Tillys narrows loss 61% on margin gains, but closes 17 stores as new CEO takes over

Filed April 9, 2026 · Period ending January 31, 2026 · Compared to 10-K Apr 10, 2025 · ~2 min read

Key Changes

• high

  Operating loss improved $30.5M to $19.3M (3.5% of sales) from $49.8M (8.8%) prior year, driven by 340bp gross margin expansion and $15.7M SG&A reduction despite 2.8% sales decline.

  MD&A: Operating Results verify on EDGAR →
• high

  Nathan Smith replaced co-founder Hezy Shaked as CEO; Shaked now Executive Chairman and Chief Strategy Officer. New CEO received 1.8M stock options (half performance-based, vesting on stock price targets).

  Business Description & Notes verify on EDGAR →
• high

  Store count fell from 240 to 223 (17 net closures); comparable sales turned positive (+0.3%) after three years of declines, with accelerating growth in final six months of fiscal 2025.

  Business Description & MD&A verify on EDGAR →