Tillys (TLYS) 2026财年第二季度业绩电话会：可比销售额增长12.1%

核心要点

• 2026财年第二季度净销售额同比增长8.1%至1.635亿美元，可比净销售额增长12.1%，标志着可比销售额连续第三个季度实现双位数增长。
• 毛利率扩大300个基点至35.5%。得益于强劲的正价销售、更新颖的库存结构以及更高的清仓效率，产品毛利率提高了140个基点。
• 净利润从去年的320万美元（即每股0.10美元）增至840万美元（即稀释后每股0.27美元）。这是Tillys连续第五个季度实现利润同比增长。
• 电商销售额增长20.9%，占季度净销售额的21.1%。尽管Tillys运营的门店数量比去年同期减少了12家，但实体门店销售额仍增长了5.1%。
• 财年8月份可比销售额增长14.6%。管理层预计2026财年第三季度净销售额为1.50亿至1.55亿美元，意味着可比销售额增长10%至14%。
• Tillys在本季度末无债务，拥有6220万美元的现金和投资。尽管销售额增加，但库存下降了1.3%，且库存结构较去年同期更新颖。

核心财务数据

Tillys在过去四个季度共实现近200万美元的利润，今年迄今实现利润40万美元。管理层表示，公司正致力于实现自2022年以来的首次年度盈利。

业务与运营表现

所有地理区域市场的可比销售额均实现增长。除鞋类外，所有商品部门均录得双位数的可比增长，自有服装品牌和第三方服装品牌均表现强劲。门店业绩受益于转化率、每笔交易件数和平均销售额的提升。

产品毛利率现已连续七个季度实现同比增长。管理层将最近的增长归因于正价销售更为强劲、库存管理更为严格，以及在2025年10月推出基于人工智能的价格优化系统后，旧款清仓商品的平均单件零售价有所提高。

销售增长也跑赢了库存增长。季度净销售额增长8.1%，而库存下降1.3%，且库龄在90天以内的库存占比更高。

在TikTok和其他新兴渠道扩大影响力的支撑下，电商销售额增长了20.9%。Tillys的TikTok粉丝数量翻了一番，达到32.5万以上，而一年内活跃忠诚度会员数量增长了20%，达到460万。

公司正准备推出一款由人工智能驱动的库存分配工具，旨在提高件数、尺寸和门店位置的精准度。公司还计划于2027年初在门店引入RFID技术，首先从鞋类开始。

对于2027财年，在有合适位置和可接受的租赁经济效益的前提下，管理层初步设定了开设5至8家新门店的目标。

管理层业绩指引

对于2026财年第三季度，管理层提供了以下前景展望：

该指引对比的是去年同期的净亏损140万美元（即每股0.05美元）。如果实现，将代表连续第六个季度实现利润同比增长。

管理层表示，考虑的大多数情境均指向可比销售额指引范围的上限。不过，由于在过去四年中有三年，可比销售额增长在返校季过后有所放缓，因此公司保留了较宽的指引范围。

Tillys尚未发布具体的第四财季指引。管理层表示正规划实现第四季度正向可比销售额增长，但未明确增长会是单位数还是双位数。

风险与关注点

• 在刚需返校季结束后，可比销售额增长势头可能会放缓。在过去四年中的三年里，9月份的可比增长率比8月份放缓了约8个百分点。
• 10月份是第三财季内同比比较难度最大的月份，尽管它是该季度销售额最小的月份。
• 鞋类是第二财季唯一未录得双位数可比增长的部门，管理层表示在返校季期间不得不补追部分库存。
• 较高的电商运输成本在很大程度上抵消了因门店数量减少而降低的租金及物业费用。
• 与业绩挂钩的奖金计提使第二财季SG&A费用增加了150万美元，如果经营业绩继续高于内部目标，可能会继续限制费用杠杆效应。

分析师问答环节亮点

管理层将8月份14.6%的可比销售额增长描述为跨商品类别和地理区域市场的广泛增长。除鞋类外，几乎所有部门都继续保持双位数增长。

在库存方面，管理层表示Tillys在返校季期间的整体库存定位恰当，并为秋季和假日季做好了充分准备。公司继续每周调整商品组合，并已通过追加订单解决了有限的鞋类库存缺口。

在品牌方面，管理层表示运营业绩的改善并未显著改变与供应商的谈判情况。决策仍侧重于品牌是否契合Tillys的客群和门店体验，不过公司正在积极寻求引入几个潜在的新品牌。

管理层预计第三财季将呈现一定的SG&A费用杠杆效应。然而，由于销售额和盈利超出了内部目标，中断四年的奖金计提重新恢复，从而产生了一笔去年同期对比中不存在的费用。

Tillys在2026财年还剩20项租约决定，目前预计将保留所有20家门店。对于2027财年到期的租约，公司面临大约60至65项决定，部分位置的续约谈判已在进行中。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the Tillys Second Quarter Fiscal 2026 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Gar Jackson with Investor Relations. You may begin.

