Tilly's (TLYS) 10-Q 11 Jun 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	3-May-14	Jun. 06, 2014	Jun. 06, 2014
		Class A common stock	Class B common stock
Document Information [Line Items]	'	'	'
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	3-May-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'
Trading Symbol	'TLYS	'	'
Entity Registrant Name	'TILLY'S, INC.	'	'
Entity Central Index Key	'0001524025	'	'
Current Fiscal Year End Date	'--01-31	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	11,457,990	16,574,265

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	3-May-14	Feb. 01, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$27,396	$25,412
Marketable securities	24,971	34,943
Receivables	9,296	8,545
Merchandise inventories	52,850	46,266
Prepaid expenses and other current assets	11,948	11,772
Total current assets	126,461	126,938
Property and equipment, net	105,146	100,936
Other assets	4,715	4,533
Total assets	236,322	232,407
Current liabilities:	'	'
Accounts payable	21,766	19,645
Deferred revenue	5,202	6,214
Accrued compensation and benefits	3,458	4,975
Accrued expenses	11,648	9,241
Current portion of deferred rent	5,509	5,395
Current portion of capital lease obligation/Related party (Note 10)	770	758
Total current liabilities	48,353	46,228
Long-term portion of deferred rent	43,440	42,756
Long-term portion of capital lease obligation/Related party (Note 10)	2,303	2,500
Total long-term liabilities	45,743	45,256
Total liabilities	94,096	91,484
Commitments and contingencies (Note 5)	'	'
Stockholders' equity:	'	'
Preferred stock, $0.001 par value; May 3, 2014 and February 1, 2014-10,000 shares authorized, no shares issued or outstanding	'	'
Additional paid-in capital	123,598	122,886
Retained earnings	18,588	17,997
Accumulated other comprehensive income	12	12
Total stockholders' equity	142,226	140,923
Total liabilities and stockholders' equity	236,322	232,407
Class A common stock	'	'
Stockholders' equity:	'	'
Common stock	11	11
Class B common stock	'	'
Stockholders' equity:	'	'
Common stock	$17	$17

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	3-May-14	Feb. 01, 2014
In Thousands, except Per Share data, unless otherwise specified
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	11,429	11,361
Common stock, shares outstanding	11,429	11,361
Class B common stock	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	35,000	35,000
Common stock, shares issued	16,574	16,642
Common stock, shares outstanding	16,574	16,642

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-14	4-May-13
Net sales	$111,134	$109,119
Cost of goods sold (includes buying, distribution, and occupancy costs)	79,807	77,313
Gross profit	31,327	31,806
Selling, general and administrative expenses	30,250	27,889
Operating income	1,077	3,917
Other expense, net	'	49
Income before income taxes	1,077	3,868
Income tax expense	486	1,560
Net income	$591	$2,308
Basic earnings per share	$0.02	$0.08
Diluted earnings per share	$0.02	$0.08
Weighted average basic shares outstanding	27,983	27,692
Weighted average diluted shares outstanding	28,151	28,027
Class A and Class B common stock	'	'
Basic earnings per share	$0.02	$0.08
Diluted earnings per share	$0.02	$0.08

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Net income	$591	$2,308
Other comprehensive income:	'	'
Net change in unrealized gain on available-for-sale securities	'	31
Other comprehensive income	'	31
Comprehensive income	$591	$2,339

