Citi Trends Announces Third Quarter 2012 Results
Third quarter sales increased 4.1%; comparable store sales increased 0.5%
Third quarter 2012 loss per share of
Financial Highlights — Third quarter ended
Total sales in the third quarter ended
Net loss was
The Company opened one store and relocated or expanded two others in the third quarter of 2012, reaching a total store count of 513 at the end of the quarter.
Financial Highlights — First three quarters
ended
Total sales in the first three quarters of fiscal 2012 increased 3.6% to
Investor Conference Call and Webcast
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends 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.
The Company's next scheduled press release is scheduled for
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
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CONDENSED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||
(in thousands, except per share data) | ||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 148,985 | $ | 143,067 | ||||||
Cost of sales | 97,808 | 94,909 | ||||||||
Gross profit | 51,177 | 48,158 | ||||||||
Selling, general and administrative expenses | 51,132 | 53,059 | ||||||||
Depreciation and amortization | 5,970 | 6,454 | ||||||||
Asset impairment | 660 | 696 | ||||||||
Loss from operations | (6,585 | ) | (12,051 | ) | ||||||
Interest income | 66 | 61 | ||||||||
Interest expense | (50 | ) | (17 | ) | ||||||
Loss before income tax benefit | (6,569 | ) | (12,007 | ) | ||||||
Income tax benefit | (2,869 | ) | (5,246 | ) | ||||||
Net loss | $ | (3,700 | ) | $ | (6,761 | ) | ||||
Basic net loss per common share | $ | (0.25 | ) | $ | (0.46 | ) | ||||
Diluted net loss per common share | $ | (0.25 | ) | $ | (0.46 | ) | ||||
Weighted average shares used to compute basic net loss per share | 14,677 | 14,602 | ||||||||
Weighted average shares used to compute diluted net loss per share | 14,677 | 14,602 | ||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 478,997 | $ | 462,468 | ||||||
Cost of sales | 308,739 | 295,789 | ||||||||
Gross profit | 170,258 | 166,679 | ||||||||
Selling, general and administrative expenses | 154,733 | 154,819 | ||||||||
Depreciation and amortization | 18,153 | 18,389 | ||||||||
Asset impairment | 660 | 2,305 | ||||||||
Loss from operations | (3,288 | ) | (8,834 | ) | ||||||
Interest income | 194 | 180 | ||||||||
Interest expense | (163 | ) | (27 | ) | ||||||
Loss before income tax benefit | (3,257 | ) | (8,681 | ) | ||||||
Income tax benefit | (1,736 | ) | (3,982 | ) | ||||||
Net loss | $ | (1,521 | ) | $ | (4,699 | ) | ||||
Basic net loss per common share | $ | (0.10 | ) | $ | (0.32 | ) | ||||
Diluted net loss per common share | $ | (0.10 | ) | $ | (0.32 | ) | ||||
Weighted average shares used to compute basic net loss per share | 14,662 | 14,584 | ||||||||
Weighted average shares used to compute diluted net loss per share | 14,662 | 14,584 | ||||||||
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CONDENSED BALANCE SHEETS (unaudited) | ||||||||
(in thousands) | ||||||||
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(unaudited) | (unaudited) | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 36,195 | $ | 33,225 | ||||
Short-term investment securities | 4,734 | - | ||||||
Inventory | 146,700 | 127,156 | ||||||
Prepaid and other current assets | 20,023 | 27,836 | ||||||
Assets held for sale | 1,415 | 1,415 | ||||||
Property and equipment, net | 76,197 | 95,369 | ||||||
Long-term investment securities | 14,957 | 19,760 | ||||||
Other noncurrent assets | 2,268 | 3,308 | ||||||
Total assets | $ | 302,489 | $ | 308,069 | ||||
Liabilities and Stockholders' Equity: |
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Accounts payable | $ | 67,098 | $ | 64,120 | ||||
Accrued liabilities | 25,691 | 25,126 | ||||||
Other current liabilities | 2,544 | 3,363 | ||||||
Noncurrent liabilities | 11,126 | 12,974 | ||||||
Total liabilities | 106,459 | 105,583 | ||||||
Total stockholders' equity |
196,030 | 202,486 | ||||||
Total liabilities and stockholders' equity |
$ | 302,489 | $ | 308,069 | ||||
Bruce Smith, 912-443-2075
Chief
Financial Officer
or
Chairman &
Chief Executive Officer
Source:
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