Reuters: Global Markets: Teen retailer Tilly's shares surge in market debut

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Teen retailer Tilly's shares surge in market debut May 4th 2012, 14:35 Fri May 4, 2012 10:35am EDT (Reuters) - Tilly's Inc's (TLYS.N) shares opened 23 percent above their IPO price in their market debut, as investors looked to grab a piece of the fast growing specialty retailer in an otherwise weak IPO market. On Thursday, Tilly's priced its IPO of 8 million shares at $15.50, raising $124 million, above its expected range of $11.50 to $13.50 per share. The Irvine, California-based company sold 7.6 million shares, while stockholders sold 400,000 shares. Proceeds from the offering are being used to pay current shareholders of World of Jeans & Tops through which Tilly's sells its merchandise. Net sales in 2011 increased 20 percent to $400.6 million. Net income jumped 41 percent to $34.3 million. Comparable store sales rose 10.7 percent in 2011, after a 6.7 percent increase in the prior year. Tilly's operates 140 stores in 14 states across the United States. The company sells West Coast-inspired apparel, footwear and accessories including brands like Billabong International Ltd (BBG.AX), Quiksilver Inc (ZQK.N) and Roxy. Shares of the company were trading up 20 percent at $18.60 in early trade on Friday. Tilly's was among the most traded stocks on the New York Stock Exchange. (Reporting by Tanya Agrawal and Ranjita Ganesan in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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