Tillys (NYSE: TLYS) reported Q3 EPS of $0.22, $0.01 better than the analyst estimate of $0.21. Revenue for the quarter came in at $123.8 million versus the consensus estimate of $132.6 million. Comps fell 2.4%.

Tillys sees Q4 2013 EPS of $0.15-$0.20, versus the consensus of $0.35.

Fourth Quarter 2013 Outlook

We continue to experience weak traffic trends and a highly promotional environment in teen retail. If these trends continue, we would expect fourth quarter comparable store sales to decline in the mid to high single digits, and net income to be in the range of $4.2 million to $6.0 million, or $0.15 to $0.21 per diluted share. This assumes an anticipated effective tax rate of 40% and a weighted average diluted share count of 28.3 million shares, compared to 28.0 million weighted average diluted shares in the fourth quarter of last year.

Fourth quarter 2012 adjusted net income was $8.9 million, or $0.32 per diluted share, which includes a 40% effective tax rate to make that quarter comparable. (See reconciliation of non-GAAP results to GAAP results at the end of this release.)

For earnings history and earnings-related data on Tillys (TLYS) click here.

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