Citi Trends Announces First Quarter 2012 Results
First quarter 2012 earnings per share of
First quarter sales increased 4.5%; comparable store sales decreased 5.0%
Financial Highlights — First quarter ended
Total sales in the first quarter ended
The Company opened two stores, relocated one store, and closed two stores in the first quarter of 2012, resulting in a total store count of 511 at the end of the quarter.
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.
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 CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| (unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
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| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 197,694 | $ | 189,168 | ||||||
| Cost of sales | 123,028 | 114,099 | ||||||||
| Gross profit | 74,666 | 75,069 | ||||||||
| Selling, general and administrative expenses | 52,669 | 51,072 | ||||||||
| Depreciation and amortization | 6,145 | 5,584 | ||||||||
| Income from operations | 15,852 | 18,413 | ||||||||
| Interest income | 62 | 54 | ||||||||
| Interest expense | (49 | ) | (4 | ) | ||||||
| Income before income taxes | 15,865 | 18,463 | ||||||||
| Income tax expense | 5,761 | 6,370 | ||||||||
| Net income | $ | 10,104 | $ | 12,093 | ||||||
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$ | 0.69 | $ | 0.83 | ||||||
| Diluted net income per common share | $ | 0.69 | $ | 0.83 | ||||||
| Weighted average shares used to compute basic net income per share | 14,636 | 14,554 | ||||||||
| Weighted average shares used to compute diluted net income per share | 14,637 | 14,567 | ||||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (unaudited) | ||||||||||
| (in thousands) | ||||||||||
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| (unaudited) | (unaudited) | |||||||||
| Assets: | ||||||||||
| Cash and cash equivalents | $ | 63,964 | $ | 76,847 | ||||||
| Short-term investment securities | 1,637 | - | ||||||||
| Inventory | 115,008 | 113,380 | ||||||||
| Prepaid and other current assets | 17,749 | 15,828 | ||||||||
| Property and equipment, net | 85,622 | 91,175 | ||||||||
| Long-term investment securities | 18,088 | 16,824 | ||||||||
| Other noncurrent assets | 3,022 | 3,132 | ||||||||
| Total assets | $ | 305,090 | $ | 317,186 | ||||||
| Liabilities and Stockholders' Equity: | ||||||||||
| Accounts payable | $ | 59,996 | $ | 58,988 | ||||||
| Accrued liabilities | 24,628 | 23,370 | ||||||||
| Other current liabilities | 1,975 | 6,223 | ||||||||
| Noncurrent liabilities | 12,218 | 10,778 | ||||||||
| Total liabilities | 98,817 | 99,359 | ||||||||
| Total stockholders' equity | 206,273 | 217,827 | ||||||||
| Total liabilities and stockholders' equity | $ | 305,090 | $ | 317,186 | ||||||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chief Executive
Officer
Source:
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