Revenue growth remains highly volatile, with a 15.9% increase in 2026Q1 failing to offset structural margin compression that saw gross margins drop as low as 19.8% in 2025Q1.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 |
|---|
| Sales/Revenue | 570.69M | 553.59M | 569.45M | 623.08M | 672.28M | 775.69M | 531.33M | 619.3M | 598.48M | 576.9M | 568.95M | 550.99M | 518.29M | 495.84M | 467.29M | 400.62M | 332.6M | 282.76M |
| Revenue Growth % | 1.69% | -2.79% | -8.61% | -7.32% | -13.33% | 45.99% | -14.2% | 3.48% | 3.74% | 1.4% | 3.26% | 6.31% | 4.53% | 6.11% | 16.64% | 20.45% | 17.63% | - |
| Cost of Goods Sold | 391.44M | 389.12M | 419.76M | 457.43M | 469.49M | 499.03M | 389.14M | 432.59M | 417.58M | 401.53M | 400.49M | 383.75M | 362.76M | 343.54M | 317.1M | 271.48M | 229.99M | 195.43M |
| COGS % of Revenue | - | 70.29% | 73.71% | 73.41% | 69.84% | 64.33% | 73.24% | 69.85% | 69.77% | 69.6% | 70.39% | 69.65% | 69.99% | 69.29% | 67.86% | 67.76% | 69.15% | 69.11% |
| Gross Profit | 179.25M | 164.47M | 149.7M | 165.66M | 202.79M | 276.66M | 142.19M | 186.71M | 180.9M | 175.37M | 168.46M | 167.25M | 155.53M | 152.29M | 150.19M | 129.14M | 102.61M | 87.33M |
| Gross Margin % | 31.41% | 29.71% | 26.29% | 26.59% | 30.16% | 35.67% | 26.76% | 30.15% | 30.23% | 30.4% | 29.61% | 30.35% | 30.01% | 30.71% | 32.14% | 32.24% | 30.85% | 30.89% |
| Gross Profit Growth % | - | 9.87% | -9.63% | -18.31% | -26.7% | 94.57% | -23.84% | 3.21% | 3.15% | 4.1% | 0.73% | 7.53% | 2.13% | 1.4% | 16.3% | 25.85% | 17.5% | - |
| Operating Expenses | 183.6M | 282.05M | 199.01M | 193.21M | 191.34M | 189.07M | 145.23M | 158.25M | 149.42M | 151.38M | 149.13M | 149.15M | 132.34M | 122.56M | 118.81M | 94.22M | 77.67M | 65.91M |
| OpEx % of Revenue | - | 50.95% | 34.95% | 31.01% | 28.46% | 24.37% | 27.33% | 25.55% | 24.97% | 26.24% | 26.21% | 27.07% | 25.53% | 24.72% | 25.42% | 23.52% | 23.35% | 23.31% |
| Selling, General & Admin | 183.47M | 183.41M | 199.55M | 196.64M | 191.56M | 189.07M | 145.23M | 158.25M | 149.42M | 151.38M | 149.13M | 149.15M | 132.34M | 122.56M | 116.98M | 94.22M | 77.67M | 65.91M |
| SG&A % of Revenue | - | 33.13% | 35.04% | 31.56% | 28.49% | 24.37% | 27.33% | 25.55% | 24.97% | 26.24% | 26.21% | 27.07% | 25.53% | 24.72% | 25.03% | 23.52% | 23.35% | 23.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 133K | 98.65M | -532K | 0 | 0 | -594K | 581K | 0 | 0 | 1.22M | 418K | 52K | -14K | -9K | 0 | 0 | 0 | 0 |
| Operating Income | -4.62M | -117.58M | -49.85M | -27.55M | 11.45M | 87.59M | -3.04M | 28.45M | 31.48M | 23.99M | 19.33M | 18.1M | 23.19M | 29.74M | 31.39M | 34.92M | 24.95M | 21.42M |
| Operating Margin % | -0.81% | -21.24% | -8.75% | -4.42% | 1.7% | 11.29% | -0.57% | 4.59% | 5.26% | 4.16% | 3.4% | 3.28% | 4.47% | 6% | 6.72% | 8.72% | 7.5% | 7.58% |
| Operating Income Growth % | - | -135.88% | -80.93% | -340.54% | -86.92% | 2981.41% | -110.68% | -9.61% | 31.24% | 24.09% | 6.82% | -21.96% | -22.02% | -5.27% | -10.12% | 40% | 16.46% | - |
| EBITDA | 8.23M | -107M | -37.08M | -14.72M | 25.59M | 104.43M | 16.02M | 49.4M | 53.97M | 47.38M | 42.6M | 40.9M | 44.43M | 49.1M | 48.07M | 50.05M | 39.24M | 35.34M |
| EBITDA Margin % | 1.44% | -19.33% | -6.51% | -2.36% | 3.81% | 13.46% | 3.01% | 7.98% | 9.02% | 8.21% | 7.49% | 7.42% | 8.57% | 9.9% | 10.29% | 12.49% | 11.8% | 12.5% |
| EBITDA Growth % | 119.47% | -188.58% | -151.94% | -157.52% | -75.5% | 552.08% | -67.58% | -8.45% | 13.91% | 11.22% | 4.14% | -7.93% | -9.53% | 2.15% | -3.97% | 27.56% | 11.04% | - |
