Citi Trends Announces Third Quarter 2010 Results
Third quarter sales increased 10.0%; comparable store sales decreased 4.2%
Third quarter net loss of
Year-to-date net income increased 35.7% to
Financial Highlights — Third quarter ended
Total sales in the third quarter ended
Store activity in the third quarter of 2010 included 33 new openings and 5 relocations/expansions, resulting in a total store count of 458 at the end of the quarter.
Financial Highlights — First three quarters
ended
Total sales in the first three quarters of fiscal 2010 increased 17.9%
to
Fiscal 2010 Outlook
The Company estimates that 2010 earnings will be in a range of
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
CTRN-E
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 OPERATIONS (unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
| October 30, 2010 | October 31, 2009 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 140,037 | $ | 127,356 | ||||||
| Cost of sales | 88,356 | 79,720 | ||||||||
| Gross profit | 51,681 | 47,636 | ||||||||
| Selling, general and administrative expenses | 47,243 | 41,989 | ||||||||
| Depreciation and amortization | 5,324 | 4,851 | ||||||||
| (Loss) income from operations | (886 | ) | 796 | |||||||
| Interest income | 41 | 85 | ||||||||
| Interest expense | (8 | ) | (17 | ) | ||||||
| Unrealized gain on investment securities | - | 57 | ||||||||
| (Loss) income before income tax (benefit) expense | (853 | ) | 921 | |||||||
| Income tax (benefit) expense | (459 | ) | 315 | |||||||
| Net (loss) income | $ | (394 | ) | $ | 606 | |||||
| Basic net (loss) income per common share | $ | (0.03 | ) | $ | 0.04 | |||||
| Diluted net (loss) income per common share | $ | (0.03 | ) | $ | 0.04 | |||||
| Net (loss) income attributable to common shares (1): | ||||||||||
| Basic | $ | (394 | ) | $ | 593 | |||||
| Diluted | $ | (394 | ) | $ | 593 | |||||
| Weighted average shares used to compute basic net (loss) income per share | 14,519 | 14,370 | ||||||||
| Weighted average shares used to compute diluted net (loss) income per share | 14,519 | 14,409 | ||||||||
| Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||
| October 30, 2010 | October 31, 2009 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 450,485 | $ | 382,058 | ||||||
| Cost of sales | 278,134 | 234,640 | ||||||||
| Gross profit | 172,351 | 147,418 | ||||||||
| Selling, general and administrative expenses | 140,119 | 121,116 | ||||||||
| Depreciation and amortization | 14,843 | 13,679 | ||||||||
| Income from operations | 17,389 | 12,623 | ||||||||
| Interest income | 140 | 329 | ||||||||
| Interest expense | (17 | ) | (86 | ) | ||||||
| Income before income tax expense | 17,512 | 12,866 | ||||||||
| Income tax expense | 6,024 | 4,400 | ||||||||
| Net income | $ | 11,488 | $ | 8,466 | ||||||
| Basic net income per common share | $ | 0.79 | $ | 0.58 | ||||||
| Diluted net income per common share | $ | 0.79 | $ | 0.58 | ||||||
| Net income attributable to common shares (1): | ||||||||||
| Basic | $ | 11,488 | $ | 8,289 | ||||||
| Diluted | $ | 11,488 | $ | 8,289 | ||||||
| Weighted average shares used to compute basic net income per share | 14,497 | 14,351 | ||||||||
| Weighted average shares used to compute diluted net income per share | 14,518 | 14,383 | ||||||||
| (1) Net of income allocated to nonvested restricted stockholders | ||||||||||
| CITI TRENDS, INC. | ||||||||
| CONDENSED BALANCE SHEETS (unaudited) | ||||||||
| (in thousands) | ||||||||
| October 30, 2010 | October 31, 2009 | |||||||
| (unaudited) | (unaudited) | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 69,632 | $ | 32,487 | ||||
| Short-term investment securities | 4,752 | 42,225 | ||||||
| Inventory | 115,273 | 105,314 | ||||||
| Other current assets | 21,995 | 16,420 | ||||||
| Property and equipment, net | 76,879 | 62,422 | ||||||
| Other noncurrent assets | 4,470 | 4,282 | ||||||
| Total assets | $ | 293,001 | $ | 263,150 | ||||
| Liabilities and Stockholders' Equity: | ||||||||
| Accounts payable | $ | 61,355 | $ | 60,762 | ||||
| Accrued liabilities | 22,111 | 20,263 | ||||||
| Other current liabilities | 3,200 | 3,504 | ||||||
| Noncurrent liabilities | 10,422 | 9,719 | ||||||
| Total liabilities | 97,088 | 94,248 | ||||||
| Total stockholders' equity | 195,913 | 168,902 | ||||||
| Total liabilities and stockholders' equity | $ | 293,001 | $ | 263,150 | ||||
Chief
Financial Officer
or
President
and Chief Executive Officer
Source:
News Provided by Acquire Media