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Total	Common A Stock	Common B Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
In Thousands	USD ($)			USD ($)	USD ($)	USD ($)	USD ($)
Beginning Balance at Feb. 01, 2014	$140,923	'	'	$28	$122,886	$17,997	$12
Beginning Balance (in shares) at Feb. 01, 2014	'	11,361	16,642	'	'	'	'
Net income	591	'	'	'	'	591	'
Shares converted by founders	'	68	-68	'	'	'	'
Excess tax deficiencies from stock- based compensation	-126	'	'	'	-126	'	'
Stock-based compensation expense	838	'	'	'	838	'	'
Ending Balance at May. 03, 2014	$142,226	'	'	$28	$123,598	$18,588	$12
Ending Balance (in shares) at May. 03, 2014	'	11,429	16,574	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Cash flows from operating activities	'	'
Net income	$591	$2,308
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	4,776	4,650
Loss (gain) on disposal of assets	29	-3
Gain on sales and maturities of marketable securities	-37	-44
Deferred income taxes	34	347
Stock-based compensation expense	838	892
Changes in operating assets and liabilities:	'	'
Receivables	-751	-2,155
Merchandise inventories	-6,584	-3,070
Prepaid expenses and other assets	-517	-1,648
Accounts payable	2,176	1,912
Accrued expenses	1,279	1,493
Accrued compensation and benefits	-1,517	-2,728
Deferred rent	798	1,882
Deferred revenue	-1,012	-928
Net cash provided by operating activities	103	2,908
Cash flows from investing activities	'	'
Purchase of property and equipment	-7,943	-11,435
Proceeds from sale of property and equipment	'	11
Purchases of marketable securities	-4,991	'
Maturities of marketable securities	15,000	10,000
Net cash provided by (used in) investing activities	2,066	-1,424
Cash flows from financing activities	'	'
Payment of capital lease obligation	-185	-174
Net cash used in financing activities	-185	-174
Change in cash and cash equivalents	1,984	1,310
Cash and cash equivalents, beginning of period	25,412	17,314
Cash and cash equivalents, end of period	27,396	18,624
Supplemental disclosures of cash flow information	'	'
Interest paid	50	67
Income taxes (refunded) paid	-22	786
Supplemental disclosure of non-cash activities	'	'
Unpaid purchases of property and equipment	$3,422	$2,494

Description_of_the_Company_and

Description of the Company and Basis of Presentation	3 Months Ended
	3-May-14
Description of the Company and Basis of Presentation	'
	1	Description of the Company and Basis of Presentation
	Tilly’s, Inc. was formed as a Delaware corporation on May 4, 2011 for the purpose of reorganizing the corporate structure of World of Jeans & Tops, a California corporation, or WOJT. On May 2, 2012, the shareholders of WOJT contributed all of their shares of common stock to Tilly’s, Inc. in return for shares of Tilly’s, Inc. Class B common stock on a one-for-one basis. In addition, effective May 2, 2012, WOJT converted from an “S” Corporation to a “C” Corporation for income tax purposes. These events are collectively referred to as the “Reorganization”. As a result of the Reorganization, WOJT became a wholly owned subsidiary of Tilly’s, Inc. Except where context requires or where otherwise indicated, the terms “Company” and “Tilly’s” refers to WOJT before the Reorganization and to Tilly’s, Inc. and its subsidiary, WOJT, after the Reorganization.
	Tilly’s operates a chain of specialty retail stores featuring casual clothing, footwear and accessories for teens and young adults. The Company operated a total of 198 and 195 stores as of May 3, 2014 and February 1, 2014, respectively. The stores are located in malls, lifestyle centers, ‘power’ centers, community centers, outlet centers and street-front locations. Customers may also shop online, where the Company features a similar assortment of product as is carried in its brick-and-mortar stores.
	The accompanying unaudited consolidated financial statements include the assets, liabilities, revenues and expenses of the Company. These consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S., or GAAP, have been omitted from this report as is permitted by SEC rules and regulations.
	In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the interim periods presented. The results of operations for the thirteen weeks ended May 3, 2014 and May 4, 2013 are not necessarily indicative of results to be expected for the full fiscal year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014.
	Fiscal Periods
	The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended May 3, 2014 and May 4, 2013 refer to the thirteen-week periods ended as of those dates.
	Correction to the Consolidated Statement of Income
	The Company identified a prior period error related to the classification of stock-based compensation. Accordingly, the Company has corrected the accompanying consolidated statement of income for the thirteen weeks ended May 4, 2013. The Company identified $0.4 million of stock-based compensation previously included in selling, general and administrative expenses that should have been presented as a component of cost of goods sold. The error had no impact on the amounts previously reported in the Company’s consolidated balance sheet and statement of comprehensive income, and had no impact on net income. Management has evaluated the materiality of the error quantitatively and qualitatively and has concluded that the correction of this error is immaterial to the consolidated statement of income and the consolidated financial statements as a whole.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	3-May-14
Summary of Significant Accounting Policies	'
	2	Summary of Significant Accounting Policies
	Information regarding significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies”, of the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014.

