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Irvine-based action sports retailer Tilly’s Inc. reported better-than expected results for the July quarter, a performance Chief Executive Daniel Griesemer called “ahead of the plan.”
Shares of Tilly’s, which operates a chain of 155 stores, were up nearly 8% in midday trading Thursday to $18, for a market value of about $491 million.
Tilly’s saw its profit for the July quarter, excluding a one-time charge, rise 49% from a year earlier to $2.6 million.
Analysts on average expected a profit of $1.91 million.
The company saw July quarter revenue up 20% from the year-ago period to $105.1 million.
Analysts expected sales of $103.86 million.
Same-store sales rose 5.1% during the July quarter.
Tilly’s went public May 4, and has been opening stores at a rapid clip
The company said adjusted earnings for its October quarter are expected to come in between $7.9 million to $8.4 million. Tilly’s did not provide revenue guidance.
The company said it expects same-store sales in the October quarter to increase between 4% and 5%.
Analysts expect a profit of $8.18 million and revenue of $128.17 million for the quarter.