Irvine-based retailer Tilly’s Inc. (NYSE: TLYS) is seeing spending come back in a big way as stimulus checks get spent, students return to the classroom and other reopenings drive consumers’ desire for wardrobe updates.
The men’s and women’s chain of 244 stores said Thursday net sales for its fiscal quarter ended May 1 surged over 111% from the year-ago period to $163.2 million. That beat consensus estimates of $128.9 million.
The retailer’s net income totaled $11 million, compared to a $17.4 million loss a year earlier. Analysts on average expected a net loss of a little more than $600,000.
The better-than-expected results sent Tilly’s shares up 6.4% to $15.37 in after-hours trading Thursday. The company had a recent market cap of $435.3 million.
The momentum has continued into the current quarter with the company’s fiscal second quarter net sales through May 31 totaling $58 million. That’s a jump of nearly 105% compared to the year-ago period, with gains seen in both the company’s physical stores and online.