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Titans vs. Jaguars Same Game Parlay Picks – NFL Week 14Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion, Swiss bank UBS said Thursday, with tech billionaires' coffers filling the fastest. Switzerland's biggest bank, which is among the world's largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686. The 10th edition of UBS's annual Billionaire Ambitions report, which tracks the wealth of the world's richest people, found that billionaires have comfortably outperformed global equity markets over the past decade. The report documents "the growth and investment of great wealth, as well as how it's being preserved for future generations and used to have a positive effect on society", said Benjamin Cavalli, head of strategic clients at UBS global wealth management. Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion -- while the MSCI AC World Index of global equities rose 73 percent. The wealth of tech billionaires increased the fastest, followed by that of industrialists. Worldwide, tech billionaires' wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024. "In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics," UBS said. The report found that since 2020, the global growth trend had slowed due to declines among China's billionaires. From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020. Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion. However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, "led by industrials and tech billionaires". Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations. In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs. "The year's new billionaires were mainly self-made," said UBS. The report said US billionaires accrued the greatest gains in 2024, reinforcing the country's place as the world's main centre for billionaire entrepreneurs. Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide. Billionaires' wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501. Indian billionaires' wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185. Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion -- partly due to a 24 percent increase in Swiss billionaires. UAE billionaires' aggregate wealth rose 39.5 percent to $138.7 billion. UBS said billionaires faced an "uncertain world" over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements. Billionaires will therefore need to rely on their previous distinctive traits: "smart risk-taking, business focus and determination". "Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification," UBS predicted. And more flexible wealth planning will be needed as billionaire families move country and spread around the world. The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said. rjm/gv
The conflict is “entering a decisive phase,” Poland's Prime Minister Donald Tusk said Friday, and “taking on very dramatic dimensions.” Ukraine’s parliament canceled a session as security was tightened following Thursday's Russian strike on a military facility in the city of Dnipro. In a stark warning to the West, President Vladimir Putin said in a nationally televised speech that the attack with the intermediate-range Oreshnik missile was in retaliation for Kyiv’s use of U.S. and British longer-range missiles capable of striking deeper into Russian territory. Putin said Western air defense systems would be powerless to stop the new missile. Ukrainian military officials said the missile that hit Dnipro had reached a speed of Mach 11 and carried six nonnuclear warheads each releasing six submunitions. Speaking Friday to military and weapons industries officials, Putin said Russia is launching production of the Oreshnik. “No one in the world has such weapons,” he said with a thin smile. “Sooner or later other leading countries will also get them. We are aware that they are under development." But he added, "we have this system now. And this is important.” Testing the missile will continue, “including in combat, depending on the situation and the character of security threats created for Russia,” Putin said, noting there is ”a stockpile of such systems ready for use.” Putin said that while it isn’t an intercontinental missile, it’s so powerful that the use of several of them fitted with conventional warheads in one attack could be as devastating as a strike with strategic — or nuclear — weapons. Gen. Sergei Karakayev, head of Russia’s Strategic Missile Forces, said the Oreshnik could reach targets across Europe and be fitted with nuclear or conventional warheads, echoing Putin's claim that even with conventional warheads, “the massive use of the weapon would be comparable in effect to the use of nuclear weapons.” Kremlin spokesman Dmitry Peskov kept up Russia's bellicose tone on Friday, blaming “the reckless decisions and actions of Western countries” in supplying weapons to Ukraine to strike Russia. "The Russian side has clearly demonstrated its capabilities, and the contours of further retaliatory actions in the event that our concerns were not taken into account have also been quite clearly outlined," he said. Hungarian Prime Minister Viktor Orbán, widely seen as having the warmest relations with the Kremlin in the European Union, echoed Moscow's talking points, suggesting the use of U.S.