Gar Jackson

Thank you. Good afternoon, and welcome to Tillys' fiscal 2026 second quarter earnings call. [ Nate Smith ], President and Chief Executive Officer, and Mike Henry, Executive Vice President and Chief Financial Officer, will discuss the company's business and operating results, followed by a Q&A session with analysts. For a copy of Tillys' earnings press release, visit the Investor Relations section of the company's website at tillys.com. From the same section, shortly after the conclusion of the call, you will also be able to find a recorded replay of this call for the next 30 days.

Certain forward-looking statements will be made during this call that reflect Tillys' judgment and analysis only as of today, September 2, 2026, and actual results may differ materially from current expectations based on various factors affecting Tillys' business. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with any forward-looking statements, please see the disclaimer regarding forward-looking statements that is included in our fiscal 2026 Form 10-K filing, which is furnished to the SEC today on Form 8-K, as well as our other filings at the SEC referenced in that disclaimer.

Today's call will be limited to 1 hour, and I will include a Q&A session after our prepared remarks. I now turn the call over to [ Nate ].

Nate Smith

Thanks, Gar, and to all for joining us today. Good afternoon. A couple of weeks ago, I completed my first full year at Tillys, and I can say without a doubt that it's an exciting time being part of the team. The company has once again executed with discipline, delivering our third straight quarter of double-digit comp sales growth in the second quarter, with that momentum holding strong through back-to-school in July and August. In reflecting on this past year, we have clearly demonstrated a consistency in execution that we can be proud of. I'd like to acknowledge some important achievements that speak to the turnaround momentum that we have been building over the last year.

First, we have now produced 4 consecutive quarters and 13 consecutive months of year-over-year comparable net sales growth, including our 12.1% comp sales increase in the recently completed second quarter, and our 14.6% comp sales increase in fiscal August to begin the third quarter. Next, we have now delivered 7 consecutive quarters of year-over-year product margin improvement. We are not only seeing stronger full-price sales overall, but we are also seeing significantly improved average unit retails on aged clearance items from the impact of the AI price optimization investment we made last year. We've been delivering higher sales on lower inventory levels so far this year, further aiding our product margin gains.

Third, we have now posted 5 consecutive quarters of year-over-year profit improvement on the bottom line. This has been driven not only by improved merchandise assortments, tighter inventory planning and management, and sharper pricing decisions, but also through significant efficiencies in store and distribution labor management and stable home office expenses as sales have grown. And finally, the collection of these improvements has now returned us to profitability on a trailing 4-quarter basis, as well as on a basis for fiscal 2026. It's just under $2 million of profit over the past 4 quarters, and $400,000 of profit on a year-to-date basis. But these are important milestones cleared in our turnaround story as we work towards producing what we currently believe will be our first profitable fiscal year since 2022.

We are encouraged by our progress, but we're not finished. We intend to keep executing and building upon the momentum we've generated. From a merchandising perspective in the second quarter, all departments but footwear posted double-digit percentage comp sales gains. Performance was once again strong across both proprietary and third-party brands in apparel, with few exceptions. These results reflect an assortment that was well positioned for our critical back-to-school season. In terms of store performance, all geographic markets posted comp sales gains in the second quarter. Conversion, units per transaction, and average sale growth fueled the performance in our stores. We believe this demonstrates the strength of our assortment and the effectiveness of our customer engagement.

In terms of store real estate, we opened 1 new store in each of late July and early August, and we currently expect to open 1 additional store in mid-November. We also closed 1 store in mid-July and currently expect to close 1 store in each of late September and December, and 2 more at the end of January to finish the year with 218 total stores in operation. In fiscal 2027, we are tentatively targeting to open 5 to 8 new stores, depending on available opportunities and our ability to achieve appropriate lease economics. Our e-commerce business grew by 20.9% in the second quarter. Expanding our presence across the platforms our customers use most, including TikTok and other emerging channels, has been an important evolution of our online capabilities.

We believe our improved focus on social media platforms has helped reach new audiences based on our TikTok follower count nearly doubling to over 325,000 and our 1-year active loyalty program membership growing by 20% to 4.6 million members since this time last year. We need both stores and online performing well to reach our profitability goals, and we are encouraged by our customers' response to our product offerings and content across all touchpoints. In terms of technology investments, I already noted our investment in AI price optimization that was launched in October last year. We are also about to launch an AI-driven smart inventory allocation tool to improve accuracy in terms of units, sizing, and balance across our fleet of stores and online.

