter of last year.
The company currently expects its total capital expenditures for fiscal 2023 not to exceed $25 million, inclusive of up to 15 new stores and upgrades to certain distribution and information technology systems.
Fibre2Fashion News Desk (DP)
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