Citi Trends Announces Second Quarter 2016 Results and Declares Quarterly Cash Dividend
Second quarter 2016 loss per share of
First half 2016 income per share of
Financial Highlights - Second quarter ended
Total sales in the second quarter ended
Net loss was
During the second quarter, the Company opened four new stores and relocated or expanded two other stores.
Financial Highlights - First half ended
Total sales in the first half of fiscal 2016 increased less than 0.1% to
In the first half of fiscal 2016, net income was
Quarterly Cash Dividend
The Company announced that its Board of Directors has declared a
quarterly cash dividend of
Investor Conference Call and Webcast
The live broadcast of Citi Trends' conference call will be available
online at the Company's website, www.cititrends.com,
under the Investor Relations section, beginning today at
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. 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
|
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||||||
(in thousands, except per share data) | |||||||||
Thirteen Weeks Ended |
Thirteen Weeks Ended |
||||||||
|
|
||||||||
(unaudited) | (unaudited) | ||||||||
Net sales | $ | 155,276 | $ | 153,878 | |||||
Cost of sales (exclusive of depreciation shown separately below) | (95,150 | ) | (93,179 | ) | |||||
Selling, general and administrative expenses | (56,105 | ) | (55,703 | ) | |||||
Depreciation | (4,294 | ) | (4,620 | ) | |||||
(Loss) income from operations | (273 | ) | 376 | ||||||
Interest income | 135 | 59 | |||||||
Interest expense | (41 | ) | (47 | ) | |||||
(Loss) income before income tax benefit (expense) | (179 | ) | 388 | ||||||
Income tax benefit (expense) | 59 | (226 | ) | ||||||
Net (loss) income | $ | (120 | ) | $ | 162 | ||||
Basic net (loss) income per common share | $ | (0.01 | ) | $ | 0.01 | ||||
Diluted net (loss) income per common share | $ | (0.01 | ) | $ | 0.01 | ||||
Weighted average shares used to compute basic net (loss) income per share | 14,676 | 15,183 | |||||||
Weighted average shares used to compute diluted net (loss) income per share | 14,676 | 15,204 | |||||||
Twenty-Six Weeks Ended |
Twenty-Six Weeks Ended |
||||||||
|
|
||||||||
(unaudited) | (unaudited) | ||||||||
Net sales | $ | 348,948 | $ | 348,791 | |||||
Cost of sales (exclusive of depreciation shown separately below) | (212,959 | ) | (210,688 | ) | |||||
Selling, general and administrative expenses | (114,436 | ) | (111,515 | ) | |||||
Depreciation | (8,738 | ) | (9,433 | ) | |||||
Asset impairment | (221 | ) | - | ||||||
Income from operations | 12,594 | 17,155 | |||||||
Interest income | 262 | 115 | |||||||
Interest expense | (81 | ) | (94 | ) | |||||
Income before income tax expense | 12,775 | 17,176 | |||||||
Income tax expense | (4,158 | ) | (5,735 | ) | |||||
Net income | $ | 8,617 | $ | 11,441 | |||||
Basic net income per common share | $ | 0.59 | $ | 0.76 | |||||
Diluted net income per common share | $ | 0.59 | $ | 0.75 | |||||
Weighted average shares used to compute basic net income per share | 14,635 | 15,139 | |||||||
Weighted average shares used to compute diluted net income per share | 14,640 | 15,193 | |||||||
|
|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||
(in thousands) | |||||||||
|
|
||||||||
(unaudited) | (unaudited) | ||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 39,606 | $ | 54,380 | |||||
Short-term investment securities | 37,345 | 24,778 | |||||||
Inventory | 132,093 | 126,346 | |||||||
Prepaid and other current assets (1) | 17,034 | 14,890 | |||||||
Property and equipment, net | 52,935 | 47,903 | |||||||
Long-term investment securities | 24,616 | 36,512 | |||||||
Other noncurrent assets (1) | 9,810 | 11,240 | |||||||
Total assets | $ | 313,439 | $ | 316,049 | |||||
Liabilities and Stockholders' Equity: | |||||||||
Accounts payable | $ | 61,982 | $ | 59,391 | |||||
Accrued liabilities | 22,826 | 25,297 | |||||||
Other current liabilities | 1,742 | 2,128 | |||||||
Noncurrent liabilities | 7,413 | 6,040 | |||||||
Total liabilities | 93,963 | 92,856 | |||||||
Total stockholders' equity | 219,476 | 223,193 | |||||||
Total liabilities and stockholders' equity | $ | 313,439 | $ | 316,049 | |||||
(1) |
|||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160817005066/en/
Bruce Smith, 912-443-2075
Chief Operating
Officer and Chief Financial Officer
or
President and Chief Executive Officer
Source:
News Provided by Acquire Media