We will also implement RFID in our stores in early 2027, starting with footwear, to improve customer experience and in-store efficiency relating to size availability. These investments clearly indicate that we're moving forward with confidence and conviction as we continue to invest in the future of our business while we continue building our turnaround momentum. In closing, I want to once again thank and recognize our stores, field management, distribution centers, and home office teams for everything they've accomplished together this past year. There's still work ahead of us as we work toward returning to historical levels of profitability, but we are encouraged by the progress we've made and confident in the direction of the business. We look forward to updating you as we continue to execute against our long-term plan.

I will now turn the call over to Mike to walk through the details of our fiscal 2026 second quarter operating performance and to introduce our third quarter outlook.

Michael Henry

Thanks, [ Nate ]. Details regarding our operating results for the second quarter of fiscal 2026 compared to last year's second quarter were as follows. Total net sales were $163.5 million, an increase of $12.3 million, or 8.1%. Total comparable net sales, including both physical stores and e-commerce, increased by 12.1%, marking our third consecutive quarter of double-digit comparable net sales increases. Total net sales from physical stores increased by 5.1% despite operating 12 fewer stores, or 5.2% less, than at the end of last year's second quarter, and represented 78.9% of total net sales for the quarter compared to 81.1% last year. E-commerce net sales increased by 20.9% and represented 21.1% of total net sales for the quarter compared to 18.9% last year.

Gross margin including buying, distribution, and occupancy expenses improved by 300 basis points to 35.5% of net sales from 32.5% of net sales last year. Product margins improved by 140 basis points compared to last year, primarily due to improved full-price selling of inventories that were more current in terms of aging and improved productivity from selling of clearance items. Buying, distribution, and occupancy costs improved by 160 basis points due to carrying these costs against higher net sales this year. Lower occupancy costs associated with our reduced store count were largely offset by higher e-commerce shipping expenses associated with e-commerce net sales growth.

Total SG&A expenses were $49.9 million, or 30.5% of net sales, compared to $46.4 million, or 30.7% of net sales last year. SG&A improved by 20 basis points as a percentage of net sales due to carrying these expenses against higher net sales this year. Bonus accruals associated with our significantly improved operating performance exceeding budgeted sales and earnings targets added $1.5 million to the quarter. Marketing expenses increased by $0.8 million in support of our net sales growth. Store payroll and related benefits increased by $0.6 million, but improved by 70 basis points as a percentage of net sales. Pre-tax income was $8.5 million, or 5.2% of net sales, compared to $3.1 million, or 2.1% of net sales last year.

Income tax expense was $86,000, or 1% of pre-tax income, compared to an income tax benefit of $41,000, or 1.3% of pre-tax income last year. Both years' income tax results include the continuing impact of a full non-cash deferred tax asset valuation allowance. Net income was $8.4 million, or $0.27 per diluted share, compared to $3.2 million, or $0.10 per diluted share last year, representing an improvement of $5.2 million, or $0.17 per diluted share compared to last year's second quarter. As [ Nate ] noted earlier, this represents our fifth consecutive quarter of year-over-year profit improvement, and we have now returned to profitability on a trailing 4-quarter basis for the first time since the end of fiscal 2022, and we are profitable on a year-to-date basis for the first half of fiscal 2026.

On our debt-free balance sheet, we ended the second quarter with total cash and investments of $62.2 million, an increase of $11.5 million compared to $50.7 million at the end of last year's second quarter. We had no borrowings at any time with available undrawn borrowing capacity of $63.3 million under our asset-backed credit facility at the end of the second quarter. Total balance sheet inventory decreased by 1.3% compared to the end of last year's second quarter, while being several percentage points more current within 90 days aged than a year ago. Looking to the third quarter of fiscal 2026, total comparable net sales for fiscal August ended August 29, 2026, increased by 14.6% relative to the comparable period of last year, marking our 13th consecutive month of comparable net sales growth.

Based on current and historical trends, we estimate the following ranges for the third quarter of fiscal 2026. Net sales of approximately $150 million to $155 million, translating to a comparable net sales increase range of 10% to 14% respectively, which if achieved would represent our fourth consecutive quarter of double-digit percentage comp sales growth. Product margins to be slightly improved relative to last year's third quarter. SG&A of approximately $47 million to $49 million, excluding any potential non-cash asset impairment charges. An estimated effective income tax rate in the low to mid-teens as a percentage of pre-tax income with a continuing impact of a full non-cash valuation allowance on our deferred tax assets.