Marketable_Securities

Marketable Securities	3 Months Ended
	3-May-14
Marketable Securities	'
	3	Marketable Securities
	Marketable securities are classified as available-for-sale and, as of May 3, 2014 and February 1, 2014, consisted entirely of commercial paper, all of which was less than one year from maturity.
	The following table summarizes the Company’s investments in marketable securities at May 3, 2014 and February 1, 2014 (in thousands):
			May 3, 2014
			Cost		Gross		Gross			Fair Value
					Unrealized		Unrealized
					Holding		Holding
					Gains		Losses
	Commercial paper		$	24,951	$	22	$	(2	)	$	24,971
			1-Feb-14
			Cost		Gross		Gross			Fair Value
					Unrealized		Unrealized
					Holding		Holding
					Gains		Losses
	Commercial paper		$	34,923	$	23	$	(3	)	$	34,943
	For the thirteen weeks ended May 3, 2014, the Company recognized gains on investments of $37 thousand for commercial paper which matured during the period. Upon recognition of the gains, the Company reclassified these amounts out of accumulated other comprehensive income and into other expense, net on the consolidated statements of income.

Line_of_Credit

Line of Credit	3 Months Ended
	3-May-14
Line of Credit	'
	4	Line of Credit
	On May 3, 2012, the Company entered into an amended and restated credit agreement with Wells Fargo Bank, N.A., which the Company amended on March 17, 2014 to extend the maturity date, reduce the borrowing rate, eliminate a fee of 0.10% on the average daily unused amount on the line of credit, eliminate certain financial covenants related to current liabilities, funded debt and net profits, and add certain new covenants relating to total net losses and maximum balance sheet leverage. The amended credit facility, which was effective as of February 3, 2014, continues to provide for a $25.0 million revolving line of credit, with a maturity date of May 31, 2017. The interest charged on borrowings is either at the London Interbank Offered Rate, or LIBOR, plus 1.00%, or at the bank’s prime rate. The Company has the ability to select between the prime rate or LIBOR-based rate at the time of a cash advance. The revolving credit facility is secured by substantially all of the Company’s assets. As a sub-feature under the revolving credit facility, Wells Fargo may issue stand-by and commercial letters of credit up to $15.0 million.
	The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants require certain levels of leverage and profitability, such as (i) an aggregate maximum net loss after taxes not to exceed $5 million (measured at the end of each fiscal quarter), with no more than one annual net loss after taxes for any fiscal year (in either case, excluding all charges for impairment of goodwill, other intangibles and store assets impairment on the balance sheet of WOJT, in an aggregate amount of up to $2.0 million for the relevant period), and (ii) a maximum ratio of 2.00 to 1.00 for “balance sheet leverage”, defined as total liabilities divided by total tangible net worth.
	As of May 3, 2014, the Company was in compliance with all of its covenants and had no outstanding borrowings under the line of credit.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	3-May-14
Commitments and Contingencies	'
	5	Commitments and Contingencies
	Legal Proceedings
	From time to time, the Company may become involved in lawsuits and other claims arising from our ordinary course of business. Management is currently unable to predict the ultimate outcome of any litigation or claim, determine whether a liability has been incurred or make an estimate of the reasonably possible liability that could result from an unfavorable outcome because of the uncertainties related to the incurrence, amount and range of loss on any pending litigation or claim. Because of the unpredictable nature of these matters, the Company cannot provide any assurances regarding the outcome of any litigation or claim to which it is a party or that the ultimate outcome of any of the matters threatened or pending against it, including those disclosed below, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. See “Risk Factors” in the company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014 for important factors that could adversely impact us and our results of operations.
	Kristin Christiansen and Shellie Smith, on behalf of themselves and all others similarly situated vs. World of Jeans & Tops, Superior Court of California, County of Sacramento, Case No. 34-2013-00139010 . On January 29, 2013, the plaintiffs in this matter filed a putative class action lawsuit against the Company alleging violations of California Civil Code Section 1747.08, which prohibits requesting or requiring personal identification information from a customer paying for goods with a credit card and recording such information, subject to exceptions. In June 2013, the Court granted the Company’s motion to strike portions of the plaintiffs’ complaint and granted plaintiffs leave to amend. Plaintiffs have amended the complaint and discovery is in the early stages. The complaint seeks certification of a class, unspecified damages, injunctive relief and attorneys’ fees. The Company intends to defend this case vigorously.
	Maria Rebolledo, individually and on behalf of all others similarly situated and on behalf of the general public vs. Tilly’s, Inc.; World of Jeans & Tops, Superior Court of the State of California, County of Orange, Case No. 30-2012-00616290-CU-OE-CXC . On December 5, 2012, the plaintiff in this matter filed a putative class action lawsuit against the Company alleging violations of California’s wage and hour, meal break and rest break rules and regulations, and unfair competition law, among other things. An amended complaint was filed on February 28, 2013, to include enforcement of California’s private attorney general act. The complaint seeks an unspecified amount of damages and penalties. In April 2013, the Company filed a motion to compel arbitration, which was denied in May 2013. The Company has appealed the denial of the motion to compel arbitration. The Company intends to defend this case vigorously.

