Tilly’s Inc (NYSE:TLYS) had a quarter to remember as the company unveiled its latest results and handily topped analysts’ expectations, sending its stock soaring after the bell Wednesday.
The Irvine, Calif.-based company announced that it experienced great progress in its turnaround as its first quarter yielded adjusted earnings of $1.2 million, or 4 cents per share, compared to a net loss of $200,000, or a penny per share in the year-ago period. Analysts were calling for adjusted earnings of a penny per share, according to data compiled by FactSet.
Tilly’s also posted sales of $123.6 million for the quarter, which marked a 2.2% gain compared to its first quarter of the previous fiscal year. Wall Street was calling for revenue of $121.9 million, according to the median guidance from analysts surveyed by FactSet. The company’s comparable-store sales surged 0.1% compared to the year-ago quarter.
“Although corrective efforts continue, we believe we have addressed the most significant technical issues related to our e-com business and results are beginning to improve. E-com sales remain inconsistent, but we are off to a good start to the second quarter with positive comps both in stores and online thus far,” CEO Ed Thomas said in a statement.
Tilly’s said it predicts second-quarter sales to be between $153 million and $157 million.
TLYS shares were up about 2.8% during regular trading hours on rumblings that the company would have a strong earnings showing, but the stock really soared after the bell once the results came in, gaining 12.6% ahead of Thursday’s action.