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Tilly’s Inc. surpassed analyst expectations on third-quarter revenue and profit, and hiked its 2016 forecast, sending its shares up more than 35% in Thursday trading to more than $13 a share and a $371 million market cap.
The Irvine-based apparel and footwear retailer more than doubled its quarterly earnings year-over-year in a report issued after markets closed Wednesday.
It earned $6.4 million or 22 cents per share. That’s up 128.5% from $2.8 million or 10 cents per share it posted during a year-ago quarter. Analysts anticipated earnings of 11 cents per share.
Tilly’s posted $152.1 million in revenue for the quarter that ended Oct. 31, a 7.3% increase from $141.7 million it reported during the same period last year. Analysts anticipated revenue of about $143 million. Same-store sales, which include ecommerce, were up 4.4%.
The retailer also reported operating results for the first nine months of its fiscal 2016. It posted $408.7 million in revenue, an increase of 4.3% compared to same period in 2015, and income of $5.1 million, or 18 cents per share, up from $4.7 million or 16 cents per share.
The company expects fourth quarter same store sales to be in the range of flat to positive 2%, and earnings per share to be in the range of 15 cents to 20 cents.
“A promising Black Friday weekend and Cyber Monday have us off to a decent start to the fourth quarter, and we believe our merchandise assortment is well positioned for the holiday season,” President and Chief Executive Ed Thomas said in a statement. “We remain focused on improving profitability for the long term.”