Fair_Value_Measurements

Fair Value Measurements

3 Months Ended

3-May-14

Fair Value Measurements

'

6

Fair Value Measurements

Financial Accounting Standards Board Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosure, or ASC 820, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined under ASC 820 as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 established the following three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:

•

Level 1 – Quoted prices in active markets for identical assets and liabilities.

•

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – Unobservable inputs (i.e. projections, estimates, interpretations, etc.) that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company measures certain financial assets at fair value on a recurring basis, including its marketable securities, which are classified as available-for-sale securities, and certain cash equivalents, specifically money market accounts. The money market accounts are valued based on quoted market prices in active markets. The marketable securities are valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party entities.

During the thirteen weeks ended May 3, 2014 and May 4, 2013, the Company did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of May 3, 2014 and February 1, 2014, the Company did not have any Level 3 financial assets. The Company conducts reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure.

From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. The Company estimates the fair value of its long-lived assets using company-specific assumptions which would fall within Level 3 of the fair value hierarchy.

In accordance with the provisions of ASC 820, the Company categorized its financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands):

May 3, 2014

February 1, 2014

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Cash equivalents:

Money market securities

$

24,325

$

—

$

—

$

25,316

$

—

$

—

Marketable securities:

Commercial paper

—

24,971

—

—

34,943

—

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	3-May-14
Stock-Based Compensation	'
	7	Stock-Based Compensation
	On March 24, 2014, the Company granted stock options to purchase a total of 812,500 shares of Class A common stock under the Tilly’s 2012 Equity and Incentive Award Plan, or the 2012 plan. The exercise price of these awards is $12.31, which was the closing price of Tilly’s Class A common stock on the date of grant. These stock options vest in four equal annual installments beginning on the first anniversary of the date of grant, provided that the respective award recipient continues to be employed by the Company through each of those vesting dates.
	The total grant date fair value of stock options granted during the thirteen weeks ended May 3, 2014 was $4.3 million, before applying an estimated forfeiture rate. The Company is recognizing the expense relating to these stock options, net of estimated forfeitures, on a straight-line basis over the four year service period of the awards.
	The stock option awards discussed above were measured at fair value on the grant date using the Black-Scholes option valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term and the Company’s expected annual dividend yield, if any. The Company’s estimate of pre-vesting forfeitures, or forfeiture rate, was based on its internal analysis, which included the award recipients’ positions within the Company and the vesting period of the awards. The Company will issue shares of Class A common stock when the options are exercised.
	The fair value of stock options granted during the thirteen weeks ended May 3, 2014 was estimated on the grant date using the following assumptions:
	Expected option term(1)			5.0 years
	Expected volatility factor(2)			46.9	%
	Risk-free interest rate(3)			1.8	%
	Expected annual dividend yield			0	%
	-1	The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management’s expectation of exercise behavior.
	-2	Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.
	-3	The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date.
	The following table summarizes the Company’s stock option activity for the thirteen weeks ended May 3, 2014 (aggregate intrinsic value in thousands):
			Stock			Grant Date		Average		Aggregate
			Options			Weighted		Remaining		Intrinsic
						Average		Contractual		Value(1)
						Exercise Price		Life (in Years)
	Outstanding at February 1, 2014			2,356,790		$	13.31
	Granted			812,500			12.31
	Exercised			—			—
	Forfeited			(75,000	)		15.57
	Outstanding at May 3, 2014			3,094,290		$	12.99		7.8	$	1,890
	Vested and expected to vest at May 3, 2014			2,848,108		$	12.93		7.7	$	1,889
	Exercisable at May 3, 2014			1,255,790		$	12.13		5.9	$	1,884
	-1	Intrinsic value for stock options is defined as the difference between the market price of the Company’s Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The market value per share was $11.61 at May 2, 2014.
	There are a total of 2,913,900 shares issuable under the 2012 Plan, of which 850,645 shares were still available for issuance as of May 3, 2014. The Company recorded a total of $0.8 million of stock-based compensation expense in the thirteen weeks ended May 3, 2014. At May 3, 2014, there was $8.8 million of total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants. This cost has a weighted average remaining recognition period of 3.0 years.

