Citi Trends Announces Fourth Quarter and Fiscal 2010 Results and Provides Earnings Guidance for Fiscal 2011
Financial Highlights — Fourth quarter ended
Total sales in the fourth quarter ended
Net income in the fourth quarter of 2010 was
The Company opened 3 stores in the fourth quarter of 2010, reaching a
total store count of 461 at the end of the year. In addition, the
Company converted 15 of its stores to its new
Financial Highlights — Fiscal year ended
Total sales in the fiscal year ended
Net income was
The Company opened 60 stores, relocated or expanded 13 others, and closed 2 stores in 2010.
Fiscal 2011 Outlook — Fiscal year ending
The Company estimates fiscal 2011 earnings 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 STATEMENTS OF INCOME (unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||
January 29, 2011 | January 30, 2010 | |||||||
(unaudited) | (unaudited) | |||||||
Net sales | $ | 172,043 | $ | 169,811 | ||||
Cost of sales | 105,184 | 104,258 | ||||||
Gross profit | 66,859 | 65,553 | ||||||
Selling, general and administrative expenses | 47,112 | 44,050 | ||||||
Depreciation and amortization | 5,692 | 4,752 | ||||||
Income from operations | 14,055 | 16,751 | ||||||
Interest income | 34 | 75 | ||||||
Interest expense | (7 | ) | (6 | ) | ||||
Income before income tax expense | 14,082 | 16,820 | ||||||
Income tax expense | 4,718 | 5,569 | ||||||
Net income | $ | 9,364 | $ | 11,251 | ||||
Basic net income per common share | $ | 0.64 | $ | 0.78 | ||||
Diluted net income per common share | $ | 0.64 | $ | 0.78 | ||||
Net income attributable to common shares (1): | ||||||||
Basic | $ | 9,364 | $ | 11,251 | ||||
Diluted | $ | 9,364 | $ | 11,251 | ||||
Weighted average shares used to compute basic net income per share | 14,523 | 14,402 | ||||||
Weighted average shares used to compute diluted net income per share | 14,537 | 14,447 | ||||||
Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | |||||||
January 29, 2011 | January 30, 2010 | |||||||
(unaudited) | (unaudited) | |||||||
Net sales | $ | 622,528 | $ | 551,869 | ||||
Cost of sales | 383,318 | 338,898 | ||||||
Gross profit | 239,210 | 212,971 | ||||||
Selling, general and administrative expenses | 187,231 | 165,166 | ||||||
Depreciation and amortization | 20,535 | 18,431 | ||||||
Income from operations | 31,444 | 29,374 | ||||||
Interest income | 174 | 404 | ||||||
Interest expense | (24 | ) | (92 | ) | ||||
Income before income tax expense | 31,594 | 29,686 | ||||||
Income tax expense | 10,742 | 9,969 | ||||||
Net income | $ | 20,852 | $ | 19,717 | ||||
Basic net income per common share | $ | 1.44 | $ | 1.36 | ||||
Diluted net income per common share | $ | 1.44 | $ | 1.36 | ||||
Net income attributable to common shares (1): | ||||||||
Basic | $ | 20,852 | $ | 19,540 | ||||
Diluted | $ | 20,852 | $ | 19,541 | ||||
Weighted average shares used to compute basic net income per share | 14,503 | 14,364 | ||||||
Weighted average shares used to compute diluted net income per share | 14,523 | 14,396 | ||||||
(1) Net of income allocated to nonvested restricted stockholders | ||||||||
CITI TRENDS, INC. | ||||||||
CONDENSED BALANCE SHEETS (unaudited) | ||||||||
(in thousands) | ||||||||
January 29, 2011 | January 30, 2010 | |||||||
(unaudited) | (unaudited) | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 69,231 | $ | 62,993 | ||||
Short-term investment securities | 586 | 33,025 | ||||||
Inventory | 121,432 | 100,874 | ||||||
Other current assets | 16,669 | 14,927 | ||||||
Property and equipment, net | 85,299 | 63,791 | ||||||
Long-term investment securities | 9,205 | - | ||||||
Other noncurrent assets | 3,980 | 4,376 | ||||||
Total assets | $ | 306,402 | $ | 279,986 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Accounts payable | $ | 67,934 | $ | 62,706 | ||||
Accrued liabilities | 23,184 | 22,273 | ||||||
Other current liabilities | 444 | 3,669 | ||||||
Noncurrent liabilities | 10,036 | 9,995 | ||||||
Total liabilities | 101,598 | 98,643 | ||||||
Total stockholders' equity | 204,804 | 181,343 | ||||||
Total liabilities and stockholders' equity | $ | 306,402 | $ | 279,986 |
Chief Financial
Officer
or
President and
Chief Executive Officer
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