IRVINE, Calif. - Tilly's, Inc. (NYSE: NYSE:TLYS), a specialty retailer of casual apparel and accessories, announced today the appointment of Michael Relich to its Board of Directors. Mr. Relich brings over four decades of retail experience, particularly in systems and information technology, to the Tilly's board. According to InvestingPro data, this appointment comes at a challenging time for the company, which has seen its stock decline nearly 40% over the past year and currently maintains a market capitalization of approximately $130 million.
Relich's career includes a recent tenure as co-Chief Executive Officer of PacSun and board member of PSEB LLC, the parent company of PacSun and Eddie Bauer. His professional history encompasses C-level positions at various retail brands such as Lucky Brand, Crate & Barrel, Guess, Inc. (NYSE: NYSE:GES), and Wet Seal. He is also an advisory board member for several technology companies.
Hezy Shaked, Executive Chairman of Tilly's, expressed confidence in Relich's appointment, stating that his "extensive experience in teen and young adult retail and knowledge of information technology will add great value to our Board."
Tilly's operates as a leading specialty retailer offering a wide range of clothing, footwear, and accessories for different age groups, with a focus on the young men's and women's markets. As of today, Tilly's runs 249 stores across 33 states and maintains a robust online presence through its website.
This announcement is based on a press release statement from Tilly's, Inc. and should be read in conjunction with the financial statements and notes included in the company's Form 10-K filed with the Securities and Exchange Commission. The company has cautioned that certain statements regarding the expected contribution of the new board member are forward-looking and subject to risks and uncertainties detailed in the company's SEC filings.
In other recent news, Tillys Inc experienced a challenging third quarter, reporting a net loss of $12.9 million. The company's earnings per share stood at -$0.43, falling short of analysts' expectations of -$0.27. Revenues also missed the mark at $143.4 million, slightly below the anticipated $143.9 million. Despite these figures, Tillys is implementing strategic changes, including a focus on e-commerce growth and cost management. E-commerce sales have shown a positive trend, increasing by 4.9%. In terms of future developments, Tillys is projecting fourth-quarter net sales between $149 million and $156 million, with an expected decline in comparable net sales of 5% to 9%. Furthermore, the company plans to close at least 10 underperforming stores. These recent developments provide investors with an overview of Tillys' financial status and strategic plans.
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