Income_Taxes

Income Taxes	3 Months Ended
	3-May-14
Income Taxes	'
	8	Income Taxes
	The Company accounts for income taxes and the related accounts under the liability method in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Because management believes that it is more likely than not that the Company will realize the full amount of the net deferred tax assets, the Company has not recorded any valuation allowance for the deferred tax assets.
	The provision for income taxes for interim periods is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Significant management judgment is required in projecting ordinary income (loss) to estimate the Company’s annual effective tax rate.
	The expected annual effective income tax rate was 40.5% and 40.3% for the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively. The effective tax rate of 45.1% for the thirteen weeks ended May 3, 2014 reflects a discrete item related to vested stock option forfeitures.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	3-May-14
Earnings Per Share	'
	9	Earnings Per Share
	Net income per share is computed under the provisions of ASC Topic 260, Earnings Per Share. Basic net income per share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by the Company to purchase the common shares at the average market price during the period. Dilutive potential common shares represent outstanding stock options and restricted stock awards. The components of basic and diluted net income per share are as follows (in thousands, except per share amounts):
			Thirteen Weeks Ended
			May 3,		May 4,
			2014		2013
	Net income		$	591	$	2,308
	Weighted average basic shares outstanding			27,983		27,692
	Dilutive effect of stock options and restricted stock			168		335
	Weighted average shares for diluted earnings per share			28,151		28,027
	Basic earnings per share		$	0.02	$	0.08
	Diluted earnings per share		$	0.02	$	0.08

Related_Parties

Related Parties	3 Months Ended
	3-May-14
Related Parties	'
	10	Related Parties
	The Company leases its corporate headquarters and distribution center (10 and 12 Whatney, Irvine, California) from a company that is owned by the co-founders of Tilly’s. On June 29, 2012, the Company exercised the first of its three five-year renewal options on this lease, with the renewal commencing on January 1, 2013. The lease now expires on December 31, 2017. The land component of this lease is accounted for as an operating lease and the building component is accounted for as a capital lease. The Company incurred rent expense of $0.2 million for both the thirteen weeks ended May 3, 2014 and May 4, 2013 for the operating component of this lease. The initial obligation at inception under the capital lease was $9.2 million, with an outstanding balance of $3.1 million and $3.3 million as of May 3, 2014 and February 1, 2014, respectively. The gross amount of the building under capital lease was $7.8 million as of both May 3, 2014 and February 1, 2014. The gross amount of accumulated depreciation of the building under capital lease was $5.9 million and $5.8 million as of May 3, 2014 and February 1, 2014, respectively.
	The Company leases warehouse space (15 Chrysler, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease expires on October 31, 2014 and is being accounted for as an operating lease. The Company incurred rent expense of $0.1 million for both the thirteen weeks ended May 3, 2014 and May 4, 2013. The Company subleases part of the building to an unrelated third party. The sublease terminates on May 31, 2014.
	The Company leases office and warehouse space (11 Whatney, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease expires on June 30, 2022 and is being accounted for as an operating lease. The Company occupied the building on June 29, 2012 and incurred rent expense of $0.1 million for both the thirteen weeks ended May 3, 2014 and May 4, 2013.
	The Company leases a building (17 Pasteur, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease terminates on October 31, 2021 and is being accounted for as an operating lease. The Company uses this building as its e-commerce distribution center. Pursuant to the lease agreement, the Company requested during fiscal year 2012 that the landlord expand the building. Upon commencement of the building expansion, the Company returned the building to the landlord. As of February 2, 2013, the landlord returned the expanded building to the Company and monthly lease payments re-commenced by the Company in February 2013. The Company incurred rent expense of $0.3 million for both the thirteen weeks ended May 3, 2014 and May 4, 2013.
	Prior to signing each of the related party leases above, the Company received an independent market analysis regarding the property and therefore believes that the terms of each lease are reasonable and are not materially different than terms the Company would have obtained from an unaffiliated third party.

