Citi Trends Announces Second Quarter 2014 Results
Second quarter 2014 loss per share of
First half 2014 income per share of
Comparable store sales increased 5.3% in second quarter
Financial Highlights - Second quarter ended
Total sales in the second quarter ended
Net loss was
Financial Highlights - First half ended
Total sales in the first half of fiscal 2014 increased 4.2% to
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) |
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Thirteen Weeks Ended |
Thirteen Weeks Ended |
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(unaudited) | (unaudited) | ||||||||||
Net sales | $ | 144,987 | $ | 137,821 | |||||||
Cost of sales (exclusive of depreciation shown separately below) | (91,540 | ) | (88,299 | ) | |||||||
Selling, general and administrative expenses | (53,197 | ) | (51,920 | ) | |||||||
Depreciation | (5,108 | ) | (5,667 | ) | |||||||
Asset impairment | (83 | ) | (654 | ) | |||||||
Loss from operations | (4,941 | ) | (8,719 | ) | |||||||
Interest income | 39 | 67 | |||||||||
Interest expense | (56 | ) | (49 | ) | |||||||
Loss before income tax benefit | (4,958 | ) | (8,701 | ) | |||||||
Income tax benefit | (2,379 | ) | (3,208 | ) | |||||||
Net loss | $ | (2,579 | ) | $ | (5,493 | ) | |||||
Basic net loss per common share | $ | (0.17 | ) | $ | (0.37 | ) | |||||
Diluted net loss per common share | $ | (0.17 | ) | $ | (0.37 | ) | |||||
Weighted average shares used to compute basic net loss per share | 14,972 | 14,801 | |||||||||
Weighted average shares used to compute diluted net loss per share | 14,972 | 14,801 | |||||||||
Twenty-Six Weeks Ended |
Twenty-Six Weeks Ended |
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(unaudited) | (unaudited) | ||||||||||
Net sales | $ | 333,003 | $ | 319,649 | |||||||
Cost of sales (exclusive of depreciation shown separately below) | (206,307 | ) | (202,804 | ) | |||||||
Selling, general and administrative expenses | (107,172 | ) | (103,828 | ) | |||||||
Depreciation | (10,268 | ) | (11,262 | ) | |||||||
Asset impairment | (83 | ) | (681 | ) | |||||||
Income from operations | 9,173 | 1,074 | |||||||||
Interest income | 92 | 135 | |||||||||
Interest expense | (104 | ) | (96 | ) | |||||||
Income before income tax expense | 9,161 | 1,113 | |||||||||
Income tax expense | 2,661 | 442 | |||||||||
Net income | $ | 6,500 | $ | 671 | |||||||
Basic net income per common share | $ | 0.44 | $ | 0.05 | |||||||
Diluted net income per common share | $ | 0.43 | $ | 0.05 | |||||||
Weighted average shares used to compute basic net income per share | 14,937 | 14,776 | |||||||||
Weighted average shares used to compute diluted net income per share | 14,946 | 14,778 | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) |
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(unaudited) | (unaudited) | ||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 70,707 | $ | 61,242 | |||||
Short-term investment securities | 13,033 | 15,847 | |||||||
Inventory | 120,456 | 120,402 | |||||||
Prepaid and other current assets | 19,145 | 20,046 | |||||||
Property and equipment, net | 51,746 | 65,213 | |||||||
Long-term investment securities | 18,135 | 8,353 | |||||||
Other noncurrent assets | 7,830 | 6,302 | |||||||
Total assets | $ | 301,052 | $ | 297,405 | |||||
Liabilities and Stockholders' Equity: | |||||||||
Accounts payable | $ | 58,845 | $ | 64,292 | |||||
Accrued liabilities | 25,886 | 24,992 | |||||||
Other current liabilities | 3,324 | 1,903 | |||||||
Noncurrent liabilities | 6,588 | 8,743 | |||||||
Total liabilities | 94,643 | 99,930 | |||||||
Total stockholders' equity | 206,409 | 197,475 | |||||||
Total liabilities and stockholders' equity | $ | 301,052 | $ | 297,405 | |||||
Bruce Smith, 912-443-2075
Chief Financial
Officer
or
Chairman & Chief
Executive Officer
Source:
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