Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
first quarter of fiscal 2012.
Financial Highlights – First quarter
ended April 28, 2012
Total sales in the first quarter ended April 28, 2012 increased
4.5% to $197.7 million compared with $189.2 million in the first
quarter ended April 30, 2011. Comparable store sales decreased 5.0%
in the first quarter. Net income was $10.1 million, or $0.69 per
diluted share, in the first quarter of 2012, compared with $12.1
million, or $0.83 per diluted share, in last year’s first
quarter.
The Company opened two stores, relocated one store, and closed
two stores in the first quarter of 2012, resulting in a total store
count of 511 at the end of the quarter.
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 May 23, 2012, by dialing (402) 977-9140 and
entering the passcode, 21575848. 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/events.cfm, beginning today at 9:00 a.m.
ET. The online replay will follow shortly after the call and
continue through May 23, 2012.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
after quarter-end. 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 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. 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 CONSOLIDATED
STATEMENTS OF INCOME (unaudited) (in thousands,
except per share data)
Thirteen Weeks Ended Thirteen Weeks Ended April
28, 2012 April 30, 2011 (unaudited) (unaudited) Net
sales $ 197,694 $ 189,168 Cost of sales 123,028
114,099 Gross profit 74,666 75,069 Selling, general
and administrative expenses 52,669 51,072 Depreciation and
amortization 6,145 5,584 Income from
operations 15,852 18,413 Interest income 62 54 Interest expense
(49 ) (4 ) Income before income taxes 15,865 18,463
Income tax expense 5,761 6,370 Net
income $ 10,104 $ 12,093 Basic net
income per common share $ 0.69 $ 0.83 Diluted net
income per common share $ 0.69 $ 0.83
Weighted average shares used to compute basic net income per share
14,636 14,554 Weighted average shares
used to compute diluted net income per share 14,637
14,567
CITI
TRENDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands) April 28,
2012 April 30, 2011 (unaudited) (unaudited) Assets: Cash
and cash equivalents $ 63,964 $ 76,847 Short-term investment
securities 1,637 - Inventory 115,008 113,380 Prepaid and other
current assets 17,749 15,828 Property and equipment, net 85,622
91,175 Long-term investment securities 18,088 16,824 Other
noncurrent assets 3,022 3,132 Total
assets $ 305,090 $ 317,186 Liabilities and
Stockholders' Equity: Accounts payable $ 59,996 $ 58,988 Accrued
liabilities 24,628 23,370 Other current liabilities 1,975 6,223
Noncurrent liabilities 12,218 10,778
Total liabilities 98,817 99,359 Total stockholders' equity
206,273 217,827 Total liabilities and
stockholders' equity $ 305,090 $ 317,186
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