Marketable_Securities_Tables

Marketable Securities (Tables)	3 Months Ended
	3-May-14
Investments in Marketable Securities	'
	The following table summarizes the Company’s investments in marketable securities at May 3, 2014 and February 1, 2014 (in thousands):
		May 3, 2014
		Cost		Gross		Gross			Fair Value
				Unrealized		Unrealized
				Holding		Holding
				Gains		Losses
	Commercial paper	$	24,951	$	22	$	(2	)	$	24,971
		1-Feb-14
		Cost		Gross		Gross			Fair Value
				Unrealized		Unrealized
				Holding		Holding
				Gains		Losses
	Commercial paper	$	34,923	$	23	$	(3	)	$	34,943

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	3-May-14
Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments	'
	In accordance with the provisions of ASC 820, the Company categorized its financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands):
		May 3, 2014						February 1, 2014
		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	Cash equivalents:
	Money market securities	$	24,325	$	—	$	—	$	25,316	$	—	$	—
	Marketable securities:
	Commercial paper		—		24,971		—		—		34,943		—

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	3-May-14
Assumptions Used to Estimate Fair Value of Stock Options Granted	'
	The fair value of stock options granted during the thirteen weeks ended May 3, 2014 was estimated on the grant date using the following assumptions:
	Expected option term(1)			5.0 years
	Expected volatility factor(2)			46.9	%
	Risk-free interest rate(3)			1.8	%
	Expected annual dividend yield			0	%
	-1	The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management’s expectation of exercise behavior.
	-2	Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.
	-3	The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date.
Stock Option Activity Under Stock Option Plan	'
	The following table summarizes the Company’s stock option activity for the thirteen weeks ended May 3, 2014 (aggregate intrinsic value in thousands):
			Stock			Grant Date		Average		Aggregate
			Options			Weighted		Remaining		Intrinsic
						Average		Contractual		Value(1)
						Exercise Price		Life (in Years)
	Outstanding at February 1, 2014			2,356,790		$	13.31
	Granted			812,500			12.31
	Exercised			—			—
	Forfeited			(75,000	)		15.57
	Outstanding at May 3, 2014			3,094,290		$	12.99		7.8	$	1,890
	Vested and expected to vest at May 3, 2014			2,848,108		$	12.93		7.7	$	1,889
	Exercisable at May 3, 2014			1,255,790		$	12.13		5.9	$	1,884
	-1	Intrinsic value for stock options is defined as the difference between the market price of the Company’s Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The market value per share was $11.61 at May 2, 2014.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	3-May-14
Components of Basic and Diluted Earnings Per Share	'
	The components of basic and diluted net income per share are as follows (in thousands, except per share amounts):
		Thirteen Weeks Ended
		May 3,		May 4,
		2014		2013
	Net income	$	591	$	2,308
	Weighted average basic shares outstanding		27,983		27,692
	Dilutive effect of stock options and restricted stock		168		335
	Weighted average shares for diluted earnings per share		28,151		28,027
	Basic earnings per share	$	0.02	$	0.08
	Diluted earnings per share	$	0.02	$	0.08

