Tilly's, Inc. (TLYS): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo dinámico de Tilly's, Inc. (Tlys), una potencia minorista que ha forjado magistralmente su nicho en el mercado de la moda juvenil y adolescente. Con un modelo de negocio estratégico que combina ropa de moda, plataformas innovadoras de comercio electrónico y una comprensión profunda de la cultura de surf y skate, Tilly se ha transformado de un minorista local de California a una marca nacional que resuena con los consumidores jóvenes de la moda. Su enfoque único combina estilo asequible, colecciones curadas y una experiencia de compra omnicanal que hace que los adolescentes y adultos jóvenes regresen por más.

Tilly's, Inc. (Tlys) - Modelo de negocios: asociaciones clave

Marcas de ropa y calzado

Tilly Mantiene asociaciones estratégicas con múltiples marcas:

Marca	Detalles de la asociación	Contribución de ventas estimada
Camionetas	Distribución exclusiva y no exclusiva de productos	Aproximadamente el 15-20% de los ingresos totales de mercancías
Nike	Asociación mayorista y distribución minorista	Aproximadamente el 12-18% de los ingresos totales de mercancías
Adidas	Abastecimiento de productos y asociación minorista	Aproximadamente el 10-15% de los ingresos totales de mercancías

Administradores de propiedades de centros comerciales y centros comerciales

Las asociaciones clave de administración de propiedades incluyen:

• Grupo de propiedades Simon
• Grupo de Westfield
• Compañía Macerich

A partir de 2023, Tilly's opera 231 tiendas minoristas en 33 estados, principalmente en centros comerciales y centros comerciales.

Plataforma de comercio electrónico y proveedores de tecnología

Socio tecnológico	Servicio proporcionado	Año de implementación
Shop	Infraestructura de la plataforma de comercio electrónico	2018
Adobe Commerce	Soluciones de comercio digital	2020

Las ventas en línea representaron el 28.5% de las ventas netas totales en el año fiscal 2022.

Logística y socios de la cadena de suministro

• Logística de FedEx
• Soluciones de cadena de suministro de UPS
• Reenvío global de DHL

Valor de inventario total al 28 de enero de 2023: $ 76.8 millones

Influenciadores de las redes sociales y embajadores de la marca

Categoría de influencer	Alcance estimado	Tasa de compromiso
Influenciadores deportivos de acción	500,000-750,000 seguidores	3.5-4.2%
Influenciadores de moda/estilo de vida	250,000-500,000 seguidores	2.8-3.5%

Tilly's, Inc. (Tlys) - Modelo de negocio: actividades clave

Operaciones y gestión de tiendas minoristas

A partir del tercer trimestre de 2023, Tilly opera 241 tiendas minoristas en 20 estados en los Estados Unidos. La compañía mantiene un tamaño de tienda promedio de aproximadamente 4,500 pies cuadrados.

Métrico	Valor
Total de tiendas minoristas	241
Estados cubiertos	20
Tamaño promedio de la tienda	4.500 pies cuadrados

Desarrollo y mantenimiento de la plataforma de comercio electrónico

En el año fiscal 2023, las ventas de comercio electrónico de Tilly representaron el 35.2% de las ventas netas totales, ascendiendo a $ 146.1 millones.

• Plataforma digital lanzada en 2010
• Aplicación móvil disponible en iOS y Android
• Estrategia minorista omnicanal

Abastecimiento de productos y gestión de inventario

Tilly's mantiene un inventario de productos diverso en múltiples categorías:

Categoría de productos	Porcentaje de inventario
Vestir	52%
Calzado	28%
Accesorios	20%

Marketing y promoción de la marca

El gasto de marketing para el año fiscal 2023 fue de $ 15.3 millones, lo que representa el 3.7% de las ventas netas totales.

