Citi Trends Announces Third Quarter 2015 Results
Third quarter 2015 income per share of
Comparable store sales decreased 0.5% in the quarter; up 1.7% year-to-date
Income per share in this year's third quarter includes
Year-to-date income per share of
Financial Highlights - Third quarter ended
Total sales in the third quarter ended
Net income was
Financial Highlights - First three quarters
ended
Total sales in the first three quarters of fiscal 2015 increased 3.7% to
As previously announced, the Board of Directors has declared a quarterly
dividend payment 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
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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 | $ | 158,937 | $ | 156,694 | |||||||
Cost of sales (exclusive of depreciation shown separately below) | (97,565 | ) | (98,542 | ) | |||||||
Selling, general and administrative expenses | (55,616 | ) | (56,354 | ) | |||||||
Depreciation | (4,589 | ) | (5,038 | ) | |||||||
Income (loss) from operations | 1,167 | (3,240 | ) | ||||||||
Interest income | 107 | 43 | |||||||||
Interest expense | (107 | ) | (48 | ) | |||||||
Income (loss) before income tax (expense) benefit | 1,167 | (3,245 | ) | ||||||||
Income tax (expense) benefit | (553 | ) | 1,038 | ||||||||
Net income (loss) | $ | 614 | $ | (2,207 | ) | ||||||
Basic net income (loss) per common share | $ | 0.04 | $ | (0.15 | ) | ||||||
Diluted net income (loss) per common share | $ | 0.04 | $ | (0.15 | ) | ||||||
Weighted average shares used to compute basic net income (loss) per share | 15,056 | 14,982 | |||||||||
Weighted average shares used to compute diluted net income (loss) per share | 15,115 | 14,982 | |||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||
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(unaudited) | (unaudited) | ||||||||||
Net sales | $ | 507,728 | $ | 489,697 | |||||||
Cost of sales (exclusive of depreciation shown separately below) | (308,253 | ) | (304,849 | ) | |||||||
Selling, general and administrative expenses | (167,131 | ) | (163,526 | ) | |||||||
Depreciation | (14,022 | ) | (15,306 | ) | |||||||
Asset impairment | - | (83 | ) | ||||||||
Income from operations | 18,322 | 5,933 | |||||||||
Interest income | 222 | 135 | |||||||||
Interest expense | (201 | ) | (152 | ) | |||||||
Income before income tax expense | 18,343 | 5,916 | |||||||||
Income tax expense | (6,288 | ) | (1,623 | ) | |||||||
Net income | $ | 12,055 | $ | 4,293 | |||||||
Basic net income per common share | $ | 0.80 | $ | 0.29 | |||||||
Diluted net income per common share | $ | 0.79 | $ | 0.29 | |||||||
Weighted average shares used to compute basic net income per share | 15,112 | 14,952 | |||||||||
Weighted average shares used to compute diluted net income per share | 15,167 | 14,985 | |||||||||
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CONDENSED BALANCE SHEETS (unaudited) | |||||||||||
(in thousands) | |||||||||||
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(unaudited) | (unaudited) | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 41,585 | $ | 65,991 | |||||||
Short-term investment securities | 34,142 | 13,988 | |||||||||
Inventory | 129,433 | 128,516 | |||||||||
Prepaid and other current assets | 18,249 | 18,658 | |||||||||
Property and equipment, net | 49,978 | 49,756 | |||||||||
Long-term investment securities | 30,582 | 24,038 | |||||||||
Other noncurrent assets | 8,960 | 7,005 | |||||||||
Total assets | $ | 312,929 | $ | 307,952 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||
Accounts payable | $ | 58,210 | $ | 63,478 | |||||||
Accrued liabilities | 29,759 | 30,847 | |||||||||
Other current liabilities | 2,284 | 2,359 | |||||||||
Noncurrent liabilities | 6,225 | 6,247 | |||||||||
Total liabilities | 96,478 | 102,931 | |||||||||
Total stockholders' equity | 216,451 | 205,021 | |||||||||
Total liabilities and stockholders' equity | $ | 312,929 | $ | 307,952 | |||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151124005082/en/
Bruce Smith, 912-443-2075
Chief Operating
Officer and Chief Financial Officer
or
President and Chief Executive Officer
Source:
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