Tilly's, Inc. Files Q1 Fiscal 2024 10-Q

TL;DR

Tilly's Q1 2024 10-Q is in. Check financials.

AI Summary

Tilly's, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported financial results for the first quarter of fiscal year 2024. Key financial data and operational details are disclosed in this filing, which covers the period from February 4, 2024, to May 4, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Tilly's, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a retail apparel company, Tilly's is subject to consumer spending trends, inventory management challenges, and competitive pressures.

Key Numbers

• 59 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 20240504 — Fiscal Period End Date (Marks the end of the reporting period for this 10-Q.)

Key Players & Entities

• TILLY'S, INC. (company) — Filer
• 0001628280-24-027254 (other) — Accession Number
• 20240504 (date) — Conformed Period of Report
• 20240607 (date) — Filed as of Date
• IRVINE, CA (location) — Business Address

FAQ

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share TLYS New York Stock

Filing Documents

• tlys-20240504.htm (10-Q) — 877KB
• q12024ex311.htm (EX-31.1) — 10KB
• q12024ex312.htm (EX-31.2) — 10KB
• q12024ex321.htm (EX-32.1) — 9KB
• 0001628280-24-027254.txt ( ) — 5539KB
• tlys-20240504.xsd (EX-101.SCH) — 36KB
• tlys-20240504_cal.xml (EX-101.CAL) — 62KB
• tlys-20240504_def.xml (EX-101.DEF) — 249KB
• tlys-20240504_lab.xml (EX-101.LAB) — 555KB
• tlys-20240504_pre.xml (EX-101.PRE) — 373KB
• tlys-20240504_htm.xml (XML) — 744KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Consolidated Balance Sheets as of May 4, 2024, February 3, 2024 and April 29, 2023 6 Consolidated Statements of Operations for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 7 Consolidated Statements of Comprehensive Loss for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 8 Consolidated Statements of Stockholders' Equity as of May 4, 2024 and April 29, 2023 9 Consolidated Statements of Cash Flows for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 10 Notes to the Consolidated Financial Statements 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 3 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q (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 adap

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TILLY'S, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) May 4, 2024 February 3, 2024 April 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 19,880 $ 47,027 $ 43,686 Marketable securities 48,142 48,021 49,695 Receivables 7,135 5,947 12,973 Merchandise inventories 78,535 63,159 77,182 Prepaid expenses and other current assets 9,742 11,905 9,332 Total current assets 163,434 176,059 192,868 Operating lease assets 199,613 203,825 216,385 Property and equipment, net 45,442 48,063 49,438 Deferred tax assets, net — — 12,728 Other assets 1,522 1,598 1,765 TOTAL ASSETS $ 410,011 $ 429,545 $ 473,184 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 22,013 $ 14,506 $ 24,730 Accrued expenses 12,712 13,063 14,253 Deferred revenue 14,127 14,957 14,792 Accrued compensation and benefits 8,457 9,902 9,056 Current portion of operating lease liabilities 52,662 48,672 49,567 Current portion of operating lease liabilities, related party 3,194 3,121 2,908 Other liabilities 253 336 446 Total current liabilities 113,418 104,557 115,752 Noncurrent portion of operating lease liabilities 151,875 160,531 169,791 Noncurrent portion of operating lease liabilities, related party 18,438 19,267 21,633 Other liabilities 278 321 487 Total long-term liabilities 170,591 180,119 191,911 Total liabilities 284,009 284,676 307,663 Commitments and contingencies (Notes 2 and 5) Stockholders' equity: Common stock (Class A), $ 0.001 par value; 100,000 shares authorized; 22,751 , 22,714 and 22,573 shares issued and outstanding, respectively 23 23 23 Common stock (Class B), $ 0.001 par value; 35,000 shares authorized; 7,306 , 7,306 and 7,306 shares issued and outstanding, respectively 7 7 7 Preferred stock, $ 0.001 par value; 10,000 shares authorized; no shares issued or outstanding — — — Additional paid-in capital 173,197 172,478 170,608 Accumulated deficit

View Full Filing

View this 10-Q filing on SEC EDGAR