-supplied weapons in Ukraine likely requires direct American involvement. “These are rockets that are fired and then guided to a target via an electronic system, which requires the world’s most advanced technology and satellite communications capability,” Orbán said on state radio. “There is a strong assumption ... that these missiles cannot be guided without the assistance of American personnel.” Orbán cautioned against underestimating Russia’s responses, emphasizing that the country’s recent modifications to its nuclear deployment doctrine should not be dismissed as a “bluff.” “It’s not a trick... there will be consequences,” he said. Separately in Kyiv, Czech Foreign Minister Jan Lipavský called Thursday's missile strike an “escalatory step and an attempt of the Russian dictator to scare the population of Ukraine and to scare the population of Europe.” At a news conference with Ukrainian Foreign Minister Andrii Sybiha, Lipavský also expressed his full support for delivering the necessary additional air defense systems to protect Ukrainian civilians from the “heinous attacks.” He underlined that the Czech Republic will impose no limits on the use of its weapons and equipment given to Ukraine. Three lawmakers from Ukraine's parliament, the Verkhovna Rada, confirmed that Friday's previously scheduled session was called off due to the ongoing threat of Russian missiles targeting government buildings in central Kyiv. In addition, there also was a recommendation to limit the work of all commercial offices and nongovernmental organizations "in that perimeter, and local residents were warned of the increased threat,” said lawmaker Mykyta Poturaiev, who added this is not the first time such a threat has been received. President Volodymyr Zelenskyy’s office continued to work in compliance with standard security measures, a spokesperson said. Ukraine’s Main Intelligence Directorate said the Oreshnik missile, whose name in Russian means “hazelnut tree,” was fired from the Kapustin Yar 4th Missile Test Range in Russia’s Astrakhan region, and flew 15 minutes before striking Dnipro. Test launches of a similar missile were conducted in October 2023 and June 2024, the directorate said. The Pentagon confirmed the missile was a new, experimental type of intermediate-range missile based on its RS-26 Rubezh intercontinental ballistic missile. Thursday's attack struck the Pivdenmash plant that built ICBMs when Ukraine was part of the Soviet Union. The military facility is located about 4 miles (6 1/2 kilometers) southwest of the center of Dnipro, a city of about 1 million that is Ukraine’s fourth-largest and a key hub for military supplies and humanitarian aid, and is home to one of the country’s largest hospitals for treating wounded soldiers from the front before their transfer to Kyiv or abroad. The stricken area was cordoned off and out of public view. With no fatalities reported from the attack, Dnipro residents resorted to dark humor on social media, mostly focused on the missile’s name, Oreshnik. Elsewhere in Ukraine, Russia struck a residential district of Sumy overnight with Iranian-designed Shahed drones, killing two people and injuring 13, the regional administration said.. Ukraine’s Suspilne media, quoting Sumy regional head Volodymyr Artiukh, said the drones were stuffed with shrapnel elements. “These weapons are used to destroy people, not to destroy objects,” said Artiukh, according to Suspilne.
Billionaires' wealth more than doubles in 10 years: UBSGogglebox star unrecognisable as she returns from uni to reunite with celeb sister
The energy and transportation sectors have seen massive disruption in the 21st century. From electric vehicles like Tesla to ride-sharing platforms like Uber Technologies , people have many different ways to get around these days. Some of these purported disrupters have made millionaires out of their shareholders. Others, such as the embattled hydrogen fuel cell truck company Nikola , have lost shareholders a lot of money. Then what are investors to think of electric vertical take-off and landing (eVTOL) taxis? Many companies are working on electric air taxis, including publicly traded stock Archer Aviation ( ACHR 4.50% ) . The start-up is aiming to build a point-to-point taxi network for eVTOL aircraft across the globe, which will theoretically decrease travel times across cities. If successful, eVTOL taxi networks could be another major disrupter to the transportation market. Should you buy Archer Aviation while the stock trades