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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Citi Trends Inc | NASDAQ:CTRN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.18 | 0.90% | 20.12 | 20.01 | 20.14 | 20.12 | 19.81 | 20.07 | 8,507 | 14:41:50 |
From Jul 2019 to Jul 2024
Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the fourth quarter and fiscal year ended January 28, 2012.
Financial Highlights – Fourth quarter ended January 28, 2012
Total sales in the fourth quarter ended January 28, 2012 increased 3.7% to $178.4 million compared with $172.0 million in the quarter ended January 29, 2011. Comparable store sales decreased 6.2% in the fourth quarter.
A net loss of $5.3 million, or $0.36 per diluted share, was recognized in the fourth quarter of 2011 compared with net income of $9.4 million, or $0.64 per diluted share, in last year’s fourth quarter. The loss in the fourth quarter of 2011 includes non-cash asset impairment expense totaling $0.18 per diluted share.
The Company opened 5 stores and closed 1 store in the fourth quarter of 2011, reaching a total store count of 511 at the end of the year.
Financial Highlights – Fiscal year ended January 28, 2012
Total sales in the fiscal year ended January 28, 2012 increased 2.9% to $640.8 million compared with $622.5 million in the fiscal year ended January 29, 2011. Comparable store sales decreased 8.3% for the full year.
A net loss of $10.0 million, or $0.69 per diluted share, was recognized in fiscal 2011 compared with net income of $20.9 million, or $1.44 per diluted share, in fiscal 2010. The net loss in 2011 includes non-cash asset impairment expense totaling $0.27 per diluted share.
The Company opened 55 stores, relocated or expanded 14 others, and closed 5 stores in 2011.
Investor Conference Call and Webcast
Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2906. A replay of the conference call will be available until March 16, 2012, by dialing (402) 977-9140 and entering the passcode, 21575847. The live broadcast of Citi Trends’ conference call will be available online at the Company’s website, www.cititrends.com, as well as http://ir.cititrends.com/events.cfm, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and continue through March 16, 2012.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends in fiscal 2012. 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.
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 511 stores located in 29 states. Citi Trends’ website address is www.cititrends.com. CTRN-E
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 Citi Trends, are intended to identify forward-looking statements. Statements with respect to earnings guidance are forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company’s year-end financial and accounting procedures, are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements, as a result of various factors which are discussed in Citi Trends, Inc. filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, growth risks, consumer spending patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. Any forward-looking statements by the Company, with respect to earnings guidance or otherwise, are intended to speak only as of the date such statements are made. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, Citi Trends does not undertake to publicly update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new information, future events or otherwise.
CITI TRENDS, INC. CONDENSED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Thirteen Weeks Ended Thirteen Weeks Ended January 28, 2012 January 29, 2011 (unaudited) (unaudited) Net sales $ 178,356 $ 172,043 Cost of sales 124,532 105,184 Gross profit 53,824 66,859 Selling, general and administrative expenses 52,206 47,112 Depreciation and amortization 6,569 5,671 Asset impairment 4,209 21 (Loss) income from operations (9,160 ) 14,055 Interest income 63 34 Interest expense (52 ) (7 ) (Loss) income before income taxes (9,149 ) 14,082 Income tax (benefit) expense (3,834 ) 4,718 Net (loss) income $ (5,315 ) $ 9,364 Basic net (loss) income per common share $ (0.36 ) $ 0.64 Diluted net (loss) income per common share $ (0.36 ) $ 0.64 Weighted average shares used to compute basic net (loss) income per share 14,606 14,523 Weighted average shares used to compute diluted net (loss) income per share 14,606 14,537 Fifty-Two Weeks Ended Fifty-Two Weeks Ended January 28, 2012 January 29, 2011 (unaudited) (unaudited) Net sales $ 640,824 $ 622,528 Cost of sales 420,321 383,318 Gross profit 220,503 239,210 Selling, general and administrative expenses 207,025 187,231 Depreciation and amortization 24,958 20,324 Asset impairment 6,514 211 (Loss) income from operations (17,994 ) 31,444 Interest income 243 174 Interest expense (79 ) (24 ) (Loss) income before income taxes (17,830 ) 31,594 Income tax (benefit) expense (7,816 ) 10,742 Net (loss) income $ (10,014 ) $ 20,852 Basic net (loss) income per common share $ (0.69 ) $ 1.44 Diluted net (loss) income per common share $ (0.69 ) $ 1.44 Weighted average shares used to compute basic net (loss) income per share 14,589 14,503 Weighted average shares used to compute diluted net (loss) income per share 14,589 14,523 CITI TRENDS, INC. CONDENSED BALANCE SHEETS (unaudited) (in thousands) January 28, 2012 January 29, 2011 (unaudited) (unaudited) Assets: Cash and cash equivalents $ 41,986 $ 69,231 Short-term investment securities 902 586 Inventory 131,526 121,432 Other current assets 28,961 16,669 Property and equipment, net 90,541 85,299 Long-term investment securities 18,840 9,205 Other noncurrent assets 2,021 3,980 Total assets $ 314,777 $ 306,402Liabilities and Stockholders’ Equity:
Accounts payable $ 78,941 $ 67,934 Accrued liabilities 26,074 23,184 Other current liabilities 603 444 Noncurrent liabilities 12,756 10,036 Total liabilities 118,374 101,598Total stockholders’ equity
196,403 204,804Total liabilities and stockholders’ equity
$ 314,777 $ 306,402
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