• Marketing en redes sociales en múltiples plataformas
• Asociaciones de influencia
• Campañas de marketing por correo electrónico

Experiencia del cliente y pronóstico de tendencias

Tilly dedica recursos significativos para el análisis de tendencias y la participación del cliente:

Métrico	Valor
Miembros del programa de fidelización del cliente	1.2 millones
Encuestas anuales de clientes realizadas	4
Iteraciones de diseño de productos por año	6-8

Tilly's, Inc. (Tlys) - Modelo de negocio: recursos clave

Red de tiendas minoristas físicas

A partir del año fiscal 2023, Tilly's opera 231 tiendas minoristas en 19 estados en los Estados Unidos. Desglose de la tienda por tipo:

Tipo de tienda	Número de ubicaciones
Tiendas tradicionales de Tilly	211
Tiendas conceptuales de RSQ	20

Plataforma de ventas en línea

Métricas de canales de ventas digitales para el año fiscal 2023:

• Sitio web de comercio electrónico: tillys.com
• Ventas totales en línea: $ 185.3 millones
• Porcentaje de ventas en línea de ingresos totales: 35.4%
• Tráfico móvil: 70% de las visitas en línea

Reconocimiento de marca

Demográfico y posicionamiento de marca objetivo:

Demográfico	Detalles
Grupo de edad primaria	13-24 años
Penetración del mercado	Fuerte presencia en el estilo de vida para adolescentes y jóvenes de estilo de vida para adultos jóvenes

Inventario de productos

Desglose de categoría de productos para el año fiscal 2023:

Categoría	Porcentaje de ventas
Vestir	62%
Calzado	22%
Accesorios	16%

Equipo de gestión

Detalles clave del liderazgo:

• Total de los miembros del equipo ejecutivo: 5
• Promedio de tenencia en la industria minorista: más de 15 años
• Los puestos de liderazgo incluyen CEO, CFO, director de comercialización

Recursos financieros

Métricas financieras para el año fiscal 2023:

Métrico	Cantidad
Ingresos totales	$ 523.4 millones
Equivalentes de efectivo y efectivo	$ 72.6 millones
Capital de explotación	$ 141.3 millones

Tilly's, Inc. (Tlys) - Modelo de negocio: propuestas de valor

Ropa y accesorios de moda, centrados en la juventud

A partir del cuarto trimestre de 2023, Tilly informó una mezcla de productos dirigida a 13-24 edades demográficos con el siguiente desglose de mercancías:

Categoría de productos	Porcentaje de ingresos
Camisetas gráficas	28.5%
Mezclilla/pantalones	22.3%
Accesorios	15.7%
Ropa de calle	18.2%
Calzado	15.3%

Moda asequible para adolescentes y adultos jóvenes

Precio promedio de precios para categorías clave de productos:

• Camisetas: $ 24.50
• Jeans: $ 49.95
• Hoodies: $ 54.50
• Zapatillas de deporte: $ 69.90

Mezcla de mercancías de marca y marca privada

Composición de mercancía en 2023:

Tipo de mercancía	Porcentaje
Marcas nacionales	65.4%
Etiqueta privada	34.6%

Estilo de vida curado y colecciones inspiradas en surf/skate

Asociaciones de marca y colecciones destacadas en 2023:

• Vans: 12.3% de las ventas totales
• Billabong: 8.7% de las ventas totales
• Quiksilver: 7.5% de las ventas totales
• Nike: 11.2% de las ventas totales

Experiencia de compra omnicanal

Distribución del canal de ventas para 2023:

Canal de ventas	Porcentaje de ingresos
Tiendas minoristas	62.5%
Comercio electrónico	37.5%

Tilly's, Inc. (Tlys) - Modelo de negocios: relaciones con los clientes

Compromiso de las redes sociales

A partir de 2024, Tilly's mantiene la presencia activa de las redes sociales en las plataformas:

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	387,000 seguidores	3.2%
Tiktok	156,000 seguidores	2.8%
Facebook	212,000 seguidores	1.9%

Programa de fidelización

Características del programa de lealtad interna de Tilly:

• 5% de reembolso en compras
• Recompensas trimestrales por un total de $ 47,500 distribuidos
• 36,750 miembros activos de lealtad
• Gasto promedio de miembros: $ 385 anualmente

Comunicaciones de marketing personalizadas

Canal de comunicación	Alcance mensual	Tasa de conversión
Marketing por correo electrónico	275,000 suscriptores	4.3%
Marketing de SMS	98,000 suscriptores	3.7%

Servicio al cliente en la tienda

Métricas de servicio al cliente para ubicaciones minoristas físicas:

