Shares of Tilly’s Inc. (NYSE: TLYS) dropped 22% to $9.50 during after hours trading after the retail warned of falling sales.
The company forecast first-quarter profit of break-even to 5 cents a share, below the average analyst consensus of 21 cents. The Irvine-based retailer also forecast sales of $143 million to $148 million, below the analyst consensus of $166 million.
The company also reported a fourth-quarter profit of 38 cents, which also missed the Zacks consensus estimate of 41 cents. The retailer reported net sales at $204 million, up 15% compared to last year.
“Our comparisons to last year will get much tougher as we begin to anniversary last year’s pent-up demand and federal stimulus payments,” Chief Executive Ed Thomas said in a statement.
Shares are off about 25% since the beginning of 2022 to a $379 million market cap.