| D&A (Non-Cash Add-back) | 12.84M | 10.58M | 12.77M | 12.83M | 14.13M | 16.84M | 19.05M | 20.95M | 22.48M | 23.39M | 23.27M | 22.81M | 21.24M | 19.37M | 16.68M | 15.13M | 14.29M | 13.91M |
| EBIT | -4.32M | -19.34M | -49.85M | -30.98M | 11.19M | 87.59M | -3.04M | 28.45M | 31.48M | 23.99M | 19.33M | 18.1M | 23.19M | 29.74M | 31.39M | 34.92M | 24.95M | 21.42M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -594K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -91K | -196K | -249K | -284K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 594K | 0 | 0 | 0 | 1.22M | 0 | 0 | 14K | 9K | 91K | 196K | 249K | 284K |
| Other Income/Expense | 1.5M | 100M | 3.84M | 1.77M | 1.71M | -594K | 581K | 2.9M | 2.31M | 1.22M | 418K | 52K | -14K | -9K | -91K | -196K | -249K | -284K |
| Pretax Income | -3.11M | -17.59M | -46.01M | -25.78M | 13.43M | 87M | -2.46M | 31.36M | 33.79M | 25.21M | 19.75M | 18.15M | 23.18M | 29.73M | 31.3M | 34.73M | 24.7M | 21.14M |
| Pretax Margin % | -0.55% | -3.18% | -8.08% | -4.14% | 2% | 11.22% | -0.46% | 5.06% | 5.65% | 4.37% | 3.47% | 3.29% | 4.47% | 6% | 6.7% | 8.67% | 7.43% | 7.48% |
| Income Tax | 139K | -137K | 217K | 8.71M | 3.34M | 22.75M | -1.31M | 8.73M | 8.85M | 10.51M | 8.34M | 10.61M | 9.1M | 11.59M | 7.41M | 389K | 282K | 275K |
| Effective Tax Rate % | -4.46% | 0.78% | -0.47% | -33.78% | 24.89% | 26.15% | 53.44% | 27.85% | 26.19% | 41.69% | 42.22% | 58.45% | 39.27% | 38.99% | 23.66% | 1.12% | 1.14% | 1.3% |
| Net Income | -3.25M | -17.45M | -46.23M | -34.49M | 9.68M | 64.25M | -1.15M | 22.62M | 24.94M | 14.7M | 11.41M | 7.54M | 14.07M | 18.14M | 23.89M | 34.34M | 24.42M | 20.86M |
| Net Margin % | -0.57% | -3.15% | -8.12% | -5.54% | 1.44% | 8.28% | -0.22% | 3.65% | 4.17% | 2.55% | 2.01% | 1.37% | 2.72% | 3.66% | 5.11% | 8.57% | 7.34% | 7.38% |
| Net Income Growth % | 93.33% | 62.25% | -34.03% | -456.43% | -84.94% | 5711.27% | -105.06% | -9.31% | 69.68% | 28.83% | 51.31% | -46.42% | -22.4% | -24.09% | -30.42% | 40.65% | 17.03% | - |
| Net Income (Continuing) | -3.25M | -17.45M | -46.23M | -34.49M | 9.68M | 64.25M | -1.15M | 22.62M | 24.94M | 14.7M | 11.41M | 7.54M | 14.07M | 18.14M | 23.89M | 34.34M | 24.42M | 20.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.58 | -1.54 | -1.16 | 0.32 | 2.06 | -0.04 | 0.76 | 0.84 | 0.51 | 0.40 | 0.27 | 0.50 | 0.65 | 0.92 | 1.24 | 1.19 | 1.02 |
| EPS Growth % | 93.25% | 62.34% | -32.76% | -462.5% | -84.47% | 5436.79% | -105.08% | -9.52% | 64.71% | 27.5% | 48.15% | -46% | -23.08% | -29.35% | -25.81% | 4.2% | 16.67% | - |
| EPS (Basic) | - | -0.58 | -1.54 | -1.16 | 0.32 | 2.10 | -0.04 | 0.77 | 0.85 | 0.51 | 0.40 | 0.27 | 0.50 | 0.65 | 0.93 | 1.24 | 1.22 | 1.04 |
| Diluted Shares Outstanding | 30.12M | 30.26M | 30.03M | 29.85M | 30.32M | 31.12M | 29.7M | 29.79M | 29.77M | 29.07M | 28.53M | 28.4M | 28.08M | 28.12M | 26.08M | 27.6M | 20.51M | 20.51M |
| Basic Shares Outstanding | 30.12M | 30.11M | 30.03M | 29.85M | 30.11M | 30.56M | 29.7M | 29.53M | 29.28M | 28.8M | 28.5M | 28.33M | 28.01M | 27.82M | 25.66M | 27.6M | 20M | 20M |
| Dividend Payout Ratio | - | - | - | - | - | 95.92% | - | 130.2% | 116.53% | 136.6% | - | - | - | - | 352.77% | 104.86% | 91.01% | 76.79% |
High fixed-cost operating leverage
According to recent financial disclosures, TLYS experienced a 15.9% revenue increase in 2026Q1, yet this follows a prolonged period of inconsistent performance where year-over-year growth frequently dipped into negative territory, highlighting the inherent difficulty in maintaining consistent top-line momentum within the highly seasonal teen retail sector.
The recent revenue uptick appears to be a departure from the prior multi-quarter trend of contraction, suggesting potential volatility rather than a sustained recovery. Investors should monitor whether this growth is driven by sustainable demand or merely a recovery from previous inventory-related headwinds.
As reported in quarterly filings, gross margins have fluctuated significantly, reaching a low of 19.8% in 2025Q1 before recovering to 28.9% in 2026Q1, which underscores the company's limited pricing power and heavy reliance on promotional activity to clear inventory in a competitive teen apparel landscape.
The inability to consistently maintain gross margins above the 30% threshold suggests that the company's product mix remains vulnerable to discounting. This margin profile indicates that the firm lacks the brand equity required to insulate itself from the aggressive pricing strategies employed by broader retail competitors.
Based on the company's reported figures, the operating margin of -6.5% in 2026Q1 demonstrates that fixed costs, particularly store occupancy and labor, continue to outpace revenue generation, creating a scenario where even minor fluctuations in sales lead to significant swings in the bottom-line profitability of the firm.
The persistent negative operating income suggests that the current store footprint is not sufficiently productive to cover the underlying fixed cost structure. Without a meaningful increase in store-level productivity, the company may continue to face significant earnings pressure regardless of top-line performance.
Data from recent income statements indicates that SG&A expenses remain stubbornly high relative to revenue, with the company reporting $44.0M in SG&A for 2026Q1, a figure that highlights the difficulty of managing a large-format retail footprint during periods of declining or stagnant consumer traffic.
The high ratio of SG&A to revenue suggests that management has limited flexibility to reduce overhead without potentially compromising the customer experience. This cost structure warrants further investigation into whether the current store-based model can remain viable under existing inflationary pressures on retail labor and lease obligations.
Financial statements reveal that the company's reliance on a high-fixed-cost, mall-based model may be fundamentally misaligned with current consumer shopping habits, as evidenced by the recurring negative net income and the ongoing struggle to achieve consistent profitability across the last ten reported fiscal quarters.
Short-sellers may focus on the potential for liquidity strain if the current burn rate persists, as the company lacks the robust profitability of its peers. The market may be underestimating the risk that the 'hardgoods' strategy is insufficient to offset the structural decline in mall-based apparel demand.
Quick answers to the most common questions about buying TLYS stock.
For fiscal year 2025, Tilly's, Inc. (TLYS) reported total revenue of $553.6M. This represents a 95.8% increase compared to $282.8M in 2009.
Tilly's, Inc. (TLYS) reported a net loss of $17.5M for the fiscal year ending 2025.
Tilly's, Inc. (TLYS) reported an operating income of $-117.6M, resulting in an operating profit margin of -21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Tilly's, Inc. (TLYS) generated $164.5M in gross profit for the year, representing a gross profit margin of 29.7%. This demonstrates the company's core pricing power and production efficiency.