TLYS — what changed in the latest 10-Q
A section-by-section comparison of TLYS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-09-03 vs the prior 10-Q · 2026-06-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +27 | −17 | ~16 | 28 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-09-03
Based on the improvement in our recent operating results, we currently anticipate our estimated annual effective income tax rate to be in the range of approximately 17% to 21% of pre-tax income while continuing to maintain a full valuation allowance on our deferred tax assets.
Operating income (loss) equals gross profit less SG&A expenses. Operating income (loss) excludes interest income, interest expense and income taxes. Operating income (loss) percentage measures operating income (loss) as a percentage of our net sales.
0.9%$1.5Increase in incentive bonus accrual associated with achieving improved operating performance
Operating income was $8.2 million, or 5.0% of net sales, compared to $2.7 million, or 1.8% of net sales, last year primarily as a result of the combination of the factors noted above.
Income tax expense was $0.1 million, or 1.0% of pre-tax income, compared to an income tax benefit of $41 thousand, or (1.3%) of pre-tax income, last year. Both period's income tax results include the continuing impact of a full, non-cash deferred tax asset valuation allowance.
Text removed vs the prior filing · source: 10-Q · 2026-06-04
We expect our effective income tax rate to be near zero on an annual basis until such time that we are able to return to generating operating profits on a consistent basis due to maintaining a full valuation allowance on all deferred tax assets as a result of our recent operating losses.
Operating loss equals gross profit less SG&A expenses. Operating loss excludes interest income, interest expense and income
taxes. Operating loss percentage measures operating loss as a percentage of our net sales.
Total selling, general and administrative expenses44,170 43,974
Total selling, general and administrative expenses35.4 %40.9 %
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice