TILLY'S, INC. (TLYS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 28, 2017

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Exhibit 99.1
tillyslogoa04.jpg

Tilly’s, Inc. Announces Fiscal 2016 Fourth Quarter and Full Year Results
Introduces Fiscal 2017 First Quarter Outlook
Fourth Quarter Net Sales of $160.2 Million; Comp Store Sales Increased 0.1%
Fourth Quarter Net Income per Diluted Share of $0.22

Irvine, CA – March 13, 2017 – Tilly’s, Inc. (NYSE: TLYS) today announced financial results for the fourth quarter (thirteen weeks) and full year (52 weeks) of fiscal 2016 ended January 28, 2017.

“We finished fiscal 2016 with three consecutive quarters of year over year operating income growth and our first annual improvement in operating income of the last five years," stated Ed Thomas, President and Chief Executive Officer. "Our strong balance sheet enabled us to reward shareholders with a $20 million special dividend in February. While we are encouraged by these results, we will continue to seek ways to improve profitability and continue our progress during fiscal 2017."

Fourth Quarter Results Overview
The following comparisons refer to operating results for the fourth quarter of fiscal 2016 versus the fourth quarter of fiscal 2015 ended January 30, 2016:

Total net sales were $160.2 million, an increase of 0.7% from $159.1 million last year.
Comparable store sales, which include e-commerce sales, increased 0.1%. Comparable store sales increased 0.9% in the fourth quarter last year.
Gross margin, or gross profit as a percentage of net sales, decreased to 30.6% from 31.4% last year. The 80 basis point decrease in gross margin was primarily attributable to a 60 basis point decline in product margins from increased markdowns and a 20 basis point increase in buying, distribution and occupancy costs.
Selling, general and administrative expenses ("SG&A") were $38.7 million, a decrease of $1.8 million from $40.5 million last year. As a percentage of net sales, SG&A improved 130 basis points to 24.1% from 25.4% last year. This improvement was primarily driven by the combination of more efficient marketing spend, lower non-cash store impairment charges, and corporate payroll savings.
Operating income was $10.4 million, or 6.5% of net sales, compared to $9.5 million, or 6.0% of net sales, last year. The 50 basis point increase in our operating margin was primarily attributable to the reductions in SG&A noted above.
Our effective tax rate was 40.2% compared to 69.6% last year. Last year's tax rate was higher primarily due to increased discrete items related to stock option expirations.
Net income was $6.3 million, or $0.22 per diluted share, compared to $2.9 million, or $0.10 per diluted share, last year.

Fiscal 2016 Full Year Results Overview
The following comparisons refer to operating results for fiscal 2016 versus fiscal 2015 ended January 30, 2016:

Total net sales were $569 million, an increase of 3.3% from $551 million last year.
Comparable store sales, which include e-commerce sales, increased 0.5%. Comparable store sales increased 1.2% in fiscal 2015.

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The following information was filed by TILLY'S, INC. on Monday, March 13, 2017 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 23.2 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 31.2 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001628280-17-002724
  • Submitted to the SEC: Monday, March 20, 2017
  • Accepted by the SEC: Monday, March 20, 2017
  • Period Ending: January 2017
Companies
 

TLYS Morningstar

TILLY'S, INC.

$8.71 -0.04 (-0.46%)

Day's Range:
$8.59 to $8.86

52-Week Range:
$6.44 to $15.29

Volume:
145,013

Volume (Avg):
181,330

Earnings per Share:
$0.49

PEG / Short / PE Ratios:
1.53 / 5.49 / 17.85

Market Cap:
$250.73M

Book Value:
5.89

EBITDA:
$47.93M

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