Citi Trends Announces Second Quarter 2011 Results
Second quarter sales increased 0.9%; comparable store sales decreased 11.9%
Second quarter 2011 loss per share of
Financial Highlights — Second quarter ended
Total sales in the second quarter ended
Net loss was
The Company opened 9 stores, and relocated or expanded 4 others in the
second quarter of 2011, reaching a total store count of 482 at the end
of the quarter. In addition, 10 stores were converted to the new
Financial Highlights — First half ended
Total sales in the first half of fiscal 2011 increased 2.9% to
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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
| CITI TRENDS, INC. | ||||||||||
| CONDENSED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
| July 30, 2011 | July 31, 2010 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 130,233 | $ | 129,042 | ||||||
| Cost of sales | 86,781 | 80,762 | ||||||||
| Gross profit | 43,452 | 48,280 | ||||||||
| Selling, general and administrative expenses (1) | 50,688 | 44,426 | ||||||||
| Depreciation and amortization | 6,351 | 4,769 | ||||||||
| Asset impairment | 1,609 | - | ||||||||
| Loss from operations | (15,196 | ) | (915 | ) | ||||||
| Interest income | 65 | 44 | ||||||||
| Interest expense | (6 | ) | (5 | ) | ||||||
| Loss before income tax benefit | (15,137 | ) | (876 | ) | ||||||
| Income tax benefit | (5,106 | ) | (309 | ) | ||||||
| Net loss | $ | (10,031 | ) | $ | (567 | ) | ||||
| Basic net loss per common share | $ | (0.69 | ) | $ | (0.04 | ) | ||||
| Diluted net loss per common share | $ | (0.69 | ) | $ | (0.04 | ) | ||||
| Weighted average shares used to compute basic net loss per share | 14,596 | 14,515 | ||||||||
| Weighted average shares used to compute diluted net loss per share | 14,596 | 14,515 | ||||||||
| Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | |||||||||
| July 30, 2011 | July 31, 2010 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Net sales | $ | 319,401 | $ | 310,448 | ||||||
| Cost of sales | 200,880 | 189,778 | ||||||||
| Gross profit | 118,521 | 120,670 | ||||||||
| Selling, general and administrative expenses (1) | 101,760 | 92,876 | ||||||||
| Depreciation and amortization | 11,935 | 9,519 | ||||||||
| Asset impairment | 1,609 | - | ||||||||
| Income from operations | 3,217 | 18,275 | ||||||||
| Interest income | 119 | 99 | ||||||||
| Interest expense | (10 | ) | (9 | ) | ||||||
| Income before income tax expense | 3,326 | 18,365 | ||||||||
| Income tax expense | 1,264 | 6,483 | ||||||||
| Net income | $ | 2,062 | $ | 11,882 | ||||||
| Basic net income per common share | $ | 0.14 | $ | 0.82 | ||||||
| Diluted net income per common share | $ | 0.14 | $ | 0.82 | ||||||
| Weighted average shares used to compute basic net income per share | 14,575 | 14,486 | ||||||||
| Weighted average shares used to compute diluted net income per share | 14,585 | 14,510 | ||||||||
| (1) Includes $615 of expenses incurred in connection with the closing of a distribution center. | ||||||||||
| CITI TRENDS, INC. | ||||||||||
| CONDENSED BALANCE SHEETS (unaudited) | ||||||||||
| (in thousands) | ||||||||||
| July 30, 2011 | July 31, 2010 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Assets: | ||||||||||
| Cash and cash equivalents | $ | 49,496 | $ | 84,636 | ||||||
| Short-term investment securities | - | 3,148 | ||||||||
| Inventory | 122,313 | 107,556 | ||||||||
| Prepaid and other current assets | 17,846 | 16,742 | ||||||||
| Assets held for sale | 1,415 | - | ||||||||
| Property and equipment, net | 94,132 | 73,434 | ||||||||
| Long-term investment securities | 19,968 | - | ||||||||
| Other noncurrent assets | 4,671 | 4,849 | ||||||||
| Total assets | $ | 309,841 | $ | 290,365 | ||||||
| Liabilities and Stockholders' Equity: | ||||||||||
| Accounts payable | $ | 61,555 | $ | 58,942 | ||||||
| Accrued liabilities | 27,179 | 24,685 | ||||||||
| Other current liabilities | 1,669 | 1,909 | ||||||||
| Noncurrent liabilities | 10,750 | 9,253 | ||||||||
| Total liabilities | 101,153 | 94,789 | ||||||||
| Total stockholders' equity | 208,688 | 195,576 | ||||||||
| Total liabilities and stockholders' equity | $ | 309,841 | $ | 290,365 | ||||||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
President and
Chief Executive Officer
Source:
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