below $5 a share and with a market cap of $1.5 billion? Betting on air taxis Archer Aviation is betting big on eVTOL taxis for urban transportation, with the goal of helping solve America's traffic issues. It is estimated that the average driver in the United States spends over 50 hours a year in traffic. Multiply that by the entire country's population, and you have hundreds of thousands of total years wasted in traffic every year. If a company can improve these metrics -- even slightly -- it will be a huge boom for the overall economy and quality of life for the average person. eVTOLs aim to alleviate some of the traffic pain in big cities by skipping roads altogether. These are helicopter-like vehicles with electric motors that can go from point to point much faster than an automobile while also taking a car off the road. For example, one of Archer Aviation's first routes is going to be from downtown Manhattan to the Newark airport in New Jersey. A typical car ride to the airport can take an hour or longer. On an eVTOL, this will take less than 10 minutes. You can see the value proposition immediately in the time saved for customers. Trimming this travel time means Archer Aviation will be able to charge a pretty penny for its services, especially in wealthy places such as New York City. Growing losses, global ambitions The eVTOL air taxi network concept is great, and theoretically it should lead to traffic alleviation in major cities. However, Archer Aviation's taxi network is not operational yet. Why? A big hold-up is the Federal Aviation Administration (FAA). In order to ensure safety and orderly operations between the hundreds of thousands of commercial planes, military projects, and drones that launch into our skies each day, eVTOL taxi networks will be heavily regulated. Nobody wants a cowboy taxi network with aircraft potentially crashing out of the sky. Given the need for regulatory approvals, Archer Aviation is currently generating $0 in revenue. It won't generate any revenue until one of its point-to-point air taxi networks is operational. With all the production and regulatory start-up costs, the company posted a $492 million operating loss over the last 12 months and burned $415 million in free cash flow . It has $500 million in cash on the balance sheet, giving it around a year of runway before needing to raise more money. This is a concern and a major risk for shareholders. But if the company can succeed in building its eVTOL fleet, there is a major demand from cities around the world for these services. At the end of last quarter, Archer Aviation had a $6 billion order book from places like New York, Los Angeles, Japan, and the United Arab Emirates. It hopes to get some of these taxi networks operational within a few years. For example, the Los Angeles network is set to begin in 2026. ACHR Operating Income (TTM) data by YCharts Is the stock a buy below $5? There is clearly a lot of potential for Archer Aviation stock below $5 a share. It has a market cap of just $1.5 billion, a $6 billion order book, and a growing traffic problem around the world that it can help solve. If the company can reach 1 million annual flights and $250 charged per flight (each eVTOL can fit four passengers), that is $250 million in annual revenue. And it's not impossible for the company to see 1 million annual flights. That's less than 3,000 flights a day, which is possible if the taxi network becomes operational in just a few cities around the globe. For reference, the self-driving taxi network Waymo does 100,000 rides every week and is growing tenfold year over year. Even with this high potential, I think it is foolish for investors to buy Archer Aviation stock today. The company has so many hurdles to clear and seems to be spending its cash irresponsibly. Even if the company reaches this $250 million revenue milestone, that barely covers half of its current operating expenses. It will be a long time before Archer Aviation generates a profit, if it ever does. Avoid adding this stock to your portfolio for the time being.Kansas City Chiefs back to winning ways against Carolina PanthersTilly's, Inc. TLYS the ", Company", )) today announced financial results for the third quarter of fiscal 2024 ended November 2, 2024. "Our third quarter results included our best quarterly comp sales performance since fiscal 2021, our first month of positive comp sales since February 2022 during fiscal August, and our second consecutive quarter of year-over-year store traffic growth," commented Hezy Shaked, Co-Founder, Executive Chairman, President and Chief Executive Officer. "However, we still have a long way to go to return to generating consistent sales growth and profitability. We are disappointed in our net sales performance in the early stages of the fourth quarter, yet somewhat encouraged by our improved product margins thus far in the fourth quarter." Operating Results Overview Fiscal 2024 Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the third quarter of fiscal 2024 ended November 2, 2024 versus the third quarter of fiscal 2023 ended October 28, 2023. Total net sales were $143.4 million, a decrease of 13.8%. This decrease was primarily attributable to the calendar shift impact of last year's 53rd week in the retail calendar, which caused a portion of the back-to-school season's sales volume to shift into the second quarter this year from the third quarter last year, resulting in a net sales reduction of $18.4 million in this year's third quarter. