TILLY'S, INC.TLYS

TILLY'S, INC. Segments Disclosure

10-KFiled Apr 9, 20262 min read
Segment Information
Tillys operates in one, consolidated operating and reportable segment, which is as a retailer of casual apparel, footwear, accessories, and hardgoods (the "retail segment"). Our chief operating decision maker ("CODM") for the periods presented is our President and Chief Executive Officer. Our CODM reviews financial information on a consolidated basis for the purposes of evaluating financial performance, allocating resources and making operational decisions.
The retail segment derives revenues from our stores located in a variety of retail centers in the United States and via our website. We identified one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers, and economic characteristics.
The CODM measures performance for the segment primarily based on operating (loss) income. The CODM uses operating (loss) income to evaluate operating performance and determine allocation of resources to attempt to drive improved performance.
The measure of segment assets is reported as total assets on the Consolidated Balance Sheet. The accounting policies of the retail segment are the same as those described in "Note 2: Summary of Significant Accounting Policies".
Financial information, including segment revenue, significant expenses, and operating loss for fiscal years 2025, 2024 and 2023 were as follows (in thousands):
Fiscal Year Ended
January 31,
2026		February 1,
2025		February 3,
2024
Net sales$553,585 $569,453 $623,083 
Product COGS (1)
245,412 268,985 303,830 
Occupancy (2)
93,758 101,002 103,942 
Other COGS (3)
49,948 49,769 49,654 
Gross profit164,467 149,697 165,657 
Store payroll and related benefits (6)
85,375 91,374 91,597 
Marketing25,296 23,996 24,407 
Other selling costs (4)
20,353 24,818 23,272 
Office costs (5)
52,783 59,358 57,363 
Operating loss(19,340)(49,849)(30,982)
Other income, net1,751 3,837 5,199 
Income tax (benefit) expense(137)217 8,709 
Net loss$(17,452)$(46,229)$(34,492)
(1) Product COGS consists of branded and private label merchandise costs, including design, sourcing, and inbound freight costs.
(2) Occupancy consists of store operating lease charges and depreciation.
(3) Other COGS consists of buying, and distribution costs, including but not limited to outbound shipping costs, buying and distribution payroll and related benefits, depreciation, and temporary labor.
(4) Other selling costs consists primarily of e-com fulfillment labor, credit card processing fees, store supplies and equipment, and other store services.
(5) Office costs consists primarily of corporate office payroll and related benefits, computer services, non-cash asset impairment charges, consulting and professional services, and insurance.
(6) During the first quarter of fiscal 2025, the Company updated its CODM reporting package to include related benefits within store payroll. Prior period amounts have been reclassified to conform to the current presentation, including $14.1 million and $14.4 million reclassified to store payroll for fiscal years 2024 and 2023, respectively. These reclassifications had no impact on total operating expenses or net loss.
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Historical Timeline

Fiscal YearFiled
2026Apr 9, 2026Showing above
2025Apr 10, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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