Description_of_Company_and_Bas

Description of Company and Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13	Feb. 01, 2014
	Store		Store
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]	'	'	'
Number of Stores	198	'	195
Stock-based compensation expense	$838	$892	'
Restatement Adjustment	'	'	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]	'	'	'
Stock-based compensation expense	'	$400	'

Investments_in_Marketable_Secu

Investments in Marketable Securities (Detail) (Commercial Paper, USD $)	3-May-14	Feb. 01, 2014
In Thousands, unless otherwise specified
Commercial Paper	'	'
Financial Instruments And Marketable Securities [Line Items]	'	'
Cost	$24,951	$34,923
Gross Unrealized Holding Gains	22	23
Gross Unrealized Holding Losses	-2	-3
Estimated Fair Value	$24,971	$34,943

Marketable_Securities_Addition

Marketable Securities - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Schedule Of Marketable Securities [Line Items]	'	'
(Gain) loss on sales and maturities of marketable securities	($37)	($44)

Line_of_Credit_Additional_Info

Line of Credit - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
	Mar. 17, 2014	3-May-14	4-May-13
Line of Credit Facility [Line Items]	'	'	'
Line of credit amended date	17-Mar-14	'	'
Eliminated percentage of commitment fee on the unused amount of facility	0.10%	'	'
Letters of credit facility maximum borrowing capacity	$25,000,000	'	'
Line of credit maturity date	31-May-17	'	'
Line of credit interest rate term	'	'The interest charged on borrowings is either at the London Interbank Offered Rate, or LIBOR, plus 1.00%, or at the bank's prime rate. The Company has the ability to select between the prime rate or LIBOR-based rate at the time of a cash advance.	'
Covenant description	'	'The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants require certain levels of leverage and profitability, such as (i) an aggregate maximum net loss after taxes not to exceed $5 million (measured at the end of each fiscal quarter), with no more than one annual net loss after taxes for any fiscal year (in either case, excluding all charges for impairment of goodwill, other intangibles and store assets impairment on the balance sheet of WOJT, in an aggregate amount of up to $2.0 million for the relevant period), and (ii) a maximum ratio of 2.00 to 1.00 for bbalance sheet leverageb, defined as total liabilities divided by total tangible net worth.	'
Net loss after taxes	'	591,000	2,308,000
Covenant compliance	'	'The Company was in compliance with all of its covenants and had no outstanding borrowings under the line of credit.	'
Outstanding borrowing	'	0	'
London Interbank Offered Rate (LIBOR)	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line of credit, percentage point added to reference rate	1.00%	'	'
Maximum	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Net loss after taxes	-5,000,000	'	'
Balance sheet leverage	200.00%	'	'
Asset impairment	'	2,000,000	'
Stand-by and Commercial Letters of Credit	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Letters of credit facility maximum borrowing capacity	$15,000,000	'	'

Financial_Assets_Categorized_B

Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments (Detail) (USD $)	3-May-14	Feb. 01, 2014
In Thousands, unless otherwise specified
Commercial Paper	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'
Available-for-sale securities, fair value disclosure	$24,971	$34,943
Fair Value, Inputs, Level 1 | Cash Equivalents | Money Market Instruments	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'
Cash equivalents	24,325	25,316
Fair Value, Inputs, Level 2 | Marketable Securities | Commercial Paper	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'
Available-for-sale securities, fair value disclosure	$24,971	$34,943

Stock_Based_Compensation_Addit

Stock Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended				3 Months Ended	1 Months Ended
	3-May-14	4-May-13	Feb. 01, 2014	3-May-14	3-May-14	Mar. 24, 2014
				Stock Incentive Plan 2012	Stock Incentive Plan 2012	Stock Incentive Plan 2012
					Stock Options	Class A common stock
						Stock Options
						Installment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'
Options granted	812,500	'	'	'	'	812,500
Exercise price of options	$12.99	'	$13.31	'	'	$12.31
Share-based compensation arrangement by share-based payment award, award vest	'	'	'	'	'	4
Fair value of stock option granted	'	'	'	'	$4,300,000	'
Weighted average recognition period	'3 years	'	'	'	'4 years	'
Common shares authorized	'	'	'	2,913,900	'	'
Shares available for issuance	'	'	'	850,645	'	'
Stock-based compensation expense	838,000	892,000	'	'	'	'
Total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants	$8,800,000	'	'	'	'	'

Assumptions_Used_to_Estimate_F

Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail)	3 Months Ended
	3-May-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Expected option term	'5 years	[1]
Expected volatility factor	46.90%	[2]
Risk-free interest rate	1.80%	[3]
Expected annual dividend yield	0.00%
[1]	The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management's expectation of exercise behavior.
[2]	Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company's competitors' common stock over the most recent period equal to the expected option term of the Company's awards.
[3]	The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date.

