Tilly's Q1 net sales down 10.7% to $145.8M; EPS $0.03 vs $0.36; Q2 guidance weak

TILLY'S, INC.

Net sales $145.8M (-10.7% YoY); comparable net sales -13.0%; diluted EPS $0.03 vs $0.36 record last year.
Gross margin 30.1% vs 33.6%; product margins down 160 bps due to normalized markdowns.
Cash and marketable securities $111M (down from $157.6M) after $61.6M special dividends and $8.2M share repurchases.
Q2 guidance: net sales $170M-$175M, EPS $0.14-$0.20 vs $0.66 last year; Q2-to-date comp sales -17.0%.
Inventory per sq. ft. up 12.7%; expects normalization by Q3; FY2022 capex $23M-$25M.

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