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Tilly’s Wades Through Latest Closure Order

Irvine retailer Tilly’s Inc. (NYSE: TLYS) provided an update on its store fleet as a result of the latest set of closure orders in California, which accounts for about half its overall brick-and-mortar business.

The company had been in the midst of reopening stores temporarily shuttered during the pandemic, with 98% or 235 of its 239 doors operating just before Governor Gavin Newsom’s latest order to shutter the indoor operations of some businesses, including malls.

Tilly’s, as a result of the latest order, closed 28 stores located in indoor malls and now has a fleet of 203 locations in operation.

The state expects indoor malls to remain closed for at least a three-week period from the time of the revised order, which was announced July 13.

The store fleet update also came with visibility on sales performance since the reopenings.

Traffic into the reopened stores is down 27% in the second quarter, ending in August. Same-store sales for the same period through the July 13 order announcement were off 4.4%. The company pointed out “a very wide disparity” in same-store performance among its doors with the declines seen in both mall and off-mall locations.

Net sales, which includes e-commerce, for the company from the start of the quarter through July 13 were down 9% as compared with the same period a year ago to $100.7 million.

The e-commerce channel is so far seeing growth in the quarter, up nearly 170% to $40.8 million.

The company’s stock was up 5% in midday trading Thursday to $6.30 for a market cap of $188.5 million.

Tilly’s is expected to release results for its August quarter the first week in September.

Go here for the latest business updates related to COVID-19.

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