Tilly’s Inc. beat Wall Street expectations on earnings but slipped on revenue in the first quarter of its fiscal 2015, and shares fell more than 20% in Thursday trading.

In midday trading the Irvine-based apparel, footwear and accessories retailer's shares were down 23.5%, dipping below $10 to a market value of $282 million.

The company reported results after markets closed Wednesday.

Tilly’s reported $1.28 million, or 5 cents per diluted share, in net income for the quarter that ended May 2. That compares to net income in the first quarter of fiscal 2014 of $0.59 million, or 2 cents per diluted share. Analysts expected income of 4 cents per share.

Tilly’s had $120.2 million in revenue, an increase of 8.1% compared to $111.1 million in the first quarter of 2014. Analysts had anticipated $121 million in revenue.

The retailer operates 213 stores and the tillys.com e-commerce website, both of which carry Orange County-based brands, including Volcom, Quiksilver, Billabong and Vans. Its same-store and e-commerce sales increased 2% compared to the same period in 2014.

President and Chief Executive Daniel Griesemer said in a statement Tilly's showed "continued progress" toward profitability, and he cited earnings and same-store sales growth compared with Tilly's results in the same quarter a year ago. He said the retailer "ended the quarter with inventory well positioned for the summer and back-to-school seasons.”

Tilly’s said it expects its second quarter net income to be 1 cent to 5 cents per diluted share.