Tilly's Q2 net loss narrows to $0.1M; comp sales -7.8%, guides Q3 loss

TILLY'S, INC.

Q2 net sales $162.9M (+1.8% YoY) but total comparable sales -7.8% on calendar shift.
Net loss $0.1M ($0.00 EPS) vs loss $1.1M ($0.04) last year; near break-even.
Gross margin improved 270 bps to 30.7% on better product margins and lower markdowns.
Q3 FY24 guidance: net sales $140-146M, comp sales -6% to -2%, net loss $0.39-0.29 per share.
August comp up 1.0% (first positive monthly comp since Feb 2022), but outlook cautious.

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