Stock_Option_Activity_Under_St

Stock Option Activity Under Stock Option Plan (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	3-May-14
Stock options	'
Beginning balance	2,356,790
Granted	812,500
Exercised	'
Forfeited	-75,000
Ending balance	3,094,290
Vested and expected to vest ending balance	2,848,108
Exercisable ending balance	1,255,790
Grant date weighted average exercise price	'
Beginning balance	$13.31
Granted	$12.31
Exercised	'
Forfeited	$15.57
Ending balance	$12.99
Vested and expected to vest ending balance	$12.93
Exercisable ending balance	$12.13
Average remaining contractual life	'
Outstanding at end of period	'7 years 9 months 18 days
Vested and expected to vest end of period	'7 years 8 months 12 days
Exercisable ending balance	'5 years 10 months 24 days
Aggregate intrinsic value	'
Outstanding at end of period	$1,890	[1]
Vested and expected to vest ending balance	1,889	[1]
Exercisable ending balance	$1,884	[1]
[1]	Intrinsic value for stock options is defined as the difference between the market price of the Company's Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The market value per share was $11.61 at May 2, 2014.

Stock_Option_Activity_Under_St1

Stock Option Activity Under Stock Option Plan (Parenthetical) (Detail) (Class A common stock, USD $)	2-May-14
Class A common stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Market value per share	$11.61

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	3 Months Ended
	3-May-14	4-May-13
Income Taxes [Line Items]	'	'
Effective income tax rate	40.50%	40.30%
Vested Stock Options Forfeitures	'	'
Income Taxes [Line Items]	'	'
Effective income tax rate	45.10%	'

Components_of_Basic_and_Dilute

Components of Basic and Diluted Earnings Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-14	4-May-13
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]	'	'
Net income	$591	$2,308
Weighted average basic shares outstanding	27,983	27,692
Dilutive effect of stock options and restricted stock	168	335
Weighted average common shares for diluted earnings per share	28,151	28,027
Basic earnings per share	$0.02	$0.08
Diluted earnings per share	$0.02	$0.08

Related_Parties_Additional_Inf

Related Parties - Additional Information (Detail) (Related Party, USD $)	3 Months Ended
In Millions, unless otherwise specified	3-May-14	4-May-13	Feb. 01, 2014
15 Chrysler, Irvine, California | Warehouse space lease	'	'	'
Related Party Transaction [Line Items]	'	'	'
Lease expiration date	'	31-Oct-14	'
Rent expense	$0.10	$0.10	'
15 Chrysler, Irvine, California | Warehouse space lease | Sublease	'	'	'
Related Party Transaction [Line Items]	'	'	'
Lease expiration date	'	31-May-14	'
Corporate headquarters and distribution center | 10 and 12 Whatney, Irvine, California	'	'	'
Related Party Transaction [Line Items]	'	'	'
Lease expiration date	31-Dec-17	'	'
Rent expense	0.2	0.2	'
Capital lease obligation outstanding beginning balance	9.2	'	'
Capital lease obligation outstanding	3.1	'	3.3
Gross amount of building under capital lease	7.8	'	7.8
Accumulated depreciation of the building under capital lease	5.9	'	5.8
Office and warehouse space | 11 Whatney, Irvine, California	'	'	'
Related Party Transaction [Line Items]	'	'	'
Lease expiration date	30-Jun-22	'	'
Rent expense	0.1	0.1	'
Building | 17 Pasteur, Irvine, California	'	'	'
Related Party Transaction [Line Items]	'	'	'
Lease expiration date	31-Oct-21	'	'
Rent expense	$0.30	$0.30	'