Tillys (originally known as World of Jeans and Tops and Tilly's) is an American retail clothing company that sells an assortment of branded apparel, accessories, shoes, and more. Tillys is headquartered and operated from Irvine, California.3 Its shares trade on NYSE under the symbol TLYS.1Wikipedia text CC BY-SA 4.0
Tillys (originally known as World of Jeans and Tops and Tilly's) is an American retail clothing company that sells an assortment of branded apparel, accessories, shoes, and more. Tillys is headquartered and operated from Irvine, California.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Out of $553.6M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2026
Capital spending
Capital spending100¢$4.7M
Out of $4.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
Revenue10111213145$553.6M in 2026−8% since 2019Gross profit15111213145$164.5M in 2026−9% since 2019Operating income15111213145-$19.3M in 2026Net income15111213145-$17.5M in 2026
Revenue161718$163.5M in Q2 FY2026+8% since Q2 FY2025Gross profit161718$58.1M in Q2 FY2026+18% since Q2 FY2025Operating income161718$8.2M in Q2 FY2026+205% since Q2 FY2025Net income161718$8.4M in Q2 FY2026+165% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
Net sales
$553.6M
$569.5M
$623.1M
Cost of goods sold (includes buying, distribution, and occupancy costs)
$385.4M
$416.0M
$453.7M
Rent expense, related party
$3.7M
$3.7M
$3.7M
Cost of goods sold (includes buying, distribution, and occupancy costs)
$389.1M
$419.8M
$457.4M
Gross profit
$164.5M
$149.7M
$165.7M
Selling, general and administrative expenses
$183.3M
$199.0M
$196.1M
Rent expense, related party
$534.0K
$532.0K
$533.0K
Selling, general and administrative expenses
$183.8M
$199.5M
$196.6M
Operating loss
-$19.3M
-$49.8M
-$31.0M
Other income, net
$1.8M
$3.8M
$5.2M
Loss before income taxes
-$17.6M
-$46.0M
-$25.8M
Income tax (benefit) expense
-$137.0K
$217.0K
$8.7M
Net loss
-$17.5M
-$46.2M
-$34.5M
Diluted loss per share (in dollars per share)
-$0.58
-$1.54
-$1.16
Weighted average basic shares outstanding (in shares)
30.1M shares
30.0M shares
29.8M shares
Weighted average diluted shares outstanding (in shares)
30.1M shares
30.0M shares
29.8M shares
No quarter-by-quarter statement was filed.
Total assets1915111213145$310.8M in 2026+6% since 2019Total liabilities1915111213145$225.6M in 2026+74% since 2019Shareholders’ equity111213145$85.1M in 2026−48% since 2019Cash15111213145$46.3M in 2026−32% since 2019
Total assets161718$347.1M in Q2 FY2026+0% since Q2 FY2025Total liabilities161718$260.2M in Q2 FY2026−1% since Q2 FY2025Shareholders’ equity161718$86.9M in Q2 FY2026+5% since Q2 FY2025Cash161718$52.3M in Q2 FY2026+3% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$46.3M
$21.1M
Marketable securities
$0
$25.7M
Receivables
$6.1M
$4.1M
Merchandise inventories
$61.7M
$69.2M
Prepaid expenses and other current assets
$11.1M
$11.0M
Total current assets
$125.2M
$131.0M
Operating lease assets
$150.4M
$169.8M
Property and equipment, net
$33.5M
$40.1M
Other assets
$1.7M
$1.6M
TOTAL ASSETS
$310.8M
$342.5M
Accounts payable
$21.7M
$11.1M
Accrued expenses
$12.1M
$12.8M
Deferred revenue
$13.3M
$14.1M
Accrued compensation and benefits
$7.9M
$9.4M
Current portion of operating lease liabilities
$41.3M
$48.4M
Current portion of operating lease liabilities, related party
$3.7M
$3.4M
Other current liabilities
$50.0K
$172.0K
Total current liabilities
$100.1M
$99.4M
Non-current portion of operating lease liabilities
$113.3M
$126.2M
Noncurrent portion of deferred rent
$12.1M
$15.8M
Other long-term liabilities
$99.0K
$149.0K
Total long-term liabilities
$125.5M
$142.2M
TOTAL LIABILITIES
$225.6M
$241.6M
Preferred stock, $0.001 par value; 10,000 shares authorized, no shares issued or outstanding
$0
$0
Additional paid-in capital
$176.8M
$174.8M
Accumulated deficit
-$91.6M
-$74.2M
Accumulated other comprehensive income
$0
$203.0K
TOTAL STOCKHOLDERS' EQUITY
