Correction: I flipped some digits in an earlier version of this story. Tilly’s ended the year with 140 stores in 14 states, not 41 states. I apologize for the error.
Important industry customer Tilly’s updated its prospectus with financial numbers for the fourth quarter and full year, and we have a summary including some interesting details about the retailer’s performance and store opening plans.
Tilly’s is in the process of going public.
2011 results
Net sales: rose 20% to $400.6 million
Same store sales: up 10.7%
Ecommerce sales: up 33%, accounting for 11% of total sales. The company believes ecommerce can grow to 15% of total sales over time.
Gross margin: 32.2% vs. 30.9% in 2010
Net income (with current S corporation taxation): up 41% to $34.3 million
Net income (with future taxation rates after IPO): up 41% to $20.8 million
Private labels sales as percent of total mix: 31%
Fourth quarter results
Net sales: up 15.2% to $122.9 million
Same store sales: up 4.9%
Gross margin: 33.6 vs. 32.7
Store openings
Stores operated as of Jan. 28: 140 stores in 14 states
New stores opened in 2011: 16
New stores planned for 2012: 21
Store growth rate expected per year: 15%
Total stores desired in 10 years: 500
New store model size: 7.500 to 8,000 square feet
Infrastructure: The company believes its current infrastructure, including distribution systems, can support its growth to 500 stores.
Tilly’s believes the high level of automation in its distribution center allows it to operate more efficiently than competitors.
New store revenue: New stores typically generate $2.2 million in sales in their first 12 months of business.
Former La Jolla Group HQ
Amnet Holdings, which is owned by Tilly’s co-founder Hezy Shaked, bought the old La Jolla Group headquarters in Irvine which is visible from the 405 Freeway.
Tilly’s is leasing the 81,000-square-foot building from Amnet and plans to turn the space into its ecommerce distribution center beginning in 2013.
