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NEW YORK (AP) — Bitcoin topped $100,000 for the first time this week as a massive rally in the world's most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on. The cryptocurrency officially to rose six figures Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Bitcoin has soared since Trump won the U.S. presidential election on Nov. 5. The asset climbed from $69,374 on Election Day, hitting as high as $103,713 Wednesday, according to CoinDesk. And the latest all-time high arrives just two years after bitcoin dropped below $17,000 following the collapse of crypto exchange FTX . Bitcoin fell back below the $100,000 by Thursday afternoon, sitting just above $99,000 by 3 p.m. ET. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of investment risks around the asset, which has quite a volatile history. Here’s what you need to know. Cryptocurrency has been around for a while now. But chances are you’ve heard about it more and more over the last few years. In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain. Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, XRP, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but most daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions. A lot of the recent action has to do with the outcome of the U.S. presidential election. Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. On Thursday morning, hours after bitcoin surpassed the $100,000 mark, Trump congratulated “BITCOINERS” on his social media platform Truth Social. He also appeared to take credit for the recent rally, writing, “YOU’RE WELCOME!!!” Top crypto players welcomed Trump’s election victory last month, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape. And the industry has made sizeable investments along the way. Back in August, Public Citizen, a left-leaning consumer rights advocacy nonprofit, reported finding that crypto-sector corporations spent more than $119 million in 2024 to back pro-crypto candidates across federal elections. Trump made his latest pro-crypto move when he announced his plans Wednesday to nominate Atkins to chair the SEC. Atkins was an SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation. He joined the Token Alliance, a cryptocurrency advocacy organization, in 2017. Under current chair Gary Gensler, who will step down when Trump takes office, the SEC has cracked down on the crypto industry — penalizing a number of companies for violating securities laws. Gensler has also faced ample criticism from industry players in the process. One crypto-friendly move the SEC did make under Gensler was the approval in January of spot bitcoin ETFs, or exchange trade funds, which allow investors to have a stake in bitcoin without directly buying it. The spot ETFs were the dominant driver of bitcoin's price before Trump's win — but, like much of the crypto’s recent momentum, saw record inflows postelection. Bitcoin surpassing the coveted $100,000 mark has left much of the crypto world buzzing. “What we’re seeing isn’t just a rally — it’s a fundamental transformation of bitcoin’s place in the financial system,” Nathan McCauley, CEO and co-founder of crypto custodian Anchorage Digital, said in a statement — while pointing to the growth of who's entering the market, particularly with rising institutional adoption. Still, others note that the new heights of bitcoin's price don't necessarily mean the asset is going mainstream. The $100,000 level is “merely a psychological factor and ultimately just a number,” Dan Coatsworth, investment analyst at British investment company AJ Bell, wrote in a Thursday commentary . That being said, bitcoin could keep climbing to more and more all-time highs, particularly if Trump makes good on his promises for more crypto-friendly regulation once in office. If Trump actually makes a bitcoin reserve, for example, supply changes could also propel the price forward. “It is hard to overstate the magnitude of the change in Washington’s attitude towards crypto post-election,” Matt Hougan, chief investment officer at Bitwise Asset Management, said via email Thursday, reiterating that prices could keep rising if trends persist. “There is a lot more demand than there is supply, and that’s usually a pretty good recipe for success.” Still, as with everything in the volatile cryptoverse, the future is never promised. Worldwide regulatory uncertainties and environmental concerns around bitcoin “mining" — the creation of new bitcoin, which consumes a lot of energy — are among factors that analysts like Coatsworth note could hamper future growth. And, as still a relatively young asset with a history of volatility, longer-term adoption has yet to be seen through. Today’s excitement around bitcoin may make many who aren’t already in the space want to get in on the action. For those in a position to invest, Hougan says it's not too late — noting that bitcoin is still early in its development and most institutional investors “still have zero exposure.” At the same time, Hougan and others maintain that it's important to tread cautiously and not bite off more than you can chew. Experts continue to stress caution around getting carried away with crypto “FOMO,” or the fear of missing out, especially for small-pocketed investors. “A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone,” Coatsworth noted Thursday. “It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.” In short, history shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day. Coatsworth points to recent research from the Bank for International Settlements, a Switzerland-based global organization of central banks, which found that about three-quarters of retail buyers on crypto exchange apps likely lost money on their bitcoin investments between 2015 and 2022. At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000. Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs, and again, now the post-election frenzy. But lighter regulation from the coming Trump administration could also mean less guardrails. This story has been corrected to refer to Anchorage Digital as a crypto custodian, not a crypto asset manager.Tilly's, Inc. TLYS the ", Company", )) today announced financial results for the third quarter of fiscal 2024 ended November 2, 2024. "Our third quarter results included our best quarterly comp sales performance since fiscal 2021, our first month of positive comp sales since February 2022 during fiscal August, and our second consecutive quarter of year-over-year store traffic growth," commented Hezy Shaked, Co-Founder, Executive Chairman, President and Chief Executive Officer. "However, we still have a long way to go to return to generating consistent sales growth and profitability. We are disappointed in our net sales performance in the early stages of the fourth quarter, yet somewhat encouraged by our improved product margins thus far in the fourth quarter." Operating Results Overview Fiscal 2024 Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the third quarter of fiscal 2024 ended November 2, 2024 versus the third quarter of fiscal 2023 ended October 28, 2023. Total net sales were $143.4 million, a decrease of 13.8%. This decrease was primarily attributable to the calendar shift impact of last year's 53rd week in the retail calendar, which caused a portion of the back-to-school season's sales volume to shift into the second quarter this year from the third quarter last year, resulting in a net sales reduction of $18.4 million in this year's third quarter. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 3.4% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores were $111.3 million, a decrease of 16.0%. Comparable store net sales decreased 5.6% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores represented 77.6% of total net sales this year compared to 79.6% of total net sales last year. The Company ended the third quarter with 246 total stores compared to 249 total stores at the end of the third quarter last year. Net sales from e-com were $32.2 million, a decrease of 5.4%. E-com net sales increased 4.9% relative to the comparable 13-week period ended November 4, 2023. E-com net sales represented 22.4% of total net sales this year compared to 20.4% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $37.2 million, or 25.9% of net sales, compared to $48.7 million, or 29.3% of net sales, last year. Product margins were generally consistent with last year's third quarter, declining by 10 basis points. Buying, distribution, and occupancy costs deleveraged by 320 basis points collectively, despite being $0.7 million lower than last year, primarily due to carrying these costs against a lower level of net sales this year. Selling, general and administrative ("SG&A") expenses were $51.3 million, or 35.7% of net sales, compared to $51.2 million, or 30.8% of net sales, last year. Lower store payroll and related benefits as well as lower non-cash store asset impairment charges were largely offset by increased e-com fulfillment costs. Operating loss was $14.1 million, or 9.8% of net sales, compared to $2.5 million, or 1.5% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $12.9 million, or 9.0% of net sales, compared to $1.2 million, or 0.7% of net sales, last year. Income tax benefit was $5.0 thousand or 0.0% of pre-tax loss, compared to $0.3 million, or 28.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $12.9 million, or $0.43 net loss per share, compared to $0.8 million, or $0.03 net loss per share, last year. Weighted average shares were 30.1 million this year compared to 29.9 million shares last year. Fiscal 2024 Year-to-Date Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the first 39 weeks of fiscal 2024 ended November 2, 2024 versus the first 39 weeks of fiscal 2023 ended October 28, 2023. Total net sales were $422.2 million, a decrease of 6.2%. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 6.8% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores were $336.4 million, a decrease of 6.6%. Comparable store net sales decreased 7.4% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores represented 79.7% of total net sales this year compared to 80.0% of total net sales last year. Net sales from e-com were $85.8 million, a decrease of 4.7%. E-com net sales decreased 4.6% relative to the comparable 39-week period ended November 4, 2023. E-com net sales represented 20.3% of total net sales this year compared to 20.0% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $111.4 million, or 26.4% of net sales, compared to $119.0 million, or 26.4% of net sales, last year. Product margins improved by 130 basis points primarily due to the combination of improved initial markups and lower total markdowns. Buying, distribution, and occupancy costs deleveraged by 140 basis points collectively, despite being $1.3 million lower than last year, primarily due to carrying these costs against lower net sales this year. SG&A expenses were $147.1 million, or 34.9% of net sales, compared to $141.4 million, or 31.4% of net sales, last year. The $5.7 million increase in SG&A was primarily attributable to increases in store payroll and related benefits of $1.6 million due to wage rate increases, software as a service expense of $1.4 million, corporate payroll and related benefits of $1.2 million, e-commerce fulfillment expenses of $1.0 million, and non-cash store asset impairment charges of $1.0 million. These increases were partially offset by a variety of smaller expense decreases. Operating loss was $35.7 million, or 8.5% of net sales, compared to $22.5 million, or 5.0% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $32.6 million, or 7.7% of net sales, compared to $18.8 million, or 4.2% of net sales, last year. Income tax benefit was $21.8 thousand or 0.1% of pre-tax loss, compared to $4.9 million, or 26.