Tilly’s misses Street in Q2

Irvine, Calif. — Tilly’s Inc. missed Wall Street expectations by falling profit and increasing revenue in a mixed second quarter of fiscal 2015. Net income fell 54%, from $1.3 million to $600,000, with a tax settlement hindering profitability.

Total net sales fared better, rising 6%, from $123 million to $130 million. Same-store sales — including e-commerce — climbed 0.5%.

Despite missing Wall Street forecasts and declining profit, President and CEO Daniel Griesmer said he was pleased with results for the quarter.

“Second quarter results were in line with our outlook, with sales growth driven by new store openings over the past twelve months and a strong e-commerce business,” Griesmer said. “We maintained our diligent inventory management, resulting in continued healthy product margins, and began the third quarter with inventory well positioned for the back-to-school season.”

Tilly’s expects third quarter same-store sales growth to be in the low, single digits and net income per diluted share to be in the range of $0.12 to $0.16.