$85.1M
$100.9M
$144.9M
$176.8M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$310.8M
$342.5M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$46.3M
$21.1M
Marketable securities
$0
$25.7M
Receivables
$6.1M
$4.1M
Merchandise inventories
$61.7M
$69.2M
Prepaid expenses and other current assets
$11.1M
$11.0M
Total current assets
$125.2M
$131.0M
Operating lease assets
$150.4M
$169.8M
Property and equipment, net
$33.5M
$40.1M
Other assets
$1.7M
$1.6M
TOTAL ASSETS
$310.8M
$342.5M
Accounts payable
$21.7M
$11.1M
Accrued expenses
$12.1M
$12.8M
Deferred revenue
$13.3M
$14.1M
Accrued compensation and benefits
$7.9M
$9.4M
Current portion of operating lease liabilities
$41.3M
$48.4M
Current portion of operating lease liabilities, related party
$3.7M
$3.4M
Other current liabilities
$50.0K
$172.0K
Total current liabilities
$100.1M
$99.4M
Non-current portion of operating lease liabilities
$113.3M
$126.2M
Noncurrent portion of deferred rent
$12.1M
$15.8M
Other long-term liabilities
$99.0K
$149.0K
Total long-term liabilities
$125.5M
$142.2M
TOTAL LIABILITIES
$225.6M
$241.6M
Preferred stock, $0.001 par value; 10,000 shares authorized, no shares issued or outstanding
$0
$0
Additional paid-in capital
$176.8M
$174.8M
Accumulated deficit
-$91.6M
-$74.2M
Accumulated other comprehensive income
$0
$203.0K
TOTAL STOCKHOLDERS' EQUITY
$85.1M
$100.9M
$144.9M
$176.8M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$310.8M
$342.5M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Cash from operations15111213145$4.1M in 2026−91% since 2019Capital spending15111213145$4.7M in 2026−69% since 2019Free cash flow15111213145-$589.0K in 2026Dividends paid151213$0 in 2024Share buybacks121314$0 in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
Net loss
-$17.5M
-$46.2M
-$34.5M
Depreciation and amortization
$10.6M
$12.8M
$12.8M
Share-based compensation expense
$1.9M
$2.1M
$2.2M
Impairment of assets
$1.2M
$4.4M
$3.4M
Loss (Gain) on disposal of assets
$62.0K
-$29.0K
$38.0K
Gain on maturities of marketable securities
-$363.0K
-$1.8M
-$2.0M
Deferred income taxes
$0
$0
$8.5M
Receivables
-$1.6M
$2.9M
$5.6M
Merchandise inventories
$7.5M
-$6.0M
-$1.0M
Prepaid expenses and other assets
-$1.1M
$1.0M
$5.6M
Accounts payable
$10.6M
-$3.4M
-$1.5M
Accrued expenses
-$374.0K
$73.0K
-$596.0K
Accrued compensation and benefits
-$1.5M
-$484.0K
$1.7M
Operating lease liabilities
-$4.3M
-$6.0M
-$5.3M
Deferred revenue
-$826.0K
-$841.0K
-$1.1M
Other liabilities
-$154.0K
-$336.0K
-$555.0K
Net cash provided by (used in) operating activities
$4.1M
-$42.0M
-$6.7M
Purchases of marketable securities
$0
-$74.5M
-$121.0M
Purchases of property and equipment
-$4.7M
-$8.2M
-$14.0M
Proceeds from maturities of marketable securities
$25.8M
$98.5M
$115.0M
Proceeds from sale of property and equipment
$30.0K
$24.0K
$10.0K
Net cash provided by (used in) investing activities
$21.2M
$15.8M
-$20.0M
Proceeds from exercise of stock options
$0
$294.0K
$400.0K
Taxes paid for short swing profits disgorgement payment
$0
$0
-$173.0K
Net cash provided by financing activities
$0
$294.0K
$227.0K
Change in cash and cash equivalents
$25.3M
-$26.0M
-$26.5M
Income taxes refunded
-$375.0K
-$2.5M
-$6.4M
Unpaid purchases of property and equipment
$427.0K
$695.0K
$1.1M
Operating lease liabilities arising from obtaining operating lease assets
Tillys sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Tillys
Fund 1 Investments, LLCFiled SCHEDULE 13D/A on Tillys, latest Sep 8, 2026 (20 filings since Jan 10, 2023)
World of Jeans & Tops Subsidiary · California, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Tillys reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease approximately 172,000 square feet for our corporate headquarters and retail support and distribution center located at 10 Whatney and 12 Whatney, Irvine, California. Our lease began on January 1, 2003 and terminates on December 31, 2027.
