Tilly's, Inc. reported its financial results for the thirteen and twenty-six weeks ended August 3, 2024, showing mixed performance compared to the previous fiscal period. Total net sales for the thirteen weeks reached $162.9 million, a slight increase of $2.9 million, or 1.8%, from $159.9 million in the same period last year. However, for the twenty-six weeks, net sales decreased by $4.9 million, or 1.7%, totaling $278.7 million compared to $283.6 million in the prior year.

The company's gross profit for the thirteen weeks improved to $49.9 million, representing 30.7% of net sales, up from 27.7% in the previous year. This increase was attributed to a reduction in the cost of goods sold as a percentage of net sales, which fell to 68.8% from 71.7%. For the twenty-six weeks, gross profit also increased to $74.2 million, or 26.6% of net sales, compared to 24.8% in the prior year.

Despite these improvements in gross profit, Tilly's reported an operating loss of $(859,000) for the thirteen weeks, an improvement from $(2.7 million) in the same period last year. However, the operating loss for the twenty-six weeks widened to $(21.6 million) from $(19.9 million) in the previous year. The net loss for the thirteen weeks was $(69,000), significantly reduced from $(1.1 million) in the prior year, while the net loss for the twenty-six weeks increased to $(19.7 million) from $(13.1 million).

As of August 3, 2024, Tilly's total assets were reported at $429.2 million, with total liabilities of $302.4 million, resulting in stockholders' equity of $126.8 million, down from $144.9 million at the beginning of the fiscal year. The accumulated deficit increased to $(47.7 million) from $(28.0 million) in February 2024.

The company operates 247 stores across 33 states, with a slight increase in store count from the previous year. E-commerce sales for the thirteen weeks were $30.5 million, a modest increase from $30.2 million, while physical store sales rose to $132.3 million from $129.8 million. However, comparable store net sales decreased by 7.8% compared to the same period last year.

Tilly's has also entered into a credit agreement with Wells Fargo Bank, providing a revolving credit facility of up to $65 million, which matures on April 27, 2026. As of the reporting date, the company had no outstanding borrowings under this agreement and was in compliance with all covenants.