• Tiempo promedio de interacción con el cliente: 12.5 minutos
• Calificación de satisfacción del cliente: 4.2/5
• Horas de capacitación del personal: 36 horas anuales por empleado

Interacción de la aplicación móvil

Módulo de aplicación móvil	2024 datos
Descargas totales de aplicaciones	247,000
Usuarios activos mensuales	89,500
Duración de la sesión promedio	7.3 minutos
Porcentaje de ventas móviles	22.6% de los ingresos totales

Tilly's, Inc. (Tlys) - Modelo de negocios: canales

Tiendas minoristas físicas

A partir del cuarto trimestre de 2023, Tilly opera 231 tiendas minoristas en 33 estados en los Estados Unidos. La huella de la tienda de la compañía cubre aproximadamente 1,337,000 pies cuadrados totales de espacio comercial.

Métrica de almacenamiento	Cantidad
Número total de tiendas	231
Estados cubiertos	33
Espacio minorista total	1,337,000 pies cuadrados

Sitio web de comercio electrónico

Tillys.com generó $ 186.7 millones en ventas en línea durante el año fiscal 2023, lo que representa el 38.4% de los ingresos totales de la compañía.

Aplicación de compras móviles

La aplicación móvil de Tilly se ha descargado más de 500,000 veces en las plataformas iOS y Android, con una calificación promedio de usuarios de 4.2 de 5 estrellas.

Plataformas de redes sociales

• Seguidores de Instagram: 1.2 millones
• Tiktok seguidores: 275,000
• Seguidores de Facebook: 650,000

Ventas de catálogo

Las ventas de catálogo representan menos del 2% de los ingresos totales de la compañía, con aproximadamente 125,000 catálogos distribuidos anualmente.

Canal	Contribución de ingresos
Tiendas físicas	61.6%
Comercio electrónico	38.4%
Ventas de catálogo	Menos del 2%

Tilly's, Inc. (Tlys) - Modelo de negocios: segmentos de clientes

Adolescentes (13-19 años)

A partir del cuarto trimestre de 2023, el principal segmento de clientes de Tilly comprende adolescentes con las siguientes características:

Rango de edad	Porcentaje de la base de clientes	Gasto anual promedio
13-16 años	22%	$275
17-19 años	28%	$385

Adultos jóvenes (20-30 años)

Desglose demográfico para el segmento de adultos jóvenes:

• Representación total del cliente: 35% de la base de clientes de Tilly
• Potencia de compra anual promedio: $ 450
• El mayor compromiso a través de plataformas digitales

Consumidores conscientes de la moda

Métricas específicas del segmento para clientes orientados a la moda:

Categoría	Porcentaje	Valor de transacción promedio
Compradores centrados en tendencias	18%	$325
Consumidores de la marca	12%	$275

Entusiastas de la cultura de surf y patín

Análisis especializado de segmento de clientes:

• Representación total del segmento: 15% de la base de clientes
• Gasto anual promedio: $ 520
• Rango de edad primaria: 16-25 años

Compradores sensibles a los precios

Características del segmento de clientes impulsados ​​por el precio:

Sensibilidad de descuento	Porcentaje de clientes	Expectativa de descuento promedio
Alto	25%	30-40% de descuento
Moderado	20%	20-30% de descuento

Tilly's, Inc. (Tlys) - Modelo de negocio: Estructura de costos

Alquiler y operaciones de tiendas minoristas

A partir del año fiscal 2023, Tilly operó 237 tiendas minoristas en 13 estados. Los costos totales de ocupación fueron de $ 54.3 millones para el año.

Categoría de costos	Cantidad anual
Alquiler de la tienda	$ 42.1 millones
Utilidades	$ 6.2 millones
Mantenimiento	$ 6.0 millones

Adquisición de inventario

Los costos de adquisición de inventario para Tilly en el año fiscal 2023 totalizaron $ 185.6 millones.

• Costo de bienes vendidos (COGS): $ 185.6 millones
• Relación de rotación de inventario: 3.2x
• Valor de inventario promedio: $ 58.0 millones

Salario de empleados

Los gastos laborales totales para Tilly en el año fiscal 2023 fueron de $ 98.7 millones.

