Citi Trends Announces Second Quarter 2013 Results
Second Quarter Sales Increased 4.2%; Including a
Second Quarter 2013 Loss Per Share of
Financial Highlights — Second quarter ended
Total sales in the second quarter ended
The Company closed two stores in the second quarter of 2013, resulting in a total store count of 506 at the end of the quarter.
Financial Highlights — First half ended
Total sales in the first half of fiscal 2013 decreased 3.1% 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
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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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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||
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(unaudited) | (unaudited) | |||||||
Net sales | $ | 137,821 | $ | 132,318 | ||||
Cost of sales | 88,299 | 87,903 | ||||||
Gross profit | 49,522 | 44,415 | ||||||
Selling, general and administrative expenses | 51,920 | 50,932 | ||||||
Depreciation and amortization | 5,667 | 6,038 | ||||||
Asset impairment | 654 | - | ||||||
Loss from operations | (8,719 | ) | (12,555 | ) | ||||
Interest income | 67 | 66 | ||||||
Interest expense | (49 | ) | (64 | ) | ||||
Loss before income tax benefit | (8,701 | ) | (12,553 | ) | ||||
Income tax benefit | (3,208 | ) | (4,628 | ) | ||||
Net loss | $ | (5,493 | ) | $ | (7,925 | ) | ||
Basic net loss per common share | $ | (0.37 | ) | $ | (0.54 | ) | ||
Diluted net loss per common share | $ | (0.37 | ) | $ | (0.54 | ) | ||
Weighted average shares used to compute basic net loss per share | 14,801 | 14,673 | ||||||
Weighted average shares used to compute diluted net loss per share | 14,801 | 14,673 | ||||||
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | |||||||
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(unaudited) | (unaudited) | |||||||
Net sales | $ | 319,649 | $ | 330,012 | ||||
Cost of sales | 202,804 | 210,931 | ||||||
Gross profit | 116,845 | 119,081 | ||||||
Selling, general and administrative expenses | 103,828 | 103,601 | ||||||
Depreciation and amortization | 11,262 | 12,183 | ||||||
Asset impairment | 681 | - | ||||||
Income from operations | 1,074 | 3,297 | ||||||
Interest income | 135 | 128 | ||||||
Interest expense | (96 | ) | (113 | ) | ||||
Income before income tax expense | 1,113 | 3,312 | ||||||
Income tax expense | 442 | 1,133 | ||||||
Net income | $ | 671 | $ | 2,179 | ||||
Basic net income per common share | $ | 0.05 | $ | 0.15 | ||||
Diluted net income per common share | $ | 0.05 | $ | 0.15 | ||||
Weighted average shares used to compute basic net income per share | 14,776 | 14,654 | ||||||
Weighted average shares used to compute diluted net income per share | 14,778 | 14,656 | ||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(in thousands) | ||||||||
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(unaudited) | (unaudited) | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 61,242 | $ | 51,730 | ||||
Short-term investment securities | 15,847 | 3,311 | ||||||
Inventory | 120,402 | 133,773 | ||||||
Prepaid and other current assets | 20,046 | 23,845 | ||||||
Property and equipment, net | 65,213 | 80,990 | ||||||
Long-term investment securities | 8,353 | 16,397 | ||||||
Other noncurrent assets | 6,302 | 2,688 | ||||||
Total assets | $ | 297,405 | $ | 312,734 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Accounts payable | $ | 64,292 | $ | 71,959 | ||||
Accrued liabilities | 24,992 | 27,943 | ||||||
Other current liabilities | 1,903 | 1,995 | ||||||
Noncurrent liabilities | 8,743 | 11,815 | ||||||
Total liabilities | 99,930 | 113,712 | ||||||
Total stockholders' equity | 197,475 | 199,022 | ||||||
Total liabilities and stockholders' equity | $ | 297,405 | $ | 312,734 | ||||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chief Executive
Officer
Source:
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