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $32.6 million, or $1.08 net loss per share, compared to $13.9 million, or $0.47 net loss per share, last year. Weighted average shares were 30.0 million this year compared to 29.8 million shares last year. Balance Sheet and Liquidity As of November 2, 2024, the Company had $51.7 million of cash, cash equivalents and marketable securities and no debt outstanding. Total inventories increased 11.8% as of November 2, 2024 compared to October 28, 2023, largely due to pulling forward new inventory receipts to improve distribution center efficiencies. Total year-to-date capital expenditures at the end of the third quarter were $6.7 million this year compared to $10.5 million last year. Fiscal 2024 Fourth Quarter Outlook Total comparable net sales through December 3, 2024 decreased by 15.3% relative to the comparable period of last year ended December 5, 2023, with meaningfully improved product margins compared to last year. On a shifted basis, lining up the timing of this year's Thanksgiving holiday with last year's, total comparable net sales through December 3, 2024, decreased by 9.6% relative to the comparable period of last year ended November 28, 2023. Based on current and historical trends, the Company currently estimates the following for the fourth quarter of fiscal 2024: Net sales to be in the range of approximately $149 million to $156 million, translating to an estimated comparable net sales decrease in the range of approximately 9% to 5%, respectively, relative to the comparable 13-week period last year; Product margin improvement of approximately 200 basis points relative to last year's fourth quarter; SG&A expenses to be approximately $52 million before factoring in any potential non-cash store asset impairment charges that may arise; Pre-tax loss and net loss to be in the range of approximately $13.0 million to $9.5 million, respectively, with a near-zero effective income tax rate due to the continuing impact of a full, non-cash valuation allowance on deferred tax assets; and Per share results to be in the range of a net loss of $0.43 to $0.32, respectively, with estimated weighted average shares of approximately 30 million. The Company currently expects to have 239 total stores open at the end of the fourth quarter of fiscal 2024. The Company opened three new stores in November and currently expects to close 10 predominantly underperforming stores near the end of the quarter. Conference Call Information A conference call with analysts to discuss these financial results is scheduled for today, December 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Analysts interested in participating in the call are invited to dial (877) 300-8521 (domestic) or (412) 317-6026 (international). The conference call will also be available to interested parties through a live webcast at www.tillys.com . Please visit the website and select the "Investor Relations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until December 12, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10193481. About Tillys Tillys is a leading, destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 249 total stores across 33 states, as well as its website, www.tillys.com . Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our current operating expectations in light of historical results, the impacts of inflation and potential recession on us and our customers, including on our future financial condition or operating results, expectations regarding changes in the macro-economic environment, customer traffic, our supply chain, our ability to properly manage our inventory levels, and any other statements about our future cash position, financial flexibility, expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to the impact of inflation on consumer behavior and our business and operations, supply chain difficulties, and our ability to respond thereto, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, attract talented employees, or enhance awareness of our brand and brand image, general consumer spending patterns and levels, including changes in historical spending patterns, the markets generally, our ability to satisfy our financial obligations, including under our credit facility and our leases, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), including those detailed in the section titled "Risk Factors" and in our other filings with the SEC, which are available on the SEC's website at www.sec.gov and on our website at www.tillys.com under the heading "Investor Relations". Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K. Tilly's, Inc. Consolidated Balance Sheets (In thousands, except par value) (unaudited) November 2, 2024 February 3, 2 024 October 28, 2 023 ASSETS Current assets: Cash and cash equivalents $ 26,407 $ 47,027 $ 44,425 Marketable securities 25,321 48,021 49,523 Receivables 6,136 5,947 7,118 Merchandise inventories 92,481 63,159 82,753 Prepaid expenses and other current assets 11,781 11,905 11,816 Total current assets 162,126 176,059 195,635 Operating lease assets 181,117 203,825 216,205 Property and equipment, net 42,603 48,063 49,220 Deferred tax assets, net — — 13,229 Other assets 1,424 1,598 1,685 TOTAL ASSETS $ 387,270 $ 429,545 $ 475,974 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 32,577 $ 14,506 $ 27,025 Accrued expenses 12,771 13,063 14,688 Deferred revenue 13,333 14,957 13,520 Accrued compensation and benefits 8,127 9,902 10,590 Current portion of operating lease liabilities 49,944 48,672 50,063 Current portion of operating lease liabilities, related party 3,345 3,121 3,048 Other liabilities 210 336 330 Total current liabilities 120,307 104,557 119,264 Long-term liabilities: Noncurrent portion of operating lease liabilities 135,724 160,531 171,388 Noncurrent portion of operating lease liabilities, related party 16,736 19,267 20,081 Other liabilities 192 321 391 Total long-term liabilities 152,652 180,119 191,860 Total liabilities 272,959 284,676 311,124 Stockholders' equity: Common stock (Class A) 23 23 23 Common stock (Class B) 7 7 7 Preferred stock — — — Additional paid-in capital 174,516 172,478 171,754 Accumulated deficit (60,527 ) (27,962 ) (7,410 ) Accumulated other comprehensive income 292 323 476 Total stockholders' equity 114,311 144,869 164,850 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 387,270 $ 429,545 $ 475,974 Tilly's, Inc. Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 November 2, 2024 October 28, 2023 Net sales $ 143,442 $ 166,475 $ 422,165 $ 450,063 Cost of goods sold (includes buying, distribution, and occupancy costs) 105,314 116,825 307,939 328,297 Rent expense, related party 931 931 2,796 2,793 Total cost of goods sold (includes buying, distribution, and occupancy costs) 106,245 117,756 310,735 331,090 Gross profit 37,197 48,719 111,430 118,973 Selling, general and administrative expenses 51,118 51,101 146,734 141,035 Rent expense, related party 133 134 397 400 Total selling, general and administrative expenses 51,251 51,235 147,131 141,435 Operating loss (14,054 ) (2,516 ) (35,701 ) (22,462 ) Other income, net 1,174 1,341 3,114 3,625 Loss before income taxes (12,880 ) (1,175 ) (32,587 ) (18,837 ) Income tax benefit (5 ) (328 ) (22 ) (4,897 ) Net loss $ (12,875 ) $ (847 ) $ (32,565 ) $ (13,940 ) Basic net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Diluted net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Weighted average basic shares outstanding 30,060 29,872 30,017 29,834 Weighted average diluted shares outstanding 30,060 29,872 30,017 29,834 Tilly's, Inc. Consolidated Statements of Cash Flows (In thousands) (unaudited) Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 Cash flows from operating activities Net loss $ (32,565 ) $ (13,940 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 9,586 9,547 Stock-based compensation expense 1,744 1,684 Impairment of assets 3,605 2,631 (Gain) loss on disposal of assets (45 ) 2 Gain on maturities of marketable securities (1,449 ) (1,156 ) Deferred income taxes — (4,732 ) Changes in operating assets and liabilities: Receivables 611 4,196 Merchandise inventories (29,322 ) (20,636 ) Prepaid expenses and other assets 900 5,980 Accounts payable 18,047 11,033 Accrued expenses (159 ) 106 Accrued compensation and benefits (1,775 ) 2,407 Operating lease liabilities (5,422 ) (4,545 ) Deferred revenue (1,624 ) (2,583 ) Other liabilities (335 ) (452 ) Net cash used in operating activities (38,203 ) (10,458 ) Cash flows from investing activities Purchases of marketable securities (59,557 ) (88,146 ) Purchases of property and equipment (6,678 ) (10,543 ) Proceeds from maturities of marketable securities 83,500 80,000 Proceeds from sale of property and equipment 24 9 Net cash provided by (used in) investing activities 17,289 (18,680 ) Cash flows from financing activities Proceeds from exercise of stock options 294 210 Taxes paid on short-swing profits disgorgement payment — (173 ) Net cash provided by financing activities 294 37 Change in cash and cash equivalents (20,620 ) (29,101 ) Cash and cash equivalents, beginning of period 47,027 73,526 Cash and cash equivalents, end of period $ 26,407 $ 44,425 Tilly's, Inc. Store Count and Square Footage Store Count at Beginning of Quarter New Stores Opened During Quarter Stores Permanently Closed During Quarter Store Count at End of Quarter Total Gross Square Footage End of Quarter (in thousands) 2023 Q1 249 1 2 248 1,809 2023 Q2 248 — 2 246 1,792 2023 Q3 246 3 — 249 1,810 2023 Q4 249 3 4 248 1,801 2024 Q1 248 2 4 246 1,784 2024 Q2 246 1 — 247 1,791 2024 Q3 247 — 1 246 1,780 View source version on businesswire.com: https://www.businesswire.com/news/home/20241205990996/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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With the confirmation of this policy turning point, the government has signalled its intention to ramp up efforts to bolster the economy through a combination of fiscal, monetary, and structural policies. This strategic shift is expected to provide a much-needed boost to various sectors, stimulate domestic consumption, and enhance the overall resilience of the economy in the face of external uncertainties.

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In addition to domestic policies, the meeting also touched upon the importance of maintaining stable and open trade relations with international partners. With global trade tensions and uncertainties on the rise, China aims to strengthen cooperation with its trading partners, uphold multilateralism, and promote a rules-based global trading system to safeguard its economic interests and ensure sustainable growth.