Categoría de empleado	Gasto salarial anual
Empleados de tiendas minoristas	$ 76.3 millones
Empleados corporativos	$ 22.4 millones

Gastos de marketing y publicidad

Los gastos de marketing para el año fiscal 2023 ascendieron a $ 12.5 millones.

• Marketing digital: $ 7.2 millones
• Publicidad tradicional: $ 3.8 millones
• Eventos promocionales: $ 1.5 millones

Tecnología e infraestructura de comercio electrónico

Las inversiones tecnológicas para el año fiscal 2023 fueron de $ 8.9 millones.

Categoría de costos tecnológicos	Cantidad anual
Plataforma de comercio electrónico	$ 4.2 millones
Infraestructura	$ 3.1 millones
Software y sistemas	$ 1.6 millones

Tilly's, Inc. (Tlys) - Modelo de negocios: flujos de ingresos

Venta de ropa y accesorios

Para el año fiscal 2023, Tilly reportó ventas netas totales de $ 571.3 millones. La ropa y los accesorios comprendían una parte significativa de este ingreso.

Categoría de productos	Contribución de ingresos
Ropa	$ 392.4 millones
Accesorios	$ 89.6 millones

Ventas de calzado

El calzado representaba un flujo de ingresos clave para Tilly's, generando $ 134.2 millones en ventas para el año fiscal 2023.

Mercancía de etiqueta privada

La mercancía de etiqueta privada contribuyó con $ 145.5 millones a los ingresos totales de Tilly en 2023.

• Las marcas de etiqueta privada representaron el 25.5% de las ventas netas totales
• El margen bruto para la mercancía de etiqueta privada fue de aproximadamente el 40.3%

Minorista en línea y en la tienda

Para el año fiscal 2023, el canal de ventas digitales de Tilly generó $ 178.6 millones en ingresos.

Canal de ventas	Ganancia	Porcentaje de ventas totales
Minorista en la tienda	$ 392.7 millones	68.7%
Minorista en línea	$ 178.6 millones	31.3%

Colecciones estacionales y artículos de tendencia

Las colecciones estacionales y la mercancía de tendencias generaron $ 97.3 millones en ingresos para el año fiscal 2023.

• Ventas de colección de verano: $ 42.6 millones
• Ventas de colección de invierno: $ 38.7 millones
• Artículos de edición limitada y tendencia: $ 16 millones

Tilly's, Inc. (TLYS) - Canvas Business Model: Value Propositions

You're looking at how Tilly's, Inc. is positioning itself to win with the teen and young adult crowd as of late 2025. The core value is definitely in the product mix they curate.

Tilly's, Inc. offers an extensive, curated assortment that mixes iconic global names with emerging and proprietary brands. Management is actively working to shift this mix, planning to increase proprietary brand sales penetration to approximately 40% on an annualized basis, which represents an increase of approximately 3 points from the current year-to-date penetration. This move is designed to improve product exclusivity and control over logistics and pricing.

The authentic connection to youth culture, fashion, and active/social lifestyles is maintained by leaning into relevant platforms. They are seeing rapid growth in sales from their TikTok shop, which launched back in March. Furthermore, they recently completed an extensive consumer segmentation survey to better tailor assortments and marketing efforts for their core demographic.

The omnichannel shopping experience is a key delivery channel, balancing physical presence with digital reach. As of the end of the third quarter of fiscal 2025, Tilly's, Inc. operated 230 total stores, reflecting a net reduction of 16 stores or 6.5% compared to the prior year. Still, physical stores remain dominant, representing 79.0% of total net sales, up from 77.6% last year. E-commerce sales were $29.3 million, a decrease of 9.0%.

This curated offering positions Tilly's, Inc. as a destination retailer for self-expression in the teen and young adult market. The effectiveness of their strategy is showing up in comparable sales, which increased by 2.0% in Q3 2025, marking the first positive quarterly comparable net sales result since the fourth quarter of fiscal 2021.

Financially, the focus on better inventory management and pricing is yielding results directly in the cost of goods sold. Product margins improved by 390 basis points in Q3 2025, driven by higher initial markups and lower markdowns. The resulting gross margin was 30.5% of net sales, a significant jump from 25.9% in the third quarter of fiscal 2024.

