SURF REPORT
Tilly’s Reports 17.1 Percent Increase in 2nd-Q Total Net Sales, Names New CFO
Jennifer Ehrhardt has been named chief financial officer of Irvine, Calif.–based teen surf chain Tilly’s, succeeding Bill Langsdorf, who announced his retirement earlier in the year.
Ehrhardt, who is currently Tilly’s vice president of finance, will take up the CFO title on Sept. 14.
Ehrhardt was previously vice president and corporate controller at The Wet Seal Inc. She also spent 12 years at Deloitte & Touche LLP, most recently as senior manager.
“Jennifer brings the right talents and her great experience in retail apparel and accounting to the role,” said Tilly’s President and Chief Executive Officer Daniel Griesemer.
Griesemer also praised Langsdorf’s service to the company, saying, “Among Bill’s many contributions, his talent and dedication have been instrumental to Tilly’s growth and successful transition to a public company, and his financial stewardship has helped position us for the long term.”
The news came as Tilly’s released an upbeat report for the most recent quarter.
For the second quarter, which ended Aug. 3, Tilly’s reported total net sales of $123 million, an increase of 17.1 percent over last year. Same-store sales, including e-commerce, decreased 0.5 percent, but e-commerce sales overall increased 30 percent to $12.8 million.
The company’s gross profit increased 22.5 percent to $38.2 million over the second quarter last year, and net income was reported at $4.3 million, or $0.15 per diluted share, based on a weighted average diluted share count of 28.1 million shares, according to the company.
“Our unique offering of the most sought-after brands coupled with disciplined adherence to our pricing strategy led to quality earnings that were above our expectations,” Griesemer said. “We believe our inventory is well positioned to drive sales in our stores and on our website.”
