Tilly's, Inc. Files 2024 10-K Report

TL;DR

<b>Tilly's, Inc. has filed its 2024 10-K report detailing its fiscal year 2023 performance.</b>

AI Summary

TILLY'S, INC. (TLYS) filed a Annual Report (10-K) with the SEC on April 11, 2024. Tilly's, Inc. filed its annual 10-K report for the fiscal year ended February 3, 2024. The report covers the fiscal year 2023, which ended on February 3, 2024. The company's fiscal year end is January 28. Tilly's, Inc. is incorporated in Delaware. The company's principal business address is 10 Whatney, Irvine, CA 92618.

Why It Matters

For investors and stakeholders tracking TILLY'S, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tilly's financial health, operational performance, and strategic outlook for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance against its peers and make informed investment decisions.

Risk Assessment

Risk Level: medium — TILLY'S, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial and operational status, but lacks specific forward-looking financial targets or significant strategic shifts that would indicate a higher risk or opportunity.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Tilly's performance and potential challenges in the apparel retail sector.

Key Numbers

• 2024-02-03 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-11 — Filing Date (The date the 10-K was filed with the SEC.)
• 0128 — Fiscal Year End (Internal) (The company's internal fiscal year end designation.)
• DE — State of Incorporation (The state where Tilly's, Inc. is incorporated.)

Key Players & Entities

• TILLY'S, INC. (company) — Filer name
• TLYS (company) — Ticker symbol
• 2024-02-03 (date) — Fiscal year end date
• 2024-04-11 (date) — Filing date
• 10 WHATNEY (address) — Business address
• IRVINE (location) — Business address city
• CA (location) — Business address state
• 92618 (postal_code) — Business address zip code

FAQ

Industry Context

Tilly's, Inc. operates in the apparel and accessory stores industry, a sector characterized by fashion trends, consumer spending, and competition.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, specifically the 10-K form, which mandates annual disclosure of financial performance and business operations.

What Investors Should Do

1. Analyze the company's revenue streams and cost structure for fiscal year 2023.
2. Examine any disclosed risk factors related to market conditions, competition, or operational challenges.
3. Review the company's capital structure and liquidity position.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-11: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 10-K for the fiscal year ending February 3, 2024. Previous filings would cover earlier fiscal periods.

Key Financial Figures

• $0.001 — Which Registered Class A Common Stock, $0.001 par value per share TLYS New York Stock
• $8.56 — ice of the registrant's common stock of $8.56 per share. As of April 5, 2024, the re

Filing Documents

• tlys-20240203.htm (10-K) — 1546KB
• fy2023exhibit211.htm (EX-21.1) — 3KB
• fy2023consent10-kbdoex231.htm (EX-23.1) — 2KB
• tlysfy2023ex311.htm (EX-31.1) — 9KB
• tlysfy2023ex312.htm (EX-31.2) — 9KB
• tlysfy2023ex321.htm (EX-32.1) — 6KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 38KB
• tlys-20240203_g1.jpg (GRAPHIC) — 21KB
• tlys-20240203_g2.jpg (GRAPHIC) — 135KB
• tlys-20240203_g3.jpg (GRAPHIC) — 4KB
• tlys-20240203_g4.jpg (GRAPHIC) — 3KB
• tlys-20240203_g5.jpg (GRAPHIC) — 2KB
• tlys-20240203_g6.jpg (GRAPHIC) — 35KB
• tlys-20240203_g7.jpg (GRAPHIC) — 87KB
• 0001628280-24-015839.txt (&nbsp;) — 8811KB
• tlys-20240203.xsd (EX-101.SCH) — 55KB
• tlys-20240203_cal.xml (EX-101.CAL) — 99KB
• tlys-20240203_def.xml (EX-101.DEF) — 289KB
• tlys-20240203_lab.xml (EX-101.LAB) — 736KB
• tlys-20240203_pre.xml (EX-101.PRE) — 504KB
• tlys-20240203_htm.xml (XML) — 1100KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

Cyber Security

Item 1C. Cyber Security 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

[ Reserved .]

Item 6. [ Reserved .] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67

Controls and Procedures

Item 9A. Controls and Procedures 67

Other Information

Item 9B. Other Information 70

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 70

Executive Compensation

Item 11. Executive Compensation 70

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 70

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 70 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 70

Form 10-K Summary

Item 16. Form 10-K Summary 70

Forward-Looking Statements

Forward-Looking Statements This Report contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this Report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "should", "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected earnings, revenues, comparable store sales, operating income, earnings per share, costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impacts of inflation on consumer spending generally and on our expense management, operating results and financial condition; our ability to adapt to declines in consumer confidence and decreases in consumer spending; the impact of fluctuations in the price and availability of raw materials, labor, and transportation; our ability to compete effectively in an environment of intense competition in stores, online and via social media marketing platforms; our ability to adapt to downward trends in traffic for our

Business

Item 1. Business Tillys is a leading destination specialty retailer of casual apparel, footwear, accessories, and hardgoods for young men, young women, boys and girls with an extensive assortment of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and operated 248 stores in 33 states as of February 3, 2024. Our stores are located in a variety of retail centers, including malls, lifestyle centers, "power" centers, community centers, outlet centers, and street-front locations. Customers may also shop online, where we feature substantively the same assortment of products as is carried in our brick-and-mortar stores, supplemented by additional online-only styles. Our goal is to serve as a destination for the latest, most relevant merchandise and brands important to our customers. The Tillys concept began in 1982 when our co-founders, Hezy Shaked and Tilly Levine, opened their first store in Orange County, California. Since 1984, the business has been conducted through World of Jeans & Tops ("WOJT"), a California corporation, which operates under the name "Tillys". In May 2011, Tilly's, Inc., a Delaware corporation, was formed solely for the purpose of reorganizing the corporate structure of WOJT in preparation for an initial public offering. As part of the initial public offering in May 2012, WOJT became a wholly owned subsidiary of Tilly's, Inc. As used in this Report, except where the context otherwise requires or where otherwise indicated, the terms "the Company", "we", "our", "us", and "Tillys" refer to Tilly's, Inc. and its subsidiary, WOJT. Our fiscal year ends on the Saturday closest to January 31. For example, "fiscal 2023" refers to the fiscal year ended February 3, 2024; "fiscal 2022" refers to the fiscal year ended January 28, 2023; and "fiscal 2021" refers to the fiscal year ended January 29, 2022. Our Strengths We believe that the following strengths distin

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View this 10-K filing on SEC EDGAR