Citi Trends Announces First Quarter 2011 Results
First quarter sales increased 4.3%; comparable store sales decreased 6.9%
First quarter 2011 earnings per share of
Financial Highlights — First quarter ended
Total sales in the first quarter ended
The Company opened 15 stores, relocated or expanded 5 others, and closed 3 stores in the first quarter of 2011, reaching a total store count of 473 at the end of the quarter.
Fiscal 2011 Outlook
The Company estimates that 2011 earnings will be in a range of
approximately
The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables. See "Forward-Looking Statements" below for more information regarding these uncertainties.
Investor Conference Call and Webcast
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
About
Forward-Looking Statements
All statements other than historical facts contained in this news
release, including statements regarding our future financial results and
position, business policy and plans and objectives of management for
future operations, are forward-looking statements that are subject to
material risks and uncertainties. The words "believe," "may,"
"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to
CITI TRENDS, INC. | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(unaudited) | ||||||||||
(in thousands, except per share data) | ||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
April 30, 2011 | May 1, 2010 | |||||||||
(unaudited) | (unaudited) | |||||||||
Net sales | $ | 189,168 | $ | 181,406 | ||||||
Cost of sales | 114,099 | 109,016 | ||||||||
Gross profit | 75,069 | 72,390 | ||||||||
Selling, general and administrative expenses | 51,072 | 48,450 | ||||||||
Depreciation and amortization | 5,584 | 4,750 | ||||||||
Income from operations | 18,413 | 19,190 | ||||||||
Interest income | 54 | 55 | ||||||||
Interest expense | (4 | ) | (4 | ) | ||||||
Income before income tax expense | 18,463 | 19,241 | ||||||||
Income tax expense | 6,370 | 6,792 | ||||||||
Net income | $ | 12,093 | $ | 12,449 | ||||||
Basic net income per common share | $ | 0.83 | $ | 0.86 | ||||||
Diluted net income per common share | $ | 0.83 | $ | 0.86 | ||||||
Weighted average shares used to compute basic net income per share | 14,554 | 14,458 | ||||||||
Weighted average shares used to compute diluted net income per share | 14,567 | 14,489 | ||||||||
CITI TRENDS, INC. | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(unaudited) | ||||||||||
(in thousands) | ||||||||||
April 30, 2011 | May 1, 2010 | |||||||||
(unaudited) | (unaudited) | |||||||||
Assets: | ||||||||||
Cash and cash equivalents | $ | 76,847 | $ | 83,390 | ||||||
Short-term investment securities | - | 30,025 | ||||||||
Inventory | 113,380 | 95,685 | ||||||||
Prepaid and other current assets | 15,828 | 14,131 | ||||||||
Property and equipment, net | 91,175 | 64,300 | ||||||||
Long-term investment securities | 16,824 | - | ||||||||
Other noncurrent assets | 3,132 | 4,060 | ||||||||
Total assets | $ | 317,186 | $ | 291,591 | ||||||
Liabilities and Stockholders' Equity: | ||||||||||
Accounts payable | $ | 58,988 | $ | 61,289 | ||||||
Accrued liabilities | 23,370 | 19,079 | ||||||||
Other current liabilities | 6,223 | 5,886 | ||||||||
Noncurrent liabilities | 10,778 | 10,024 | ||||||||
Total liabilities | 99,359 | 96,278 | ||||||||
Total stockholders' equity | 217,827 | 195,313 | ||||||||
Total liabilities and stockholders' equity | $ | 317,186 | $ | 291,591 | ||||||
Bruce Smith
Chief Financial Officer
912-443-2075
or
President and Chief Executive Officer
912-443-3924
Source:
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