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What happened
Apparel, footwear, and accessory retailer Tilly's (TLYS 2.70%) stock jumped as much as 35% on Thursday after the company reported better-than-expected third-quarter revenue and earnings per share. Shares are up 34.6% at the time of this writing.
So what
For its third quarter, Tilly's reported net income of $6.5 million, or $0.22 per share, on revenue of $152 million. These results crushed expectations, which is likely the reason for the soaring stock price on Thursday. On average, analysts were expecting Tilly's to report EPS of $0.11 on revenue of $143 million, according to forecasts compiled by Thomson Reuters.
Furthermore, revenue and EPS growth of 7.3% and 120% year over year put the spotlight on the company's growth. Tilly's 4.4% rise in comparable store sales on top of a 3.9% increase in the year-ago quarter was also a bright spot.
Now what
For its fourth quarter, Tilly's CEO Ed Thomas said a "promising Black Friday weekend and Cyber Monday" gave the company "a decent start." In addition, he believes its "merchandise assortment is well positioned for the holiday season."
With a positive outlook for its fourth quarter, the company expects comparable store sales in its fourth quarter to be between flat and a 2% increase.