Net income in the range of approximately $2.2 million to $3.7 million, respectively, to net sales and earnings per diluted share of $0.07 to $0.12, respectively, based on approximately 32 million diluted shares. This compares to a net loss of $1.4 million, or $0.05 per share, during last year's third quarter. These results would represent a sixth consecutive quarter of year-over-year profit improvement for us. We expect to end the third quarter with 240 total stores after 1 new store opening and 1 closure during the quarter, which represents a net decrease of 10 stores, or 4.3%, compared to the end of last year's third quarter.

We expect to end the third quarter with total liquidity of approximately $125 million or more, comprised of cash and investments of approximately $62 million to $65 million, and available undrawn borrowing capacity of approximately $63 million under our asset-backed credit facility. We'll now go to our Q&A session. Thank you.

Operator

We will now be conducting a question and answer session. [Operator Instructions] Our first question comes from the line of Matt Koranda with Roth Capital Partners, LLC. Please proceed with your question.

分析师问答

Matt Koranda

I guess the August comp that you cited approaching about 15%, accelerating off of the 12% you put up in the second quarter, despite the tougher comparison that you got going on on a year-over-year basis. So I guess maybe just speak to that acceleration that you're seeing, what's working in the assortment, any incremental benefit from the TikTok Shop initiatives or other kinds of drivers that are driving that acceleration.

Michael Henry

Well, really everything, as we mentioned, almost everything was double-digit positive in the second quarter, and that continued on through August. All departments but footwear were up double digits. It was broad-based across geographies. So really doing well just about anywhere you look. Really nice to see that kind of momentum continue all the way through the back-to-school season.

Matt Koranda

Okay, and then I noticed, I mean, inventory really tight and good performance there. Curious how you feel about sort of the assortment and the setup into the fall period here as you gear up for holiday? Are we in chase mode? How should we think about sort of inventory movement in the back half of the year as you sort of set up for the holiday season?

Nate Smith

Yes, good question, Matt. So we, you know, we feel very strongly about how we're set up. We were, throughout the back-to-school season, we were largely speaking where we needed to be. There was a little bit of a gap in footwear. We chased some there, but going into fall and obviously heading into holiday, we feel good about where we're at. The team has done a nice job obviously managing the inventories where sales were up 8% on inventory down 1% in dollars in the second quarter, which is a great sign. So we feel good about the second quarter, and we feel strongly about how we're sorted and how we're preparing for the third quarter and holiday.

But overall, we continually sharpen our assortment. So we like where we're at. We were well positioned for back-to-school. But our CMO and team are continually sharpening the assortment every single week.

Matt Koranda

Okay. And then maybe just 1 or 2 more from you here. The inflection in the business and the acceleration that you're seeing in comp, has that changed the discussion with some of the vendors that historically you'd wanted to bring into the store, some of the brands that you were looking at bringing in but hadn't been able to before? I mean, maybe just speak to where the assortment sits in terms of the brand portfolio that is in existence now, and what you have available to you with the better performance here.

Nate Smith

Yeah, it's a good question. I don't think the inflection of the business has a bearing on those conversations. I mean, we are a strong retailer, and the brands that we are speaking to understand what we have to offer as far as a customer base and our store experience. So, you know, generally speaking, the conversations we have with brands we want to bring in revolves more around, you know, is it a great fit for Tillys as opposed to the business is reaching an inflection point and now we're ready to engage with Tillys. So we feel good about where we're at. There are some brands on our radar that we are actively going after, and we feel good about our, you know, respect, you know, possibly bringing those in.

Matt Koranda

Okay. And maybe just last 1 on the, on what's built into the guidance from an operating leverage standpoint. I guess maybe Mike, I would have assumed with the really strong positive comp that you're guiding for the third quarter that maybe we'd get a little bit of leverage out of SG&A, but it doesn't look like that's built in at least at the midpoint. So maybe just speak to what are the, I guess, what are the things holding it back? I would assume maybe bonus accrual, but any other items to think about that are kind of keeping SG&A sort of growing in lockstep with sales?

Michael Henry

Yes. SG&A should have a little bit of improvement as a percent of sales relative to last year's third quarter. Similarly to what you see in the second quarter, we were 20 basis points better. Most accruals are coming into that, given that we've returned to profitability and generating strong product margins and everything. Beating our targets significantly. That's an expense that hasn't existed in our model for 4 years. So it's a non-comparable if you think about that. And so as long as we can continue to execute the way that we've been executing, you might see similar sorts of movements from bonus in particular, that would maybe add a little more to SG&A than what you would typically expect.

Matt Koranda

Okay, got you. I'll end it there, guys. Thank you.

