Tilly’s reports 46% increase in full-year net sales
Tilly’s, Inc. total net sales were $204.5 million, an increase of $26.6 million or 14.9%, while comparable net sales, including physical stores and the e-commerce, increased by 12.5% compared to last year.
Total net sales for fiscal 21 were $775.7 million, an increase of $244.4 million or 46%.
“Each quarter of fiscal 2021 set company records for net sales and operating income. Our fourth quarter comparable net sales increased 12.5% and our earnings per share of 38 cents represented our best fourth quarter earnings in our public company history,” commented Ed Thomas. , President and CEO of the company.
Highlights of Tilly’s fourth quarter results
In the fourth quarter, physical store net sales were $152.2 million, an increase of $29.6 million or 24.2%. Comparable net sales from physical stores increased by 20.7%. The company ended fiscal 2021 with 241 total stores, compared to 238 total stores at the end of fiscal 2020.
E-commerce net sales were $52.3 million, down $3.1 million or 5.6%.
Gross profit was $70.4 million, an increase of $12.1 million or 20.8%, while gross margin was 34.4%, an improvement of 170 basis points from 32 .7% last year. Net income was $12.1 million or 38 cents per diluted share.
Financial Performance of Tilly for FY21
Full-year physical store net sales were $609.7 million, an increase of $251.8 million or 70.4%. E-commerce net sales were $165.9 million, down $7.5 million or 4.3%.
Gross profit was $276.7 million, an increase of $134.5 million or 94.6%, while gross margin was 35.7%, an improvement of 890 basis points as a percentage of sales net, compared to 26.8% last year.
Net income was $64.2 million or $2.06 per diluted share, compared to a net loss of $1.1 million or 4 cents per basic share last year.
Tilly’s outlook for the first quarter
Through March 6, 2022, the company’s total comparable net sales for the first quarter of fiscal 2022, including physical stores and e-commerce, increased 10.4% compared to the comparable period of 2021 , with physical store net sales up 14% and e-commerce net sales down 1.3%. Comparable net sales for the February 2022 fiscal year increased by a double-digit percentage, but were negative through March 6.
Based on current and historical trends, the company currently estimates that its total net sales will be between $143 million and $148 million for the first quarter of fiscal 2022, which translates to lower net sales comparables from 10% to 13%. % compared to the first quarter of fiscal 2021.
The company expects its earnings per diluted share for the quarter to be between break-even and 5 cents.