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 $ 306,402
Liabilities 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 118,374 101,598
Total stockholders’ equity
196,403 204,804
Total liabilities and stockholders’
equity
$ 314,777 $ 306,402
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