Citi Trends Announces Fourth Quarter and Fiscal 2012 Results
The Company's 2012 fiscal year contained 53 weeks compared with the
traditional 52 weeks in fiscal 2011. Accordingly, comparisons of total
sales for the fourth quarter and full year of fiscal 2012 to the same
periods in 2011 are affected by an extra week of sales in 2012. However,
for comparable store sales, the Company is reporting on a comparable
weeks basis (e.g. the 14 and 53 weeks ended
Financial Highlights — 14-week fourth
quarter ended
Total sales in the 14-week quarter ended
A net loss of
Financial Highlights — 53-week fiscal year
ended
Total sales in the 53-week fiscal year ended
A net loss of
The Company opened 4 stores, relocated or expanded 4 others, and closed 2 stores in 2012.
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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 OPERATIONS (unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Fourteen Weeks Ended | Thirteen Weeks Ended | |||||||||
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| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 175,656 | $ | 178,356 | ||||||
| Cost of sales | 118,165 | 124,532 | ||||||||
| Gross profit | 57,491 | 53,824 | ||||||||
| Selling, general and administrative expenses | 52,678 | 52,206 | ||||||||
| Depreciation and amortization | 5,797 | 6,569 | ||||||||
| Asset impairment | 517 | 4,209 | ||||||||
| Loss from operations | (1,501 | ) | (9,160 | ) | ||||||
| Interest income | 66 | 63 | ||||||||
| Interest expense | (49 | ) | (52 | ) | ||||||
| Loss before income taxes | (1,484 | ) | (9,149 | ) | ||||||
| Income tax benefit | (780 | ) | (3,834 | ) | ||||||
| Net loss | $ | (704 | ) | $ | (5,315 | ) | ||||
| Basic net loss per common share | $ | (0.05 | ) | $ | (0.36 | ) | ||||
| Diluted net loss per common share | $ | (0.05 | ) | $ | (0.36 | ) | ||||
| Weighted average shares used to compute basic net loss per share | 14,699 | 14,606 | ||||||||
| Weighted average shares used to compute diluted net loss per share | 14,699 | 14,606 | ||||||||
| Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | |||||||||
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| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 654,653 | $ | 640,824 | ||||||
| Cost of sales | 426,904 | 420,321 | ||||||||
| Gross profit | 227,749 | 220,503 | ||||||||
| Selling, general and administrative expenses | 207,411 | 207,025 | ||||||||
| Depreciation and amortization | 23,950 | 24,958 | ||||||||
| Asset impairment | 1,177 | 6,514 | ||||||||
| Loss from operations | (4,789 | ) | (17,994 | ) | ||||||
| Interest income | 260 | 243 | ||||||||
| Interest expense | (212 | ) | (79 | ) | ||||||
| Loss before income taxes | (4,741 | ) | (17,830 | ) | ||||||
| Income tax benefit | (2,516 | ) | (7,816 | ) | ||||||
| Net loss | $ | (2,225 | ) | $ | (10,014 | ) | ||||
| Basic net loss per common share | $ | (0.15 | ) | $ | (0.69 | ) | ||||
| Diluted net loss per common share | $ | (0.15 | ) | $ | (0.69 | ) | ||||
| Weighted average shares used to compute basic net loss per share | 14,672 | 14,589 | ||||||||
| Weighted average shares used to compute diluted net loss per share | 14,672 | 14,589 | ||||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||||||
| (in thousands) | ||||||||||||
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| (unaudited) | (unaudited) | |||||||||||
| Assets: | ||||||||||||
| Cash and cash equivalents | $ | 37,263 | $ | 41,986 | ||||||||
| Short-term investment securities | 12,771 | 902 | ||||||||||
| Inventory | 141,473 | 131,526 | ||||||||||
| Other current assets | 19,285 | 28,961 | ||||||||||
| Property and equipment, net | 70,995 | 90,541 | ||||||||||
| Long-term investment securities | 5,754 | 18,840 | ||||||||||
| Other noncurrent assets | 4,604 | 2,021 | ||||||||||
| Total assets | $ | 292,145 | $ | 314,777 | ||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||
| Accounts payable | $ | 62,690 | $ | 78,941 | ||||||||
| Accrued liabilities | 22,564 | 26,074 | ||||||||||
| Other current liabilities | 660 | 603 | ||||||||||
| Noncurrent liabilities | 10,260 | 12,756 | ||||||||||
| Total liabilities | 96,174 | 118,374 | ||||||||||
| Total stockholders' equity | 195,971 | 196,403 | ||||||||||
| Total liabilities and stockholders' equity | $ | 292,145 | $ | 314,777 | ||||||||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chairman & Chief
Executive Officer
Source:
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