Irvine-based Tilly’s Inc. lowered its fourth-quarter and full-year guidance following softer-than-expected holiday sales.
The action sports retailer said same-store sales for the 10-week holiday period ended Jan. 5 fell 1%. That compares with 5% growth in the year-ago period.
Shares of Tilly’s were up about 4% in afternoon trading Friday to a market value of $379 million.
Chief Executive Daniel Griesemer said the company saw strong sales during the Black Friday-Cyber Monday weekend. However, business slowed in late December, and the dip continued into this month.
Tilly’s said it now expects adjusted fourth-quarter net income of $8.1 million to $8.4 million.
The company had previously said it expected adjusted net income of $8.4 million to $9.2 million.
Tilly's said it expects full-year adjusted net income of $22.7 million to $23 million.
The company had previously said it expected adjusted full-year income of $23 million to $23.8 million.