Citi Trends Announces Second Quarter 2012 Results
Second quarter sales increased 1.6%; comparable store sales decreased 4.0%
Second quarter 2012 loss per share of
Financial Highlights — Second quarter ended
Total sales in the second quarter ended
The Company opened one store in the second quarter of 2012, resulting in a total store count of 512 at the end of the quarter.
Financial Highlights — First half ended
Total sales in the first half of fiscal 2012 increased 3.3% to
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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.
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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
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"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to
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CONDENSED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||
(in thousands, except per share data) | ||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 132,318 | $ | 130,233 | ||||||
Cost of sales | 87,903 | 86,781 | ||||||||
Gross profit | 44,415 | 43,452 | ||||||||
Selling, general and administrative expenses | 50,932 | 50,688 | ||||||||
Depreciation and amortization | 6,038 | 6,351 | ||||||||
Asset impairment | - | 1,609 | ||||||||
Loss from operations | (12,555 | ) | (15,196 | ) | ||||||
Interest income | 66 | 65 | ||||||||
Interest expense | (64 | ) | (6 | ) | ||||||
Loss before income tax benefit | (12,553 | ) | (15,137 | ) | ||||||
Income tax benefit | (4,628 | ) | (5,106 | ) | ||||||
Net loss | $ | (7,925 | ) | $ | (10,031 | ) | ||||
Basic net loss per common share | $ | (0.54 | ) | $ | (0.69 | ) | ||||
Diluted net loss per common share | $ | (0.54 | ) | $ | (0.69 | ) | ||||
Weighted average shares used to compute basic net loss per share | 14,673 | 14,596 | ||||||||
Weighted average shares used to compute diluted net loss per share | 14,673 | 14,596 | ||||||||
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 330,012 | $ | 319,401 | ||||||
Cost of sales | 210,931 | 200,880 | ||||||||
Gross profit | 119,081 | 118,521 | ||||||||
Selling, general and administrative expenses | 103,601 | 101,760 | ||||||||
Depreciation and amortization | 12,183 | 11,935 | ||||||||
Asset impairment | - | 1,609 | ||||||||
Income from operations | 3,297 | 3,217 | ||||||||
Interest income | 128 | 119 | ||||||||
Interest expense | (113 | ) | (10 | ) | ||||||
Income before income tax expense | 3,312 | 3,326 | ||||||||
Income tax expense | 1,133 | 1,264 | ||||||||
Net income | $ | 2,179 | $ | 2,062 | ||||||
Basic net income per common share | $ | 0.15 | $ | 0.14 | ||||||
Diluted net income per common share | $ | 0.15 | $ | 0.14 | ||||||
Weighted average shares used to compute basic net income per share | 14,654 | 14,575 | ||||||||
Weighted average shares used to compute diluted net income per share | 14,656 | 14,585 | ||||||||
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CONDENSED BALANCE SHEETS (unaudited) | |||||||||||
(in thousands) | |||||||||||
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(unaudited) | (unaudited) | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 51,730 | $ | 49,496 | |||||||
Short-term investment securities | 3,311 | - | |||||||||
Inventory | 133,773 | 122,313 | |||||||||
Prepaid and other current assets | 22,430 | 17,846 | |||||||||
Assets held for sale | 1,415 | 1,415 | |||||||||
Property and equipment, net | 80,990 | 94,132 | |||||||||
Long-term investment securities | 16,397 | 19,968 | |||||||||
Other noncurrent assets | 2,688 | 4,671 | |||||||||
Total assets | $ | 312,734 | $ | 309,841 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||
Accounts payable | $ | 71,959 | $ | 61,555 | |||||||
Accrued liabilities | 27,943 | 27,179 | |||||||||
Other current liabilities | 1,995 | 1,669 | |||||||||
Noncurrent liabilities | 11,815 | 10,750 | |||||||||
Total liabilities | 113,712 | 101,153 | |||||||||
Total stockholders' equity | 199,022 | 208,688 | |||||||||
Total liabilities and stockholders' equity | $ | 312,734 | $ | 309,841 |
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chief Executive
Officer
Source:
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