Tilly's, Inc. Files Q2 2024 10-Q Report

TL;DR

Tilly's Q2 2024 10-Q is in. Check financials.

AI Summary

Tilly's, Inc. filed its 10-Q for the period ending August 3, 2024. The filing covers the second quarter of fiscal year 2024. Key financial data and operational details for this period are presented in the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Tilly's, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a retail company, Tilly's is subject to market trends, consumer spending, and inventory management risks, which are inherent in its business model.

Key Numbers

• 20240803 — End of Fiscal Period (Indicates the close of the reporting quarter.)
• 20240906 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• TILLY'S, INC. (company) — Filer of the 10-Q
• 20240803 (date) — End of the reporting period
• 20240906 (date) — Filing date
• IRVINE, CA (location) — Company headquarters

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-20240803.htm (10-Q) — 1131KB
• q22024ex311.htm (EX-31.1) — 10KB
• q22024ex312.htm (EX-31.2) — 10KB
• q22024ex321.htm (EX-32.1) — 9KB
• 0001628280-24-039692.txt ( ) — 6126KB
• tlys-20240803.xsd (EX-101.SCH) — 36KB
• tlys-20240803_cal.xml (EX-101.CAL) — 63KB
• tlys-20240803_def.xml (EX-101.DEF) — 245KB
• tlys-20240803_lab.xml (EX-101.LAB) — 556KB
• tlys-20240803_pre.xml (EX-101.PRE) — 371KB
• tlys-20240803_htm.xml (XML) — 929KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Consolidated Balance Sheets as of August 3, 2024, February 3, 2024 and July 29, 2023 6 Consolidated Statements of Operations for the Thirteen and Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 7 Consolidated Statements of Comprehensive Income (Loss) for the Thirteen and Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 8 Consolidated Statements of Stockholders' Equity as of August 3, 2024 and July 29, 2023 9 Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 11 Notes to the Consolidated Financial Statements 12

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 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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) August 3, 2024 February 3, 2024 July 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 36,749 $ 47,027 $ 54,578 Marketable securities 39,947 48,021 49,700 Receivables 13,176 5,947 10,922 Merchandise inventories 95,011 63,159 91,251 Prepaid expenses and other current assets 9,539 11,905 9,209 Total current assets 194,422 176,059 215,660 Operating lease assets 188,711 203,825 224,537 Property and equipment, net 44,612 48,063 48,353 Deferred tax assets, net — — 12,973 Other assets 1,452 1,598 1,764 TOTAL ASSETS $ 429,197 $ 429,545 $ 503,287 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 42,961 $ 14,506 $ 44,763 Accrued expenses 20,011 13,063 18,972 Deferred revenue 13,615 14,957 14,012 Accrued compensation and benefits 11,488 9,902 8,358 Current portion of operating lease liabilities 51,414 48,672 51,243 Current portion of operating lease liabilities, related party 3,269 3,121 2,977 Other liabilities 270 336 425 Total current liabilities 143,028 104,557 140,750 Noncurrent portion of operating lease liabilities 141,565 160,531 176,310 Noncurrent portion of operating lease liabilities, related party 17,596 19,267 20,865 Other liabilities 235 321 447 Total long-term liabilities 159,396 180,119 197,622 Total liabilities 302,424 284,676 338,372 Commitments and contingencies (Notes 2 and 5) Stockholders' equity: Common stock (Class A), $ 0.001 par value; 100,000 shares authorized; 22,846 , 22,714 and 22,654 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 173,939 172,478 171,195 Accumulated def

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View this 10-Q filing on SEC EDGAR