Citi Trends Announces Third Quarter 2011 Results
Third quarter sales increased 2.2%; comparable store sales decreased 9.3%
Third quarter 2011 loss per share of
Financial Highlights — Third quarter ended
Total sales in the third quarter ended
Net loss was
The Company opened 26 stores, relocated or expanded 4 others and closed 1 store in the third quarter of 2011, reaching a total store count of 507 at the end of the quarter.
Financial Highlights — First three quarters
ended
Total sales in the first three quarters of fiscal 2011 increased 2.7% to
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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 STATEMENTS OF OPERATIONS (unaudited) | ||||||||||
(in thousands, except per share data) | ||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 143,067 | $ | 140,037 | ||||||
Cost of sales | 94,909 | 88,356 | ||||||||
Gross profit | 48,158 | 51,681 | ||||||||
Selling, general and administrative expenses | 53,059 | 47,243 | ||||||||
Depreciation and amortization | 6,454 | 5,134 | ||||||||
Asset impairment | 696 | 190 | ||||||||
Loss from operations | (12,051 | ) | (886 | ) | ||||||
Interest income | 61 | 41 | ||||||||
Interest expense | (17 | ) | (8 | ) | ||||||
Loss before income tax benefit | (12,007 | ) | (853 | ) | ||||||
Income tax benefit | (5,246 | ) | (459 | ) | ||||||
Net loss | $ | (6,761 | ) | $ | (394 | ) | ||||
Basic net loss per common share | $ | (0.46 | ) | $ | (0.03 | ) | ||||
Diluted net loss per common share | $ | (0.46 | ) | $ | (0.03 | ) | ||||
Weighted average shares used to compute basic net loss per share | 14,602 | 14,519 | ||||||||
Weighted average shares used to compute diluted net loss per share | 14,602 | 14,519 | ||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||
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(unaudited) | (unaudited) | |||||||||
Net sales | $ | 462,468 | $ | 450,485 | ||||||
Cost of sales | 295,789 | 278,134 | ||||||||
Gross profit | 166,679 | 172,351 | ||||||||
Selling, general and administrative expenses | 154,819 | 140,119 | ||||||||
Depreciation and amortization | 18,389 | 14,653 | ||||||||
Asset impairment | 2,305 | 190 | ||||||||
(Loss) income from operations | (8,834 | ) | 17,389 | |||||||
Interest income | 180 | 140 | ||||||||
Interest expense | (27 | ) | (17 | ) | ||||||
(Loss) income before income tax (benefit) expense | (8,681 | ) | 17,512 | |||||||
Income tax (benefit) expense | (3,982 | ) | 6,024 | |||||||
Net (loss) income | $ | (4,699 | ) | $ | 11,488 | |||||
Basic net (loss) income per common share | $ | (0.32 | ) | $ | 0.79 | |||||
Diluted net (loss) income per common share | $ | (0.32 | ) | $ | 0.79 | |||||
Weighted average shares used to compute basic net (loss) income per share | 14,584 | 14,497 | ||||||||
Weighted average shares used to compute diluted net (loss) income per share | 14,584 | 14,518 | ||||||||
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CONDENSED BALANCE SHEETS (unaudited) | ||||||||||
(in thousands) | ||||||||||
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(unaudited) | (unaudited) | |||||||||
Assets: | ||||||||||
Cash and cash equivalents | $ | 33,225 | $ | 69,632 | ||||||
Short-term investment securities | - | 4,752 | ||||||||
Inventory | 127,156 | 115,273 | ||||||||
Prepaid and other current assets | 27,836 | 21,995 | ||||||||
Assets held for sale | 1,415 | - | ||||||||
Property and equipment, net | 95,369 | 76,879 | ||||||||
Long-term investment securities | 19,760 | - | ||||||||
Other noncurrent assets | 3,308 | 4,470 | ||||||||
Total assets | $ | 308,069 | $ | 293,001 | ||||||
Liabilities and Stockholders' Equity: | ||||||||||
Accounts payable | $ | 64,120 | $ | 61,355 | ||||||
Accrued liabilities | 25,126 | 22,111 | ||||||||
Other current liabilities | 3,363 | 3,200 | ||||||||
Noncurrent liabilities | 12,974 | 10,422 | ||||||||
Total liabilities | 105,583 | 97,088 | ||||||||
Total stockholders' equity | 202,486 | 195,913 | ||||||||
Total liabilities and stockholders' equity | $ | 308,069 | $ | 293,001 |
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
President and
Chief Executive Officer
Source:
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