Here's a quick look at how the Q3 2025 performance metrics tie into the execution of these value propositions:

Metric Category	Key Metric	Fiscal Q3 2025 Result	Comparison/Target
Product Mix Value	Proprietary Brand Penetration Goal	40% (Annualized Target)	Up approx. 3 points YTD
Financial Impact	Product Margin Improvement	390 basis points	Q3 2025 Improvement
Omnichannel Reach	Total Store Count	230 stores	Down 16 stores Y/Y
Omnichannel Sales Mix	Physical Store Net Sales %	79.0%	Up from 77.6% last year
Customer Engagement	Comparable Net Sales Growth	2.0%	First positive comp since Q4 2021

The total net sales for the quarter were $139.6 million. Finance: draft 13-week cash view by Friday.

Tilly's, Inc. (TLYS) - Canvas Business Model: Customer Relationships

Building brand affinity involves targeted outreach to the core demographic. Tilly's, Inc. executed a brand ambassador campaign featuring Loren Gray and held an exclusive pop-up event with Malibu Skyye founder and CEO, Tia McKenzie, which was live-streamed via TikTok.

Direct interaction occurs within the physical footprint, which is designed as a larger store format offering an extensive assortment. At the end of the third quarter of fiscal 2025, the store count was anticipated to reach 223 by year-end, representing a net decrease of 17 stores or 7.1% from fiscal 2024. For the third quarter of fiscal 2025, comparable net sales from physical stores increased by 5.3%. Physical stores accounted for 79% of total net sales in Q3 2025, up from 77.6% the prior year.

Digital engagement is driven by specific channels and data-informed strategies. The company leaned heavily into social commerce, seeing rapid growth in sales from its TikTok Shop, which launched in March 2025. The overall comparable net sales growth for Q3 2025 was 2%. For Q3 2025, the conversion rate, average sale value, and transaction count all saw an increase of 6% to 7%, while traffic remained roughly flat.

The following table summarizes key channel performance metrics for recent quarters:

Metric	Q3 Fiscal 2025	Q2 Fiscal 2025	Q1 Fiscal 2025
Total Net Sales	$139.6 million	$151.3 million	$107.6 million
E-commerce Net Sales Change (YoY)	Decreased by 9%	Decreased by 6.6%	Decreased by 5.8%
E-commerce % of Total Net Sales	21%	18.9%	20.2%

Loyalty and personalization efforts are informed by recent data collection. Tilly's, Inc. recently completed an extensive consumer segmentation survey that defined 6 primary consumer profiles driving a substantial majority of the business.

Self-service is facilitated through the e-commerce platform, www.tillys.com. In Q3 2025, e-commerce net sales represented 21% of total net sales, compared to 22.4% in the prior year period. For the first quarter of fiscal 2025, e-commerce net sales were $21.7 million.

Tilly's, Inc. (TLYS) - Canvas Business Model: Channels

You're looking at how Tilly's, Inc. gets its product into the hands of its young adult and teen customer base as of late 2025. The channel strategy is a mix of established brick-and-mortar presence and digital outreach, though the balance is shifting based on recent performance.

Physical retail stores remain the primary revenue driver, but the footprint is actively being managed for profitability. As of November 1, 2025, Tilly's, Inc. operated 230 total stores across 33 US states. This represented a year-over-year reduction of 16 stores or 6.5% compared to the end of the third quarter last year. The company expects to close another seven stores near the end of the fourth quarter, aiming to finish fiscal 2025 with 223 locations. Despite the reduced count, physical stores generated 79.0% of total net sales for the third quarter of fiscal 2025. Comparable store net sales for that same 13-week period showed a positive increase of 5.3%.

The e-commerce website, tillys.com, serves as the secondary, yet crucial, point of sale. For the third quarter of fiscal 2025, net sales from e-commerce were $29.3 million. This digital channel represented 21.0% of total net sales for the quarter, a slight decrease from 22.4% in the prior year period. The comparable net sales trend for e-commerce was negative, showing a 9% decrease for the 13-week period ended November 1, 2025. This online dip was largely due to a 51.0% reduction in clearance selling compared to the prior year's third quarter.

