Citi Trends Announces Third Quarter 2014 Results
Comparable store sales increased 6.7% in third quarter
Results include
Third quarter 2014 loss per share of
Year-to-date income per share of
Financial Highlights - Third quarter ended
Total sales in the third quarter ended
Net loss was
Financial Highlights - First three quarters
ended
Total sales in the first three quarters of fiscal 2014 increased 5.3% 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
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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 | $ | 156,694 | $ | 145,362 | ||||||
Cost of sales (exclusive of depreciation shown separately below) | (98,542 | ) | (92,074 | ) | ||||||
Selling, general and administrative expenses | (56,354 | ) | (52,148 | ) | ||||||
Depreciation | (5,038 | ) | (5,454 | ) | ||||||
Asset impairment | - | (556 | ) | |||||||
Gain on sale of former distribution center | - | 1,526 | ||||||||
Loss from operations | (3,240 | ) | (3,344 | ) | ||||||
Interest income | 43 | 78 | ||||||||
Interest expense | (48 | ) | (49 | ) | ||||||
Loss before income tax benefit | (3,245 | ) | (3,315 | ) | ||||||
Income tax benefit | 1,038 | 1,643 | ||||||||
Net loss | $ | (2,207 | ) | $ | (1,672 | ) | ||||
Basic net loss per common share | $ | (0.15 | ) | $ | (0.11 | ) | ||||
Diluted net loss per common share | $ | (0.15 | ) | $ | (0.11 | ) | ||||
Weighted average shares used to compute basic net loss per share | 14,982 | 14,815 | ||||||||
Weighted average shares used to compute diluted net loss per share | 14,982 | 14,815 | ||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 489,697 | $ | 465,011 | ||||||
Cost of sales (exclusive of depreciation shown separately below) | (304,849 | ) | (294,878 | ) | ||||||
Selling, general and administrative expenses | (163,526 | ) | (155,976 | ) | ||||||
Depreciation | (15,306 | ) | (16,716 | ) | ||||||
Asset impairment | (83 | ) | (1,237 | ) | ||||||
Gain on sale of former distribution center | - | 1,526 | ||||||||
Income (loss) from operations | 5,933 | (2,270 | ) | |||||||
Interest income | 135 | 213 | ||||||||
Interest expense | (152 | ) | (145 | ) | ||||||
Income (loss) before income tax expense (benefit) | 5,916 | (2,202 | ) | |||||||
Income tax (expense) benefit | (1,623 | ) | 1,201 | |||||||
Net income (loss) | $ | 4,293 | $ | (1,001 | ) | |||||
Basic net income (loss) per common share | $ | 0.29 | $ | (0.07 | ) | |||||
Diluted net income (loss) per common share | $ | 0.29 | $ | (0.07 | ) | |||||
Weighted average shares used to compute basic net income (loss) per share | 14,952 | 14,789 | ||||||||
Weighted average shares used to compute diluted net income (loss) per share | 14,985 | 14,789 | ||||||||
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CONDENSED BALANCE SHEETS (unaudited) | ||||||||
(in thousands) | ||||||||
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(unaudited) | (unaudited) | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 65,991 | $ | 47,585 | ||||
Short-term investment securities | 13,988 | 18,218 | ||||||
Inventory | 128,516 | 123,203 | ||||||
Prepaid and other current assets | 18,658 | 18,882 | ||||||
Property and equipment, net | 49,756 | 60,979 | ||||||
Long-term investment securities | 24,038 | 20,052 | ||||||
Other noncurrent assets | 7,005 | 6,950 | ||||||
Total assets | $ | 307,952 | $ | 295,869 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Accounts payable | $ | 63,478 | $ | 58,929 | ||||
Accrued liabilities | 30,847 | 29,488 | ||||||
Other current liabilities | 2,359 | 2,397 | ||||||
Noncurrent liabilities | 6,247 | 8,416 | ||||||
Total liabilities | 102,931 | 99,230 | ||||||
Total stockholders' equity | 205,021 | 196,639 | ||||||
Total liabilities and stockholders' equity | $ | 307,952 | $ | 295,869 |
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chairman & Chief
Executive Officer
Source:
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