Shares of Irvine-based Tilly’s Inc. fell about 5.7% after the company reported fiscal third quarter results that missed analyst revenue expectations.
The apparel retailer reported third-quarter net sales of $167 million for the three months ended Oct 28., a 6.4% decrease compared to last year. The average estimate of analysts was $168 million.
The company also forecast fourth-quarter sales of $172 million to $178 million with a loss of 12 to 20 cents. Analysts are predicting $175 million and an 11-cent loss.
“We continue to work towards protecting product margins, managing inventories and controlling operating expenses amid a continuing difficult economic environment,” Tilly’s Chief Executive Ed Thomas said in a statement.
After the announcement, shares dropped 5.7% to $7.80 apiece. Tilly’s shares have fallen around 15% since January with a current market cap of $248 million.
