Ed Thomas retired from his position as president and chief executive of Tilly’s Inc. (NYSE: TLYS) last week.
Thomas led the Irvine-based youth retailer since late 2015; he had also held the CEO position previously from 2005 to 2007.
His retail experience also included 12 years with The Wet Seal Inc., where he served as CEO for the teen retailer.
Thomas sat on several local boards over the years, for companies such as Habit Burger Grill and Sprinkles Cupcakes.
Hezy Shaked, co-founder of the company, chief strategy officer and current executive chairman of the board, will act as interim president and CEO until a successor is named, the company said last week.
The appointment marks a return to the position for Shaked, who holds over 40 years of experience in the retail industry.
Shaked co-founded the company with Tilly Levine in 1982. The company went public in 2012.
The retailer’s stock increased 1.9% to $7.58 per share during midday trading on Jan. 22 on the day the exec changes were announced, with trading volume more than double the average. Tilly’s had a market cap of $227 million as of press time.
“I sincerely thank Ed for his many valuable contributions and leadership during his tenure at Tilly’s, and wish him continued success in his future endeavors,” Shaked said in a statement.
Performance
Tilly’s currently operates 251 total stores across 33 states, up from 224 at the beginning of 2016, when Thomas rejoined the company.
The company’s been operating in a tough retail environment of late. Thomas said earlier this month that the company experienced “a slightly softer holiday season” than they had anticipated, citing “significant decreases in consumer activity” following Black Friday weekend.
Tilly’s currently expects its fiscal 2023 fourth-quarter net sales to be in the range of $169 million to $172 million and its loss per share to be between 20 cents and 24 cents.
Shares were trading around $7.30 when Thomas entered the role of CEO almost nine years ago. Annual sales at the time were reported to be around $550 million.
The retailer’s 2022 fiscal year ended Jan. 2023 brought in net sales of $672 million, down 13% from the year before.