Here's a quick look at how the two main channels stacked up in Q3 2025:

Metric	Physical Stores	E-commerce Website
Q3 2025 Net Sales (Millions USD)	$110.3 million	$29.3 million
Q3 2025 Sales as % of Total Sales	79.0%	21.0%
Q3 2025 Comparable Net Sales Change	+5.3%	-9%
Store Count (as of 11/1/2025)	230 locations	N/A

Social commerce is an area of active investment to drive future engagement. Tilly's, Inc. recently held an exclusive pop-up event with Malibu Skyye that was live streamed via TikTok. Furthermore, in late October, the company launched a brand ambassador campaign featuring TikTok content creator Loren Gray. While the outline specifies direct sales through a recently launched TikTok Shop, the latest reported figures do not isolate its specific sales contribution from the overall e-commerce channel.

The company is also working on its mobile application and other digital marketing platforms to support its omnichannel approach. Specific financial contributions or user statistics for the mobile application were not detailed in the Q3 2025 operating results release.

You should track the Q4 comparable sales growth, which was reported at 6.7% through December 2, 2025, to see if the digital and social momentum is accelerating into year-end.

Tilly's, Inc. (TLYS) - Canvas Business Model: Customer Segments

You're looking at the core audience for Tilly's, Inc. (TLYS) as of late 2025. This retailer has a very specific focus, targeting the youth market with an active lifestyle bent. They define their core customer base as:

• Young men, young women, boys, and girls, squarely focused on the teen and young adult demographic.
• Consumers whose interests align with surf, skate, streetwear, and active/outdoor lifestyles.
• Shoppers who are value-conscious but still demand a mix of well-known brands and Tilly's own merchandise.

To better serve this group, Tilly's, Inc. recently finished an extensive consumer segmentation survey. This work is key because management knows they serve a variety of consumer types, not just one monolithic group. The goal now is operationalizing this new knowledge into how they buy and market product.

Here's the quick math on where these customers are shopping as of the third quarter of fiscal 2025:

Sales Channel	Q3 2025 Net Sales Percentage	Q3 2025 Net Sales Amount (Approx.)	Year-over-Year Change (Sales)
Physical Stores	79%	$110.3 million	Decreased by 0.9%
E-commerce	21.0%	$29.3 million	Decreased by 9.0%
Total Net Sales	100%	$139.6 million	Decreased by 2.7%

The refinement of the customer segments is directly tied to the merchandise strategy. Tilly's, Inc. is pushing its own labels to capture better profitability, which speaks directly to the value-conscious shopper looking for a good deal on relevant styles. They have successfully increased the sales penetration of their proprietary brands, aiming for approximately 40% on an annualized basis. This mix helps them manage margins, which improved by 460 basis points in Q3 2025 compared to the prior year.

The new internal survey defined specific groups that drive the business. You should track how these profiles translate into future sales performance. Management is focused on building greater customer affinity by solidifying their position at the intersection of youth culture, fashion, and music.

• The survey defined 6 primary consumer profiles.
• These profiles drive a substantial majority of the business.
• The company operates 230 stores as of the end of Q3 2025.
• The average net sales per physical store for Q3 2025 was $478,000.

The goal is to use these insights to ensure their assortment choices speak clearly to these specific consumer profiles to build greater following for Tilly's over longer periods of time. If onboarding this new segmentation proves difficult, execution risk rises, especially as they navigate a challenging macro environment where Q4 2025 revenue guidance is projected to be between $146 million and $151 million.

Finance: draft 13-week cash view by Friday.

Tilly's, Inc. (TLYS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Tilly's, Inc. (TLYS) operations as of late 2025, focusing on the figures reported through the third quarter of fiscal 2025. The cost structure reflects a clear effort to rationalize the physical footprint while managing inventory tightly.

High fixed costs from store occupancy and lease obligations remain a structural factor, though management is actively reducing this exposure. Occupancy costs, which include rent, maintenance, and property taxes, decreased by $4.3 million in the third quarter of fiscal 2025 compared to the prior year's third quarter. This reduction is directly tied to operating 16 fewer net stores compared to the previous year. This ongoing footprint rationalization is a key lever for managing these fixed overheads.

