Citi Trends Announces Fourth Quarter and Fiscal 2011 Results
Financial Highlights — Fourth quarter ended
Total sales in the fourth quarter ended
A net loss of
The Company opened 5 stores and closed 1 store in the fourth quarter of 2011, reaching a total store count of 511 at the end of the year.
Financial Highlights — Fiscal year ended
Total sales in the fiscal year ended
A net loss of
The Company opened 55 stores, relocated or expanded 14 others, and closed 5 stores in 2011.
Investor Conference Call and Webcast
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends in fiscal 2012. 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 STATEMENTS OF OPERATIONS (unaudited) | ||||||||||
(in thousands, except per share data) | ||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
|
|
|||||||||
(unaudited) | (unaudited) | |||||||||
Net sales | $ | 178,356 | $ | 172,043 | ||||||
Cost of sales | 124,532 | 105,184 | ||||||||
Gross profit | 53,824 | 66,859 | ||||||||
Selling, general and administrative expenses | 52,206 | 47,112 | ||||||||
Depreciation and amortization | 6,569 | 5,671 | ||||||||
Asset impairment | 4,209 | 21 | ||||||||
(Loss) income from operations | (9,160 | ) | 14,055 | |||||||
Interest income | 63 | 34 | ||||||||
Interest expense | (52 | ) | (7 | ) | ||||||
(Loss) income before income taxes | (9,149 | ) | 14,082 | |||||||
Income tax (benefit) expense | (3,834 | ) | 4,718 | |||||||
Net (loss) income | $ | (5,315 | ) | $ | 9,364 | |||||
Basic net (loss) income per common share | $ | (0.36 | ) | $ | 0.64 | |||||
Diluted net (loss) income per common share | $ | (0.36 | ) | $ | 0.64 | |||||
Weighted average shares used to compute basic net (loss) income per share | 14,606 | 14,523 | ||||||||
Weighted average shares used to compute diluted net (loss) income per share | 14,606 | 14,537 | ||||||||
Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | |||||||||
|
|
|||||||||
(unaudited) | (unaudited) | |||||||||
Net sales | $ | 640,824 | $ | 622,528 | ||||||
Cost of sales | 420,321 | 383,318 | ||||||||
Gross profit | 220,503 | 239,210 | ||||||||
Selling, general and administrative expenses | 207,025 | 187,231 | ||||||||
Depreciation and amortization | 24,958 | 20,324 | ||||||||
Asset impairment | 6,514 | 211 | ||||||||
(Loss) income from operations | (17,994 | ) | 31,444 | |||||||
Interest income | 243 | 174 | ||||||||
Interest expense | (79 | ) | (24 | ) | ||||||
(Loss) income before income taxes | (17,830 | ) | 31,594 | |||||||
Income tax (benefit) expense | (7,816 | ) | 10,742 | |||||||
Net (loss) income | $ | (10,014 | ) | $ | 20,852 | |||||
Basic net (loss) income per common share | $ | (0.69 | ) | $ | 1.44 | |||||
Diluted net (loss) income per common share | $ | (0.69 | ) | $ | 1.44 | |||||
Weighted average shares used to compute basic net (loss) income per share | 14,589 | 14,503 | ||||||||
Weighted average shares used to compute diluted net (loss) income per share | 14,589 | 14,523 | ||||||||
|
||||||||
CONDENSED BALANCE SHEETS (unaudited) | ||||||||
(in thousands) | ||||||||
|
|
|||||||
(unaudited) | (unaudited) | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 41,986 | $ | 69,231 | ||||
Short-term investment securities | 902 | 586 | ||||||
Inventory | 131,526 | 121,432 | ||||||
Other current assets | 28,961 | 16,669 | ||||||
Property and equipment, net | 90,541 | 85,299 | ||||||
Long-term investment securities | 18,840 | 9,205 | ||||||
Other noncurrent assets | 2,021 | 3,980 | ||||||
Total assets | $ | 314,777 | $ | 306,402 | ||||
Liabilities and Stockholders' Equity: |
||||||||
Accounts payable | $ | 78,941 | $ | 67,934 | ||||
Accrued liabilities | 26,074 | 23,184 | ||||||
Other current liabilities | 603 | 444 | ||||||
Noncurrent liabilities | 12,756 | 10,036 | ||||||
Total liabilities | 118,374 | 101,598 | ||||||
Total stockholders' equity |
196,403 | 204,804 | ||||||
Total liabilities and stockholders' equity |
$ | 314,777 | $ | 306,402 |
Bruce Smith, 912-443-2075
Chief
Financial Officer
or
Chief
Executive Officer
Source:
News Provided by Acquire Media