During the second quarter of fiscal 2020 ending August 1, 2020, in accordance with the latest guidelines from local, state and federal governments and health organizations, and with new health and safety protocols in place, including significant restrictions on customer traffic, the Company has reopened 160, or 67%, of its total 239 stores as of June 2, 2020. Since their respective reopening dates and through June 1, 2020, compared to the respective comparable prior year periods, collectively, customer traffic in the reopened stores has decreased by 34% and comparable store net sales in the reopened stores have increased by 1.2%. Individual comparable store net sales results since their respective reopening dates have ranged from a decrease of 91% to an increase of 160%, cumulatively, with 78 stores reporting cumulative comparable store net sales increases and 73 stores reporting cumulative comparable store net sales decreases. Total comparable store net sales for the second quarter of fiscal 2020 through June 1, 2020, including e-commerce and periods for which physical stores were temporarily closed as a result of the COVID-19 pandemic, were $28.2 million, a decrease of $13.6 million or 32.6%, compared to $41.8 million for the comparable period last year. Comparable store net sales from physical stores were $8.2 million, a decrease of $27.7 million or 77.1% compared to $35.9 million for the comparable period last year. Net sales from e-commerce were $20.0 million, an increase of $14.0 million or 236.8% compared to $5.9 million for the comparable period last year. As of June 1, 2020, the Company had $113.9 million of cash and marketable securities, including $23.7 million borrowed under its credit facility and an aggregate of $15.0 million of withheld store lease payments. Excluding the cash borrowed under its credit facility and withheld store lease payments, the Company's remaining cash and marketable securities would have totaled $75.2 million as of June 1, 2020, compared to $113.1 million with no borrowings under its credit facility and no withheld lease payments as of June 3, 2019. At this time, the Company cannot predict with any certainty what future customer traffic or comparable store net sales results will be, the pace at which additional stores may be able to reopen, or whether re-opened stores will be allowed to remain open in the future, nor can the Company ensure that the foregoing store reopening results will be indicative of future performance in these uncertain times.
Reports Q1 revenue $77.3M, consensus $78.27M. "The first quarter was severely impacted by the COVID-19 pandemic, resulting in the temporary closure of all 239 of our stores halfway through the quarter and the painful decision to furlough 91% of our employee population," commented Ed Thomas, President and Chief Executive Officer. "So much remains unpredictable at this time, but we are thankful that we have recently been able to bring some of our people back to work with the reopening of 160 of our stores thus far. We remain committed to the health and safety of our employees, customers and communities as we resume operating our stores."
As of May 2, 2020, the company's cash on hand, cash equivalents, and marketable securities totaled approximately $110.7 million, which includes approximately $23.7 million borrowed under the company's credit facility. In addition, the company has withheld payment of its contractual lease obligations for its stores for the months of April and May 2020, which totaled approximately $13.4 million in the aggregate. Excluding the cash borrowed under its credit facility and withheld store lease payments, the company's remaining cash on hand, cash equivalents, and marketable securities totaled approximately $73.6 million as of May 2, 2020, compared to approximately $109.8 million with no borrowings under its credit facility and no withheld lease payments as of May 4, 2019, the end of the first quarter of fiscal 2019. The company ended the first quarter of fiscal 2020 with merchandise inventories up approximately 26.2% in total retail value before valuation reserves compared to the end of the first quarter of fiscal 2019, primarily due to all stores being closed since March 18, 2020.
Total net sales for Q1 were approximately $77.3 million, a decrease of 40.7% compared to approximately $130.3 million for the first quarter of fiscal 2019. Net sales from physical stores for the first quarter of fiscal 2020 were approximately $47.0 million, a decrease of 57.5% compared to approximately $110.4 million for the first quarter of fiscal 2019. Physical stores were open to the public for only the first 45 days of the total 91 days in the fiscal quarter and were closed during what would have been the normal school spring break and Easter periods. Net sales from e-commerce for the first quarter of fiscal 2020 were approximately $30.4 million, an increase of 54.4% compared to approximately $19.7 million for the first quarter of fiscal 2019. E-commerce net sales increased significantly following the closure of the Company's stores on March 18, 2020.
Tilly's announced certain store reopening plans and provided other business updates. In accordance with the latest guidelines from local, state and federal governments and health organizations, and with new health and safety protocols in place, the company currently expects to reopen 26 of its stores to the public on or about May 15, 2020, including certain stores in Arizona, Florida, Texas and Utah. The company will continue to monitor the guidance from local, state and federal governments and health organizations, as well as announcements made by mall landlords to determine the pace of any future store reopenings, including the anticipated reopenings noted above. The company intends to reopen stores only after the appropriate health and safety protocols applicable to each reopening have been implemented.
Tilly's announced that, in order to protect its people and its communities, it is temporarily closing all 239 of its stores across the United States effective at the end of the day tomorrow, March 18, 2020. The store closures are a proactive measure in response to the continued spread of COVID-19. The company expects that the closures will remain in place until at least March 27, 2020, although this timing remains subject to change and update by the company. All store associates will be compensated during this temporary shutdown. At present, the company plans to continue operating its website, www.tillys.com.
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"A deeper than expected drop in store traffic and comparable store net sales during the second and third weeks of December resulted in a disappointing fourth quarter overall, which was our first negative comp quarter in over three and a half years," commented Ed Thomas, President and CEO. "Comparable store net sales are off to a positive start thus far in the first quarter of fiscal 2020. However, due to the uncertainty of the potential near-term impacts of the coronavirus situation, we are unable to provide specific earnings guidance at this time." Through March 10, total comparable store net sales, including e-commerce, have increased by a low single-digit percentage with comparable store net sales in stores slightly negative and e-commerce net sales up high single-digits on a percentage basis. "Given the unpredictability of the effects of the coronavirus on, among other things, consumer behavior, store traffic, production capabilities, timing of deliveries, our people, economic activity and the market generally in the coming weeks and months, the company is unable to provide specific earnings guidance at this time," Tilly's added.
Reports Q4 revenue $172.5M, consensus $172.16M. The company ended the quarter with 240 total stores, including one RSQ-branded pop-up store, compared to 229 total stores, including four RSQ-branded pop-up stores, last year. Comparable store net sales, which includes e-commerce net sales, decreased 2.0% compared to last year's increase of 6.4%. Comparable store net sales in physical stores decreased 2.2% and represented approximately 80.7% of total net sales, compared to a decrease of 0.9% and an 80.3% share of total net sales last year. E-commerce net sales decreased 1.2% and represented approximately 19.3% of total net sales, compared to an increase of 49.6% and a 19.7% share of total net sales last year.