Tilly's, Inc. Files Q3 FY24 10-Q Report

TL;DR

Tilly's Q3 FY24 10-Q is in. Check financials.

AI Summary

Tilly's, Inc. filed its 10-Q for the period ending November 2, 2024. The company reported financial results for its third quarter of fiscal year 2024. Specific financial figures and operational details are contained within the filing, which covers the company's performance and financial position.

Why It Matters

This filing provides investors and analysts with the official financial performance and position of Tilly's, Inc. for the third quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

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

Key Numbers

• 20241102 — End of Fiscal Period (This date marks the conclusion of the reporting quarter.)
• 20241206 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TILLY'S, INC. (company) — Filer of the 10-Q report
• 20241102 (date) — End of the reporting period
• 20241206 (date) — Date of filing
• 0001524025 (company) — Central Index Key for TILLY'S, INC.
• IRVINE, CA (location) — Business and mailing 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-20241102.htm (10-Q) — 1146KB
• q32024ex311.htm (EX-31.1) — 10KB
• q32024ex312.htm (EX-31.2) — 10KB
• q32024ex321.htm (EX-32.1) — 9KB
• 0001628280-24-050257.txt ( ) — 6167KB
• tlys-20241102.xsd (EX-101.SCH) — 37KB
• tlys-20241102_cal.xml (EX-101.CAL) — 63KB
• tlys-20241102_def.xml (EX-101.DEF) — 242KB
• tlys-20241102_lab.xml (EX-101.LAB) — 554KB
• tlys-20241102_pre.xml (EX-101.PRE) — 369KB
• tlys-20241102_htm.xml (XML) — 949KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Consolidated Balance Sheets as of November 2, 2024, February 3, 2024 and October 28, 2023 6 Consolidated Statements of Operations for the Thirteen and Thirty-Nine Weeks Ended November 2, 2024 and October 28, 2023 7 Consolidated Statements of Comprehensive Income (Loss) for the Thirteen and Thirty-Nine Weeks Ended November 2, 2024 and October 28, 2023 8 Consolidated Statements of Stockholders' Equity as of November 2, 2024 and October 28, 2023 9 Consolidated Statements of Cash Flows for the Thirty-Nine Weeks Ended November 2, 2024 and October 28, 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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31

Signatures

Signatures 32 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) November 2, 2024 February 3, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 26,407 $ 47,027 $ 44,425 Marketable securities 25,321 48,021 49,523 Receivables 6,136 5,947 7,118 Merchandise inventories 92,481 63,159 82,753 Prepaid expenses and other current assets 11,781 11,905 11,816 Total current assets 162,126 176,059 195,635 Operating lease assets 181,117 203,825 216,205 Property and equipment, net 42,603 48,063 49,220 Deferred tax assets, net — — 13,229 Other assets 1,424 1,598 1,685 TOTAL ASSETS $ 387,270 $ 429,545 $ 475,974 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 32,577 $ 14,506 $ 27,025 Accrued expenses 12,771 13,063 14,688 Deferred revenue 13,333 14,957 13,520 Accrued compensation and benefits 8,127 9,902 10,590 Current portion of operating lease liabilities 49,944 48,672 50,063 Current portion of operating lease liabilities, related party 3,345 3,121 3,048 Other liabilities 210 336 330 Total current liabilities 120,307 104,557 119,264 Noncurrent portion of operating lease liabilities 135,724 160,531 171,388 Noncurrent portion of operating lease liabilities, related party 16,736 19,267 20,081 Other liabilities 192 321 391 Total long-term liabilities 152,652 180,119 191,860 Total liabilities 272,959 284,676 311,124 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 22,668 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 174,516 172,478 171,754 Accumulate

View Full Filing

View this 10-Q filing on SEC EDGAR