Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
second quarter of fiscal 2012.
Financial Highlights – Second quarter
ended July 28, 2012
Total sales in the second quarter ended July 28, 2012 increased
1.6% to $132.3 million compared with $130.2 million in the second
quarter ended July 30, 2011. Comparable store sales decreased 4.0%
in the second quarter. Net loss was $7.9 million, or $0.54 per
diluted share, in the second quarter of 2012, compared with a net
loss of $10.0 million, or $0.69 per diluted share, in the second
quarter of 2011. Last year’s second quarter included $1.6 million
of non-cash impairment expense related to the property and
equipment at 21 underperforming stores, resulting in an adverse
impact on loss per diluted share of $0.07.
The Company opened one store in the second quarter of 2012,
resulting in a total store count of 512 at the end of the
quarter.
Financial Highlights – First half ended
July 28, 2012
Total sales in the first half of fiscal 2012 increased 3.3% to
$330.0 million compared with $319.4 million in the first half of
fiscal 2011. Comparable store sales decreased 4.6% in the first
half of this year. Net income increased to $2.2 million compared
with $2.1 million in last year’s first half. Earnings per diluted
share were $0.15 in the first half of 2012 compared with $0.14 in
2011’s first half.
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 August 22, 2012, by dialing (402) 977-9140 and
entering the passcode, 21575849. 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 August 22, 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 operated
512 stores located in 29 states as of the end of the second quarter
of 2012. 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
STATEMENTS OF OPERATIONS (unaudited) (in thousands, except
per share data) Thirteen Weeks Ended
Thirteen Weeks Ended July 28, 2012 July 30,
2011 (unaudited) (unaudited) Net sales $ 132,318 $ 130,233 Cost
of sales 87,903 86,781 Gross profit
44,415 43,452 Selling, general and administrative expenses 50,932
50,688 Depreciation and amortization 6,038 6,351 Asset impairment
- 1,609 Loss from operations (12,555 )
(15,196 ) Interest income 66 65 Interest expense (64 )
(6 ) Loss before income tax benefit (12,553 ) (15,137 )
Income tax benefit (4,628 ) (5,106 ) Net loss $
(7,925 ) $ (10,031 ) Basic net loss per common share $ (0.54
) $ (0.69 ) Diluted net loss per common share $ (0.54 ) $ (0.69 )
Weighted average shares used to compute basic net
loss per share 14,673 14,596 Weighted
average shares used to compute diluted net loss per share
14,673 14,596
Twenty-Six Weeks Ended Twenty-Six Weeks Ended July
28, 2012 July 30, 2011 (unaudited) (unaudited) Net sales
$ 330,012 $ 319,401 Cost of sales 210,931
200,880 Gross profit 119,081 118,521 Selling, general and
administrative expenses 103,601 101,760 Depreciation and
amortization 12,183 11,935 Asset impairment -
1,609 Income from operations 3,297 3,217 Interest income 128
119 Interest expense (113 ) (10 ) Income before
income tax expense 3,312 3,326 Income tax expense 1,133
1,264 Net income $ 2,179 $ 2,062
Basic net income per common share $ 0.15 $ 0.14
Diluted net income per common share $ 0.15 $ 0.14
Weighted average shares used to compute basic
net income per share 14,654 14,575
Weighted average shares used to compute diluted net income per
share 14,656 14,585
CITI TRENDS, INC. CONDENSED BALANCE SHEETS
(unaudited) (in thousands)
July 28, 2012 July 30, 2011
(unaudited) (unaudited) Assets: Cash and cash equivalents $ 51,730
$ 49,496 Short-term investment securities 3,311 - Inventory 133,773
122,313 Prepaid and other current assets 22,430 17,846 Assets held
for sale 1,415 1,415 Property and equipment, net 80,990 94,132
Long-term investment securities 16,397 19,968 Other noncurrent
assets 2,688 4,671 Total assets $ 312,734 $ 309,841
Liabilities and Stockholders' Equity: Accounts payable $
71,959 $ 61,555 Accrued liabilities 27,943 27,179 Other current
liabilities 1,995 1,669 Noncurrent liabilities 11,815
10,750 Total liabilities 113,712 101,153 Total stockholders'
equity 199,022 208,688 Total liabilities and
stockholders' equity $ 312,734 $ 309,841
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jul 2023 to Jul 2024