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 3.4% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores were $111.3 million, a decrease of 16.0%. Comparable store net sales decreased 5.6% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores represented 77.6% of total net sales this year compared to 79.6% of total net sales last year. The Company ended the third quarter with 246 total stores compared to 249 total stores at the end of the third quarter last year. Net sales from e-com were $32.2 million, a decrease of 5.4%. E-com net sales increased 4.9% relative to the comparable 13-week period ended November 4, 2023. E-com net sales represented 22.4% of total net sales this year compared to 20.4% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $37.2 million, or 25.9% of net sales, compared to $48.7 million, or 29.3% of net sales, last year. Product margins were generally consistent with last year's third quarter, declining by 10 basis points. Buying, distribution, and occupancy costs deleveraged by 320 basis points collectively, despite being $0.7 million lower than last year, primarily due to carrying these costs against a lower level of net sales this year. Selling, general and administrative ("SG&A") expenses were $51.3 million, or 35.7% of net sales, compared to $51.2 million, or 30.8% of net sales, last year. Lower store payroll and related benefits as well as lower non-cash store asset impairment charges were largely offset by increased e-com fulfillment costs. Operating loss was $14.1 million, or 9.8% of net sales, compared to $2.5 million, or 1.5% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $12.9 million, or 9.0% of net sales, compared to $1.2 million, or 0.7% of net sales, last year. Income tax benefit was $5.0 thousand or 0.0% of pre-tax loss, compared to $0.3 million, or 28.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $12.9 million, or $0.43 net loss per share, compared to $0.8 million, or $0.03 net loss per share, last year. Weighted average shares were 30.1 million this year compared to 29.9 million shares last year. Fiscal 2024 Year-to-Date Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the first 39 weeks of fiscal 2024 ended November 2, 2024 versus the first 39 weeks of fiscal 2023 ended October 28, 2023. Total net sales were $422.2 million, a decrease of 6.2%. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 6.8% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores were $336.4 million, a decrease of 6.6%. Comparable store net sales decreased 7.4% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores represented 79.7% of total net sales this year compared to 80.0% of total net sales last year. Net sales from e-com were $85.8 million, a decrease of 4.7%. E-com net sales decreased 4.6% relative to the comparable 39-week period ended November 4, 2023. E-com net sales represented 20.3% of total net sales this year compared to 20.0% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $111.4 million, or 26.4% of net sales, compared to $119.0 million, or 26.4% of net sales, last year. Product margins improved by 130 basis points primarily due to the combination of improved initial markups and lower total markdowns. Buying, distribution, and occupancy costs deleveraged by 140 basis points collectively, despite being $1.3 million lower than last year, primarily due to carrying these costs against lower net sales this year. SG&A expenses were $147.1 million, or 34.9% of net sales, compared to $141.4 million, or 31.4% of net sales, last year. The $5.7 million increase in SG&A was primarily attributable to increases in store payroll and related benefits of $1.6 million due to wage rate increases, software as a service expense of $1.4 million, corporate payroll and related benefits of $1.2 million, e-commerce fulfillment expenses of $1.0 million, and non-cash store asset impairment charges of $1.0 million. These increases were partially offset by a variety of smaller expense decreases. Operating loss was $35.7 million, or 8.5% of net sales, compared to $22.5 million, or 5.0% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $32.6 million, or 7.7% of net sales, compared to $18.8 million, or 4.2% of net sales, last year. Income tax benefit was $21.8 thousand or 0.1% of pre-tax loss, compared to $4.9 million, or 26.