We lease approximately 26,000 square feet of office and warehouse space located at 11 Whatney, Irvine, California. The lease began on June 29, 2012 and terminates on June 30, 2032.
The rest of Item 2
We lease approximately 81,000 square feet for our e-com fulfillment center located at 17 Pasteur, Irvine, California. The lease began on November 1, 2011 and terminates on October 31, 2031.
All of our 223 stores, encompassing a total of approximately 1.6 million total square feet as of January 31, 2026, are occupied under operating leases. The store leases generally have a base lease term of 10 years and many have renewal option periods, and we are generally responsible for payment of property taxes and utilities, common area maintenance and mall marketing fees.
We consider all of our properties adequate for our present and anticipated future needs.
Hezy Shaked, a former Israel Navy officer, and his wife, Tilly Levine, opened "World of Jeans and Tops" in Los Alamitos, California in 1982. Shaked later renamed the store "Tilly’s" after his wife. The couple divorced in 1989, but Levine continued to work for the company as director of vendor relations. The company went public in May 2012, raising $124 million through its initial public offering of stock.
Tilly's underwent a significant operational turnaround through strategic store optimization, closing 28 underperforming locations gradually over a two-year period spanning from early 2024 through the first half of 2026, to reduce its brick-and-mortar footprint by 11%. Despite operating fewer storefronts, the retailer reported improved financial performance for the first quarter of fiscal 2026, with total net sales rising 15.9% to $124.7 million. This growth was driven by a 12.1% increase in physical store revenue and a 30.9% surge in e-commerce sales, which grew to represent 22.8% of the company's total business.
Tillys stores are located in both traditional outdoor shopping centers and in shopping malls. The average store size is 7,900 square feet (734 m2). Due to their size, Tillys locations in malls usually take up two or three store spaces. As of 2021, Tillys operates 240 stores in 33 states.
Brands
Tillys primarily sells clothing, shoes, and accessories for various active lifestyles including surfing, skateboarding, and snowboarding along with sports such as motocross. Among the brands sold are Adidas, Billabong, DC Shoes, Element, Fox, Famous Stars and Straps, Elwood, Hurley, Nike SB, O'Neill, Quiksilver, RVCA, Vans, and Volcom, as well as an extensive selection of Levi's. They also sell store brands such as Blue Crown, RSQ, Micros, and West of Melrose.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
308 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 153 insider forms, 59 large holders, 24 other. The latest 20:
270 open-market trades by officers, directors and large owners since October 2021: 243 buys and 27 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 60. Change is in shares since the quarter before.
From the cover page of the 10-K filed Apr 9, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Tillys names in Item 1A of its 10-K filed Apr 9, 2026: 45 risks under these headings, as written.20
Risks Related to our Business
Our net sales could be adversely impacted by decreases in consumer spending.
A rise in the cost of products and services that are necessary for the operation of our business could increase our cost of sales and cause our results of operations and margins to decline.
We have a recent history of operating losses, and if we are unable to improve our performance or profitability, we may need to begin borrowing under our credit facility to finance operations and/or find additional sources of liquidity to meet our cash requirements.
We face intense competition in our industry and we may not be able to compete effectively.
We purchase merchandise in advance of the season in which it will be sold and if we purchase too much inventory or do not manage our inventory levels effectively, we may need to reduce prices in order to sell it or face other negative impacts, which may adversely affect our overall profitability.
We may continue to experience comparable store sales or sales per square foot declines, which could cause our results of operations to decline.
Our business depends upon identifying and responding to changing customer fashion preferences and fashion-related trends. If we cannot identify trends in advance or we select the wrong fashion trends, our sales could be adversely affected.
We may not be able to implement our business strategies on the timelines we anticipate, in a cost-effective manner, or at all.
Our business depends upon our ability to successfully open profitable new stores and improve the performance of our existing stores, which are subject to a variety of risks and uncertainties.
Our business depends upon our ability to grow and improve the online portion of our business, which is subject to a variety of risks and uncertainties.
Our ability to attract customers to our stores depends significantly on the success of the retail centers where our stores are located.
The other 34 risks
We are required to make significant lease payments for our store leases, corporate offices, and distribution centers, which may strain our cash flow.
We buy and stock merchandise based upon seasonal weather patterns and therefore unseasonable weather could negatively impact our sales.
