Shares of Tilly’s Inc. were down about 2% in Thursday morning trading for a market cap of $172 million after the Irvine-based apparel, footwear and accessories retailer reported results yesterday that beat Wall Street expectation on sales in the October quarter but slipped on earnings.
Tilly’s reported $141.7 million in revenue, up 7.9% from the $131.2 million it posted in the third quarter of fiscal year 2014. Analysts anticipated sales at $138.25 million.
Its profit was $2.8 million, or 10 cents per diluted share. That’s down from $5.1 million and 18 cents per diluted share from the year-ago period. Analysts expected income of 14 cents per diluted share.
Its same-store sales, which include e-commerce sales, increased 3.9%.
Tilly’s has 220 stores, four of which were open during the quarter. Another four stores are in the works by the end of fiscal year 2015.
“I am pleased with the comparable store sales performance we achieved in the third quarter,” President and Chief Executive Officer Ed Thomas said in a statement. “We expect to end the fiscal year with appropriate inventory levels while maintaining healthy product margins in the fourth quarter,” with net income per diluted share in the range of 10 cents to 12 cents.