Citi Trends Announces Fourth Quarter and Fiscal 2013 Results
The Company's 2013 fiscal year contained 52 weeks, while the 2012 fiscal year contained 53 weeks. Accordingly, comparisons of results for the fourth quarter and full year of fiscal 2013 to the same periods in 2012 are affected by an extra week in 2012.
Financial Highlights - 13-week fourth
quarter ended
Total sales in the 13 weeks ended
The Company had net income of
Financial Highlights - 52-week fiscal year
ended
Total sales in the 52 weeks ended
The Company had net income of
The Company opened one store, relocated or expanded six others, and closed nine stores in 2013.
Investor Conference Call and Webcast
The live broadcast of Citi Trends' quarterly conference call will be
available online at the Company's website, www.cititrends.com,
as well as http://ir.cititrends.com/events.cfm,
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 year-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 OPERATIONS (unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Thirteen Weeks Ended | Fourteen Weeks Ended | |||||||
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(unaudited) | (unaudited) | |||||||
Net sales | $ | 157,193 | $ | 175,656 | ||||
Cost of sales (exclusive of depreciation shown separately below) | (99,567 | ) | (118,165 | ) | ||||
Selling, general and administrative expenses | (50,170 | ) | (52,678 | ) | ||||
Depreciation | (5,258 | ) | (5,797 | ) | ||||
Asset impairment | (305 | ) | (517 | ) | ||||
Income (loss) from operations | 1,893 | (1,501 | ) | |||||
Interest income | 68 | 66 | ||||||
Interest expense | (49 | ) | (49 | ) | ||||
Income (loss) before income taxes | 1,912 | (1,484 | ) | |||||
Income tax expense (benefit) | 447 | (780 | ) | |||||
Net income (loss) | $ | 1,465 | $ | (704 | ) | |||
Basic net income (loss) per common share | $ | 0.10 | $ | (0.05 | ) | |||
Diluted net income (loss) per common share | $ | 0.10 | $ | (0.05 | ) | |||
Weighted average shares used to compute basic net income (loss) per share | 14,825 | 14,699 | ||||||
Weighted average shares used to compute diluted net income (loss) per share | 14,882 | 14,699 | ||||||
Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||
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(unaudited) | (unaudited) | |||||||
Net sales | $ | 622,204 | $ | 654,653 | ||||
Cost of sales (exclusive of depreciation shown separately below) | (394,445 | ) | (426,904 | ) | ||||
Selling, general and administrative expenses | (206,146 | ) | (207,411 | ) | ||||
Depreciation | (21,974 | ) | (23,950 | ) | ||||
Asset impairment | (1,542 | ) | (1,177 | ) | ||||
Gain on sale of former distribution center | 1,526 | - | ||||||
Loss from operations | (377 | ) | (4,789 | ) | ||||
Interest income | 281 | 260 | ||||||
Interest expense | (194 | ) | (212 | ) | ||||
Loss before income taxes | (290 | ) | (4,741 | ) | ||||
Income tax benefit | (754 | ) | (2,516 | ) | ||||
Net income (loss) | $ | 464 | $ | (2,225 | ) | |||
Basic net income (loss) per common share | $ | 0.03 | $ | (0.15 | ) | |||
Diluted net income (loss) per common share | $ | 0.03 | $ | (0.15 | ) | |||
Weighted average shares used to compute basic net income (loss) per share | 14,798 | 14,672 | ||||||
Weighted average shares used to compute diluted net income (loss) per share | 14,813 | 14,672 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||
(in thousands) | ||||||
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(unaudited) | (unaudited) | |||||
Assets: | ||||||
Cash and cash equivalents | $ | 58,928 | $ | 37,263 | ||
Short-term investment securities | 6,004 | 12,771 | ||||
Inventory | 126,501 | 141,473 | ||||
Other current assets | 16,326 | 19,285 | ||||
Property and equipment, net | 56,154 | 70,995 | ||||
Long-term investment securities | 19,777 | 5,754 | ||||
Other noncurrent assets | 7,618 | 4,604 | ||||
Total assets | $ | 291,308 | $ | 292,145 | ||
Liabilities and Stockholders' Equity: | ||||||
Accounts payable | $ | 60,037 | $ | 62,690 | ||
Accrued liabilities | 24,199 | 22,564 | ||||
Other current liabilities | 515 | 660 | ||||
Noncurrent liabilities | 7,686 | 10,260 | ||||
Total liabilities | 92,437 | 96,174 | ||||
Total stockholders' equity | 198,871 | 195,971 | ||||
Total liabilities and stockholders' equity | $ | 291,308 | $ | 292,145 | ||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chairman & Chief
Executive Officer
Source:
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