Citi Trends Announces First Quarter 2014 Results
First quarter 2014 earnings per share of
Comparable store sales increased 4.2% in first quarter
Financial Highlights - First quarter ended
Total sales in the first quarter ended
The Company had net income of
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (in thousands, except per share data) |
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Thirteen Weeks Ended |
Thirteen Weeks Ended |
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(unaudited) | (unaudited) | ||||||||||
Net sales | $ | 188,016 | $ | 181,828 | |||||||
Cost of sales (exclusive of depreciation shown separately below) | (114,767 | ) | (114,505 | ) | |||||||
Selling, general and administrative expenses | (53,975 | ) | (51,908 | ) | |||||||
Depreciation | (5,160 | ) | (5,595 | ) | |||||||
Asset impairment | - | (27 | ) | ||||||||
Income from operations | 14,114 | 9,793 | |||||||||
Interest income | 53 | 68 | |||||||||
Interest expense | (48 | ) | (47 | ) | |||||||
Income before income taxes | 14,119 | 9,814 | |||||||||
Income tax expense | 5,040 | 3,650 | |||||||||
Net income | $ | 9,079 | $ | 6,164 | |||||||
Basic net income per common share | $ | 0.61 | $ | 0.42 | |||||||
Diluted net income per common share | $ | 0.61 | $ | 0.42 | |||||||
Weighted average shares used to compute basic net income per share | 14,901 | 14,752 | |||||||||
Weighted average shares used to compute diluted net income per share | 14,902 | 14,753 | |||||||||
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(unaudited) | (unaudited) | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 81,433 | $ | 64,065 | |||||||
Short-term investment securities | 7,345 | 16,249 | |||||||||
Inventory | 112,720 | 108,509 | |||||||||
Prepaid and other current assets | 16,885 | 17,269 | |||||||||
Property and equipment, net | 52,960 | 69,202 | |||||||||
Long-term investment securities | 19,096 | 1,769 | |||||||||
Other noncurrent assets | 7,483 | 4,575 | |||||||||
Total assets | $ | 297,922 | $ | 281,638 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||
Accounts payable | $ | 51,603 | $ | 40,498 | |||||||
Accrued liabilities | 26,210 | 26,325 | |||||||||
Other current liabilities | 5,158 | 3,101 | |||||||||
Noncurrent liabilities | 6,814 | 9,513 | |||||||||
Total liabilities | 89,785 | 79,437 | |||||||||
Total stockholders' equity | 208,137 | 202,201 | |||||||||
Total liabilities and stockholders' equity | $ | 297,922 | $ | 281,638 |
Bruce Smith, 912-443-2075
Chief Financial Officer
or
Chairman & Chief Executive Officer
Source:
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