Our sales can significantly fluctuate based upon shopping seasons, which may cause our operating results to fluctuate disproportionately on a quarterly basis.
If we fail to maintain good relationships with our suppliers or if our suppliers are unable or unwilling to provide us with sufficient quantities of merchandise at acceptable prices, our business and operations may be adversely affected.
If we cannot retain or find qualified employees to meet our staffing needs in our stores, our distribution and e-com fulfillment centers, or our corporate offices, our business could be adversely affected.
Our business largely depends on a strong brand image, and if we are not able to maintain and enhance our brand, particularly in new markets where we have limited brand recognition, we may be unable to increase or maintain our level of sales.
Any inability to balance merchandise bearing our proprietary brands with the third-party branded merchandise we sell may have an adverse effect on our sales and gross margin.
Most of our merchandise is produced in foreign countries, making the price and availability of our merchandise susceptible to international trade and other international conditions.
Our corporate headquarters, distribution and e-com fulfillment centers and certain information technology systems are in Irvine, California, and if their operations are disrupted, we may not be able to fully operate our store support functions, ship merchandise to our stores, or fulfill e-com orders, which would adversely affect our business.
Our stores are mostly located in the southwestern and northeastern United States and in Florida, with a significant number of stores located in California, putting us at risk of concentration issues and other region-specific disruptions.
Litigation costs and the outcome of litigation could have a material adverse effect on our business.
If our vendors and manufacturing sources fail to use acceptable labor or other practices our reputation may be harmed, which could negatively impact our business.
If we lose key management personnel our operations could be negatively impacted.
We rely on third parties to deliver merchandise to our stores located outside of southern California and to our customers and, therefore, our business could be negatively impacted by disruptions in the operations of these third-party providers.
Risks Related to Information Technology, Data Privacy and Intellectual Property
If our information technology fails to operate or is unable to support our business, our operations could be disrupted.
Our internal operations, management information systems and databases containing the personal information of our employees and customers could be disrupted by system security or operational failures or breached by intentional attacks. These disruptions or attacks could negatively impact our sales, increase our expenses, and harm our reputation.
If we are unable to protect our intellectual property rights, our financial results may be negatively impacted.
We may be subject to liability if we, or our vendors, infringe upon the intellectual property rights of third parties.
Risks Related to Our Ownership Structure and Ownership of Our Common Stock
Our founders control a majority of the voting power of our common stock, which may prevent other stockholders from influencing corporate decisions and may result in conflicts of interest, and a significant portion of our Class A common stock is held by a concentrated group of stockholders, which may adversely impact other stockholders.
We are a controlled company within the meaning of the NYSE rules, and, as a result, we may rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.
If securities or industry analysts publish inaccurate or unfavorable research about our business, the price and trading volume of our Class A common stock could decline.
Financial forecasting by us and financial analysts who may publish estimates of our performance may differ materially from actual results.
We have a small public float compared to other larger publicly-traded companies, which may result in price swings in our Class A common stock or make it difficult to acquire or dispose of our Class A common stock.
The price of our Class A common stock has been, and may continue to be, volatile and may decline in value.
Future sales of our common stock by us or by existing stockholders could cause the price of our Class A common stock to decline.
While we have paid special cash dividends in the past, there can be no assurance that we will pay dividends in the future, which may make our Class A common stock less desirable to investors and decrease its value.
Our corporate organizational documents and Delaware law have anti-takeover provisions that may inhibit or prohibit a takeover of us and the replacement or removal of our management.
Our amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
General Risks
We depend on cash generated from our operations to support our business, which could strain our cash flow.
Epidemics, pandemics, war, terrorism, civil unrest or other public disruptions could negatively affect our business.
We may be subject to unionization and work stoppages, or slowdowns.
Violations of and/or changes in laws, including employment laws and laws related to our merchandise and our e-commerce platform, could make conducting our business more expensive or change the way we do business.
We may experience fluctuations in our tax obligations and effective tax rate.
The impact of climate change could have an adverse impact on our business, and the implementation of environmental, and governance initiatives, as well as sustainability initiatives, could lead to regulatory or structural modifications within the industry. Such changes may necessitate substantial operational adjustments and expenses, dampen demand for our Company's goods, and have an unfavorable impact on our business, financial health, marketing strategy and performance.
Legal proceedings
The information under the subheading "Legal Proceedings" contained in "Note 10: Commitments and Contingencies" to our consolidated financial statements included in this Report is incorporated by reference into this Item.
