Tilly's Welcomes Michael Relich to Its Board of Directors
Tilly's Welcomes Michael Relich to Its Board of Directors
Tilly's, Inc. (NYSE: TLYS), a recognized name in casual apparel and accessories, has recently named Michael Relich as a new member of its Board of Directors. Relich’s impressive background of over 40 years in the retail industry adds significant value to Tilly's leadership team.
Michael Relich’s Extensive Experience
Relich joins Tilly's during a pivotal time as the company faces challenges, including a notable decline of nearly 40% in stock price over the last year. His diverse expertise particularly in information technology and retail operations is expected to play a crucial role in steering the company towards recovery.
Career Overview
Prior to joining Tilly's, Mr. Relich served as co-Chief Executive Officer of PacSun and contributed as a board member to PSEB LLC, the parent company that includes PacSun and Eddie Bauer. His professional portfolio showcases leadership roles at prominent brands like Lucky Brand, Crate & Barrel, and Wet Seal, underscoring a wealth of experience that could benefit Tilly's significantly.
Executive Chairman's Perspective
Hezy Shaked, Tilly's Executive Chairman, expressed strong confidence in Relich's abilities to enhance the board, noting his vast experience in young adult retail and his tech-savvy approach, which aligns well with Tilly's vision for growth and modernization.
Tilly's Retail Strategy and Growth Potential
As a leading specialty retailer, Tilly's focuses on providing stylish clothing, footwear, and accessories for a younger audience. Operating 249 locations across 33 states, the brand also maintains a strong online presence that is crucial for reaching modern consumers.
Financial Challenges and Strategic Initiatives
In its recent third-quarter report, Tilly's faced financial hurdles, revealing a net loss of $12.9 million and earnings per share of -$0.43, which fell short of market expectations. Revenue came in at $143.4 million, slightly under anticipated figures.
Despite these setbacks, the company is actively implementing several strategic changes. Tilly's plans to improve its e-commerce capabilities, which have already seen a positive trend with a 4.9% increase in online sales. This focus on digital growth indicates a proactive response to changing retail dynamics.
Future Projections
Looking ahead, Tilly's anticipates fourth-quarter net sales ranging between $149 million and $156 million, while also projecting a potential decline of 5% to 9% in comparable net sales. In an effort to streamline operations, Tilly's might close at least 10 underperforming stores.
Frequently Asked Questions
Who is Michael Relich?
Michael Relich is the newly appointed member of Tilly's Board of Directors, bringing over 40 years of retail experience.
What challenges is Tilly's facing?
Tilly's has recently faced a significant decline in stock value and reported a net loss in its latest financial quarter.
What role will Relich play in Tilly's future?
Relich will leverage his expertise in retail and technology to assist Tilly's in navigating its current challenges and spearheading growth.
How is Tilly's performing in e-commerce?
Tilly's has seen a 4.9% increase in e-commerce sales, indicating a positive trend in its online strategy.
What are Tilly's plans for the future?
Tilly's plans to focus on e-commerce growth, close underperforming stores, and adjust its sales forecasts for the coming quarters.
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