Tilly's, Inc. announced its financial results for the third quarter of fiscal 2024, which ended on November 2, 2024. The company reported net sales of $143.442 million, a decrease of 13.8% compared to $166.475 million in the third quarter of fiscal 2023. This period marked the best quarterly comparable sales performance since fiscal 2021, including the first month of positive comparable sales since February 2022 during fiscal August.
The company posted a net loss of $12.875 million, or $0.43 per share, significantly wider than the net loss of $0.847 million, or $0.03 per share, in the prior year's third quarter. Gross profit for the quarter was $37.197 million, representing 19.8% of net sales, down from $48.719 million or 21.0% of net sales in Q3 fiscal 2023. Selling, general and administrative expenses totaled $51.251 million, or 35.7% of net sales.
As of November 2, 2024, Tilly's maintained a strong liquidity position with $51.7 million in cash, cash equivalents, and marketable securities, with no debt outstanding. However, total inventories increased by 11.8% year-over-year. For the fourth quarter of fiscal 2024, the company projected total comparable net sales through December 3, 2024, to decrease by 15.3%.
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