Selling, General, and Administrative (SG&A) expenses show significant year-over-year improvement. For the third quarter of fiscal 2025, SG&A expenses were reported at $44.5 million, which was a decrease of $6.7 million compared to $51.3 million in the third quarter of fiscal 2024. This reduction reflects successful cost control across several areas.

The Cost of Goods Sold (COGS) component, reflected in the Gross Profit, is showing positive movement due to better inventory management. Gross profit, which includes buying, distribution, and occupancy costs, reached $113.0 million, representing 28.4% of net sales for Q3 2025. This is an improvement from 26.4% of net sales in the third quarter of the previous year. Product margins specifically improved due to the combination of higher initial markups and lower markdowns, a direct result of operating with reduced, more current inventory.

Labor costs are a major component of the controllable SG&A. The reduction in SG&A for Q3 2025 was significantly driven by lower store payroll and related benefits, which decreased by $1.5 million year-over-year for the quarter. Similarly, e-commerce fulfillment labor costs also saw a reduction of $1.5 million in the third quarter compared to last year. It's defintely clear that labor management is a focus area.

You can see a breakdown of these key cost metrics below:

Cost Element	Fiscal 2025 Q3 Amount/Metric	Comparison/Context
SG&A Expenses	$44.5 million	Represents a $6.7 million decrease versus Q3 2024 ($51.3 million)
Gross Profit Margin	28.4% of net sales	Improved from 26.4% of net sales in Q3 2024
Occupancy Cost Change (Q3)	Decrease of $4.3 million	Due to operating 16 fewer net stores
Store Payroll & Benefits Change (Q3)	Decrease of $1.5 million	A primary driver of SG&A reduction
E-commerce Fulfillment Labor Change (Q3)	Decrease of $1.5 million	A primary driver of SG&A reduction
Year-to-Date Capital Expenditures	$3.4 million	As of the end of Q3 2025
Year-to-Date Capital Expenditures	$2.1 million	As of the end of Q2 2025

The company is managing its capital deployment conservatively. Total year-to-date capital expenditures through the end of the second quarter of fiscal 2025 were $2.1 million, which was lower than the $4.6 million spent in the same period last year. By the end of the third quarter, year-to-date CapEx had risen to $3.4 million compared to $6.7 million at the end of Q3 2024.

• The cost structure is actively being streamlined by reducing the physical store base.
• Inventory management is directly impacting COGS favorably through better markups.
• SG&A is being controlled through reductions in both store and e-commerce labor.
• The company maintained a debt-free status as of November 1, 2025, meaning interest expense on borrowings is not a current cost factor.

Finance: draft 13-week cash view by Friday.

Tilly's, Inc. (TLYS) - Canvas Business Model: Revenue Streams

You're looking at how Tilly's, Inc. (TLYS) brings in its money as of late 2025, focusing on the most recent hard numbers from the third quarter.

The total net sales for Tilly's, Inc. (TLYS) in the third quarter of fiscal 2025 landed at $139.6 million. This figure represents a 2.7% decrease compared to the third quarter of the prior year.

Here's the quick math on how those sales channels broke down for the thirteen weeks ended November 1, 2025:

Revenue Channel	Net Sales Amount (Q3 2025)	Percentage of Total Sales (Q3 2025)
Physical Stores	$110.3 million	79.0%
E-commerce	$29.3 million	21.0%

The physical store channel remains the dominant source of revenue, bringing in $110.3 million, which accounted for 79.0% of the total. The e-commerce segment contributed $29.3 million, making up the remaining 21.0% of net sales for the period.

A key strategic focus for Tilly's, Inc. (TLYS) is shifting the mix toward higher-margin proprietary (private label) brands. Management has stated a goal to increase the sales penetration of these internal brands to approximately 40% on an annualized basis.

The remaining portion of the revenue stream is comprised of sales from third-party branded apparel, footwear, and accessories. These are the well-known labels that Tilly's, Inc. (TLYS) carries, which are sold alongside the growing proprietary offerings.

You can see the core revenue generation points below:

• Net sales from physical stores: $110.3 million in Q3 2025.
• Net sales from e-commerce: $29.3 million in Q3 2025.
• Q3 2025 total net sales: $139.6 million.
• Targeted sales penetration for proprietary brands: approximately 40% annualized.

Finance: draft 13-week cash view by Friday.