Tilly’s (NASDAQ:TLYS) came public back in early May at $15.50 and quickly shot up to $19.57. Unfortunately, the good times have faded. In today’s trading, the shares are off by a grueling 17.5% to $12.92. The stock is now at a new low.
A specialty retailer of West Coast-inspired apparel and footwear, Tilly’s posted a 16.4% increase in sales to $124.9 million and net income of $8.3 million, or 30 cents a share, up 19% over the past year. However, while Tilly’s met expectations for EPS, the Street was looking for revenues of $128.7 million.
Unfortunately, it looks like the weakness will continue into Q4. The company forecasts earnings of 30 cents to 33 cents, versus the consensus of 35 cents.
Essentially, it appears that the sluggish U.S. economy is taking a toll. Yet Tilly’s is still focused on growth as it added seven new stores in the quarter, with three in new states like Ohio, Michigan and North Carolina.
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.