Operator

Our next question comes from the line of [ Gao Shui ] with Singular Research. Please proceed with your question.

Unknown Analyst

Nice quarter, guys. Just on the question of third quarter guidance, with August already at kind of 15, what's the single biggest swing factor that decides what's going to happen? Or barrier to landing at the top end of the range?

Michael Henry

Yes, good question. Most of the scenarios that we look at do point towards the upper end of our range. But when you look over the recent years, 3 of the last 4 years, our comp actually decelerated after back-to-school finished. And you got out of what I'll refer to as the need-based period of the quarter. We did see 3 of the last 4 years that September slowed by about 8 comp points relative to August. And that was consistent through 2022, 2023, and 2024. Last year was the exception where September was consistent with August and then October actually accelerated.

We're taking into account where we are. More of the scenarios that we've looked at do point to the upper end of the range as being the most likely landing point, but we are allowing for what if there is a deceleration like there has been in 3 of the most recent 4 years in the September-October timeframe, and acknowledging that October will be the toughest comparison of the quarter, even though it's the smallest month of the quarter, given it had the strongest performance of the quarter in last year's third quarter.

Unknown Analyst

Got you. Okay. You said the merchandise commitments that you won't be chasing. But fourth quarter last year comped to around 10.1, and that's kind of generally a hard lap you've faced. Does the 2-year stack, as you're seeing in August, give you confidence that you can hold a double-digit comp against that, are we still kind of planning for a single-digit or planning to stack to flatten out?

Michael Henry

Well, we haven't issued any kind of specific guidance for fourth quarter yet. We always just go 1 quarter at a time. But looking at the 2-year would suggest that we can comp the 10%. Whether or not it's in single digits or double digits, we'll see that when we get into the holiday season. I'd really love, I think we'd all really love it if we could see us double digit on top of double digit. That would be phenomenal. But, you know, I can't predict the future with any specificity to know whether that's coming or not. But I can tell you we're certainly planning for and expecting for us to have a positive comp in the fourth quarter. To what extent, I don't know. It's too early.

Unknown Analyst

Got you. With the e-commerce industry, you said the low occupancy costs were largely offset by higher e-commerce shipping this quarter. E-commerce was around 28% fourth quarter last year. As the mix, highest mix, does buying and distribution and occupancy still leverage on a positive comp?

Michael Henry

It has been. As we've been producing the comps that we've got. Occupancy, from an accounting perspective, most of it is recognized on a straight-line basis over the life of the lease. So occupancy dollars, all things being equal in terms of store count, you would expect occupancy to stay pretty stable dollars-wise. And then there are relatively fixed elements of distribution as well. Things that move within distribution are e-commerce shipping and shipping costs to our stores, depending on volume, number of units and boxes that we're shipping. So that's the variable element of distribution that can move around. And then buying is just the buying team. So it's the salaries and efforts of the buying team. So that stays pretty consistent from quarter to quarter as well.

Unknown Analyst

I'll make this my last question. [ Nate ], you said this is your first profitable year since 2022. I know your landlords must be hearing that too. So how many of your leases come up for renewal in the next 12 months, and what part of that renewal spread will be looking like versus expiring rent?

Nate Smith

I know Mike's got the actual numbers, and we're already engaged with many of our landlords. Every year we have leases that expire that will begin negotiating. In the prior years, we're negotiating now for extensions on those stores that are coming due, no different than any other year. Mike, you know, do you have the exact numbers?

Michael Henry

Yeah, we have 20 lease decisions left to make for this fiscal year by the time the end of the fiscal year comes, and we would anticipate keeping all 20 of those stores. Next year we have roughly 60 to 65 lease decisions to make for leases that are expiring during fiscal 2027. We're starting to have conversations about 2027 expirations. We've agreed to certain things already. So it's a constant effort working through the lease expirations that are coming up anywhere in the next 6 to 12 to 18 months. And that will continue as we sit here today. We don't know of any additional closures that would come up. There likely will be some as we go forward, but it's just not clear what that number is. The great majority of our leases tend to expire towards the end of the fiscal year. As it relates to 2027, most of those decisions are still 15 months out, 16 months out.

Unknown Analyst

Thank you, guys. Congratulations, and I'll get back to you.

Operator

Thank you. And we have reached the end of the question and answer session. I would like to turn the floor back over to CEO [ Nate Smith ] for closing remarks.

Nate Smith

Thank you for joining us on the call today, and we look forward to sharing more progress with you during our third quarter earnings call in early December. Have a good evening.

Operator

Thank you, and this concludes today's conference. Thank you for participating. You may now disconnect your lines at this time.