Tilly’s Inc (NYSE:TLYS) saw its shares decline in price Monday, on word of better sales for its latest reporting period.
The company said its net sales increased 16.5% year-on-year to $173.3 million for the nine-week 2021 holiday period ended January 2, 2022, against $148.7 million a year earlier.
Total comparable net sales increased by 14.1% for the 2021 holiday period versus 2.7% growth for the 2020 holiday period.
The company cut its Q4 sales outlook to $203 million - $205 million (prior $210 million - $215 million), below the consensus of $212.48 million.
Tilly anticipates Q4 EPS of $0.39 - $0.42 (prior $0.42 - $0.50), below the consensus of $0.46.
The company expects to end FY21 with 241 total stores after closing two stores in late January 2022.
Tilly’s noted scope and nature of the impacts of the COVID-19 pandemic on its business continue to evolve.
The company held $188.9 million of cash and equivalents as of January 3, 2022.
Said CEO Ed Thomas, ““Based on our strong 2021 holiday period results, we expect to report our most profitable fourth quarter since becoming a public company and our most profitable full fiscal year on record.
"We believe these results were driven by favorable market conditions and a compelling merchandise assortment. I want to thank our entire team of store, distribution center, and corporate office associates for all of their hard work and dedication in producing these impressive results."
TLYS shares are trading lower $1.38, or 8.8% at $14.24 first thing Monday.
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