Tilly’s Inc. reported sales that beat Wall Street expectations for the April quarter, sending its shares up 14% to a $279 million market cap in recent trading.
The teen apparel and footwear retailer’s fourth-quarter revenue was about $121 million, a slight increase from the $120.2 million it posted in the same period last year and 6% higher than the $114.3 million analysts anticipated.
It also narrowed its losses to $160,000 or 1 cent per diluted share, compared to the $2.74 million—on par with analyst expectations and an improvement on the loss of 10 cents per diluted share it posted in Q1 of 2016.
“We believe our initiatives are gaining traction,” President and Chief Executive Ed Thomas said in a statement. “After a tough February, our combined March/April comparable store sales were up 5.3%, resulting in a positive comparable store sales result for the first quarter as a whole and our fourth consecutive quarter of year-over-year operating income improvement.”
Tilly’s expects second quarter same-store sales to be between flat to “low single-digits,” and its income per diluted share to be in the range of 3 cents to 7 cents.
The retailer runs 222 stores in 31 states.