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $32.6 million, or $1.08 net loss per share, compared to $13.9 million, or $0.47 net loss per share, last year. Weighted average shares were 30.0 million this year compared to 29.8 million shares last year. Balance Sheet and Liquidity As of November 2, 2024, the Company had $51.7 million of cash, cash equivalents and marketable securities and no debt outstanding. Total inventories increased 11.8% as of November 2, 2024 compared to October 28, 2023, largely due to pulling forward new inventory receipts to improve distribution center efficiencies. Total year-to-date capital expenditures at the end of the third quarter were $6.7 million this year compared to $10.5 million last year. Fiscal 2024 Fourth Quarter Outlook Total comparable net sales through December 3, 2024 decreased by 15.3% relative to the comparable period of last year ended December 5, 2023, with meaningfully improved product margins compared to last year. On a shifted basis, lining up the timing of this year's Thanksgiving holiday with last year's, total comparable net sales through December 3, 2024, decreased by 9.6% relative to the comparable period of last year ended November 28, 2023. Based on current and historical trends, the Company currently estimates the following for the fourth quarter of fiscal 2024: Net sales to be in the range of approximately $149 million to $156 million, translating to an estimated comparable net sales decrease in the range of approximately 9% to 5%, respectively, relative to the comparable 13-week period last year; Product margin improvement of approximately 200 basis points relative to last year's fourth quarter; SG&A expenses to be approximately $52 million before factoring in any potential non-cash store asset impairment charges that may arise; Pre-tax loss and net loss to be in the range of approximately $13.0 million to $9.5 million, respectively, with a near-zero effective income tax rate due to the continuing impact of a full, non-cash valuation allowance on deferred tax assets; and Per share results to be in the range of a net loss of $0.43 to $0.32, respectively, with estimated weighted average shares of approximately 30 million. The Company currently expects to have 239 total stores open at the end of the fourth quarter of fiscal 2024. The Company opened three new stores in November and currently expects to close 10 predominantly underperforming stores near the end of the quarter. Conference Call Information A conference call with analysts to discuss these financial results is scheduled for today, December 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Analysts interested in participating in the call are invited to dial (877) 300-8521 (domestic) or (412) 317-6026 (international). The conference call will also be available to interested parties through a live webcast at www.tillys.com . Please visit the website and select the "Investor Relations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until December 12, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10193481. About Tillys Tillys is a leading, destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 249 total stores across 33 states, as well as its website, www.tillys.com . Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our current operating expectations in light of historical results, the impacts of inflation and potential recession on us and our customers, including on our future financial condition or operating results, expectations regarding changes in the macro-economic environment, customer traffic, our supply chain, our ability to properly manage our inventory levels, and any other statements about our future cash position, financial flexibility, expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to the impact of inflation on consumer behavior and our business and operations, supply chain difficulties, and our ability to respond thereto, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, attract talented employees, or enhance awareness of our brand and brand image, general consumer spending patterns and levels, including changes in historical spending patterns, the markets generally, our ability to satisfy our financial obligations, including under our credit facility and our leases, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), including those detailed in the section titled "Risk Factors" and in our other filings with the SEC, which are available on the SEC's website at www.sec.gov and on our website at www.tillys.com under the heading "Investor Relations". Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K. Tilly's, Inc. Consolidated Balance Sheets (In thousands, except par value) (unaudited) November 2, 2024 February 3, 2 024 October 28, 2 023 ASSETS Current assets: Cash and cash equivalents $ 26,407 $ 47,027 $ 44,425 Marketable securities 25,321 48,021 49,523 Receivables 6,136 5,947 7,118 Merchandise inventories 92,481 63,159 82,753 Prepaid expenses and other current assets 11,781 11,905 11,816 Total current assets 162,126 176,059 195,635 Operating lease assets 181,117 203,825 216,205 Property and equipment, net 42,603 48,063 49,220 Deferred tax assets, net — — 13,229 Other assets 1,424 1,598 1,685 TOTAL ASSETS $ 387,270 $ 429,545 $ 475,974 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 32,577 $ 14,506 $ 27,025 Accrued expenses 12,771 13,063 14,688 Deferred revenue 13,333 14,957 13,520 Accrued compensation and benefits 8,127 9,902 10,590 Current portion of operating lease liabilities 49,944 48,672 50,063 Current portion of operating lease liabilities, related party 3,345 3,121 3,048 Other liabilities 210 336 330 Total current liabilities 120,307 104,557 119,264 Long-term liabilities: Noncurrent portion of operating lease liabilities 135,724 160,531 171,388 Noncurrent portion of operating lease liabilities, related party 16,736 19,267 20,081 Other liabilities 192 321 391 Total long-term liabilities 152,652 180,119 191,860 Total liabilities 272,959 284,676 311,124 Stockholders' equity: Common stock (Class A) 23 23 23 Common stock (Class B) 7 7 7 Preferred stock — — — Additional paid-in capital 174,516 172,478 171,754 Accumulated deficit (60,527 ) (27,962 ) (7,410 ) Accumulated other comprehensive income 292 323 476 Total stockholders' equity 114,311 144,869 164,850 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 387,270 $ 429,545 $ 475,974 Tilly's, Inc. Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 November 2, 2024 October 28, 2023 Net sales $ 143,442 $ 166,475 $ 422,165 $ 450,063 Cost of goods sold (includes buying, distribution, and occupancy costs) 105,314 116,825 307,939 328,297 Rent expense, related party 931 931 2,796 2,793 Total cost of goods sold (includes buying, distribution, and occupancy costs) 106,245 117,756 310,735 331,090 Gross profit 37,197 48,719 111,430 118,973 Selling, general and administrative expenses 51,118 51,101 146,734 141,035 Rent expense, related party 133 134 397 400 Total selling, general and administrative expenses 51,251 51,235 147,131 141,435 Operating loss (14,054 ) (2,516 ) (35,701 ) (22,462 ) Other income, net 1,174 1,341 3,114 3,625 Loss before income taxes (12,880 ) (1,175 ) (32,587 ) (18,837 ) Income tax benefit (5 ) (328 ) (22 ) (4,897 ) Net loss $ (12,875 ) $ (847 ) $ (32,565 ) $ (13,940 ) Basic net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Diluted net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Weighted average basic shares outstanding 30,060 29,872 30,017 29,834 Weighted average diluted shares outstanding 30,060 29,872 30,017 29,834 Tilly's, Inc. Consolidated Statements of Cash Flows (In thousands) (unaudited) Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 Cash flows from operating activities Net loss $ (32,565 ) $ (13,940 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 9,586 9,547 Stock-based compensation expense 1,744 1,684 Impairment of assets 3,605 2,631 (Gain) loss on disposal of assets (45 ) 2 Gain on maturities of marketable securities (1,449 ) (1,156 ) Deferred income taxes — (4,732 ) Changes in operating assets and liabilities: Receivables 611 4,196 Merchandise inventories (29,322 ) (20,636 ) Prepaid expenses and other assets 900 5,980 Accounts payable 18,047 11,033 Accrued expenses (159 ) 106 Accrued compensation and benefits (1,775 ) 2,407 Operating lease liabilities (5,422 ) (4,545 ) Deferred revenue (1,624 ) (2,583 ) Other liabilities (335 ) (452 ) Net cash used in operating activities (38,203 ) (10,458 ) Cash flows from investing activities Purchases of marketable securities (59,557 ) (88,146 ) Purchases of property and equipment (6,678 ) (10,543 ) Proceeds from maturities of marketable securities 83,500 80,000 Proceeds from sale of property and equipment 24 9 Net cash provided by (used in) investing activities 17,289 (18,680 ) Cash flows from financing activities Proceeds from exercise of stock options 294 210 Taxes paid on short-swing profits disgorgement payment — (173 ) Net cash provided by financing activities 294 37 Change in cash and cash equivalents (20,620 ) (29,101 ) Cash and cash equivalents, beginning of period 47,027 73,526 Cash and cash equivalents, end of period $ 26,407 $ 44,425 Tilly's, Inc. Store Count and Square Footage Store Count at Beginning of Quarter New Stores Opened During Quarter Stores Permanently Closed During Quarter Store Count at End of Quarter Total Gross Square Footage End of Quarter (in thousands) 2023 Q1 249 1 2 248 1,809 2023 Q2 248 — 2 246 1,792 2023 Q3 246 3 — 249 1,810 2023 Q4 249 3 4 248 1,801 2024 Q1 248 2 4 246 1,784 2024 Q2 246 1 — 247 1,791 2024 Q3 247 — 1 246 1,780 View source version on businesswire.com: https://www.businesswire.com/news/home/20241205990996/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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