Tilly's, a US-based destination specialty retailer of casual apparel and footwear, reported 111.1 per cent sales growth to $163.2 million in its first quarter (Q1) FY21 ended on May 2, 2021, compared to sales of $77.3 million in the corresponding period of previous fiscal. The company’s net income for Q1 rose to $10.9 million (Q1 FY20: loss $17.4 million).
Tilly's, a US-based destination specialty retailer of casual apparel and footwear, reported 111.1 per cent sales growth to $163.2 million in its first quarter (Q1) FY21 ended on May 2, 2021, compared to sales of $77.3 million in the corresponding period of previous fiscal. The company's net income for Q1 rose to $10.9 million (Q1 FY20: loss $17.4 million).#
“Fiscal 2021 is off to a record-setting start with our best first quarter net sales and best earnings per share of any quarter since becoming a public company in May 2012,” Ed Thomas, president and chief executive officer at Tilly’s, said in a press release. “The second quarter is also off to a great start with a 30 per cent increase in comparable net sales compared to fiscal 2019's pre-pandemic second quarter.”
Gross profit for the quarter was $54.8 million ($1.6 million), while selling, general and administrative expenses were $39.9 million ($29.9 million). Tilly's operating income during Q1 FY21 increased to $14.8 million (loss: $28.4 million).
“We believe these results are being driven by a compelling merchandise offering and excellent execution by our corporate and store teams, as well as several favourable environmental factors, including increased consumer activity generally, the impact of federal stimulus checks on consumer spending, a return to in-person learning in many schools, and the reopening of public venues,” Thomas added.
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