Citi Trends Announces First Quarter 2008 Results
22 May 2008 - 5:00AM
Business Wire
Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
first quarter ended May 3, 2008. Financial Highlights � First
quarter ended May 3, 2008 Total sales in the first quarter ended
May 3, 2008 increased 13.5% to $121.0 million compared with $106.6
million in the first quarter ended May 5, 2007. Comparable store
sales increased 0.3% in the first quarter. Net income was $5.2
million compared with $5.7 million in last year�s first quarter.
Earnings per diluted share was $0.36 in the first quarter of 2008
compared with $0.40 in 2007. The Company opened 12 stores and
relocated or expanded 4 others in the first quarter of 2008,
reaching a total store count of 331 at the end of the quarter.
Fiscal 2008 Outlook The Company is maintaining its estimate of 2008
earnings in a range of $1.10 to $1.15 per diluted share. This
guidance is based upon an anticipated 2008 comparable store sales
increase of 2% to 3%. For the year, the Company expects to increase
selling square footage by at least 15%. The effective tax rate for
2008 is estimated to be 32%. The Company reminds investors of the
complexity of accurately assessing future results given the
difficulty in predicting fashion trends, consumer preferences and
general economic conditions and the impact of other business
variables. See �Forward-Looking Statements� below for more
information regarding these uncertainties. Investor Conference Call
and Webcast Citi Trends will host a conference call today at 5:00
p.m. ET. The number to call for the live interactive teleconference
is (303)�262-2143. A replay of the conference call will be
available until May 28, 2008, by dialing (303)�590-3000 and
entering the passcode, 11113298#. The live broadcast of Citi
Trends' quarterly conference call will be available online at the
Company's website, www.cititrends.com, as well as
http://ir.cititrends.com/medialist.cfm, beginning today at 5:00
p.m. ET. The online replay will follow shortly after the call and
continue through May 28, 2008. During the conference call, the
Company may discuss and answer questions concerning business and
financial developments and trends. 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 currently operates 331 stores
located in 20 states in the Southeast, Mid-Atlantic and Midwest
regions and the state of Texas. 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 quarterly 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. 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 INCOME (unaudited) (in thousands, except per share data) � � �
Thirteen Weeks Ended Thirteen Weeks Ended May 3, 2008 May 5, 2007
(unaudited) (unaudited) Net sales $ 120,996 $ 106,576 Cost of sales
74,233 � 64,878 � Gross profit 46,763 41,698 Selling, general and
administrative expenses 36,241 30,575 Depreciation and amortization
3,703 � 2,821 � Income from operations 6,819 8,302 Interest income
868 645 Interest expense (87 ) (144 ) Income before income tax
expense 7,600 8,803 Income tax expense 2,432 � 3,081 � Net income $
5,168 � $ 5,722 � � Net income per share, basic $ 0.37 $ 0.41 Net
income per share, diluted $ 0.36 $ 0.40 � Weighted average shares
used to compute net income per share, basic 14,048 13,807 Weighted
average shares used to compute net income per share, diluted 14,217
14,219 CITI TRENDS, INC. CONDENSED BALANCE SHEETS (unaudited) (in
thousands) � � May 3, 2008 May 5, 2007 (unaudited) (unaudited)
Assets: Cash and cash equivalents $ 4,697 $ 3,724 Investment
securities - current -- 61,599 Inventory 83,258 85,397 Other
current assets 10,434 7,086 Property and equipment, net 55,555
36,040 Investment securities - noncurrent 53,720 -- Other
noncurrent assets 5,898 3,780 Total assets $ 213,562 $ 197,626 �
Liabilities and Stockholders' Equity: Accounts payable $ 42,221 $
46,219 Accrued liabilities 14,249 11,833 Other current liabilities
6,279 5,830 Noncurrent liabilities 8,156 8,821 Total liabilities
70,905 72,703 � Total stockholders' equity 142,657 124,923 Total
liabilities and stockholders' equity $ 213,562 $ 197,626
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