Second quarter 2014 loss per share of
$(0.17) compared with $(0.37) last year
First half 2014 income per share of $0.43
compared with $0.05 last year
Comparable store sales increased 5.3% in
second quarter
Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
second quarter of fiscal 2014.
Financial Highlights – Second quarter
ended August 2, 2014
Total sales in the second quarter ended August 2, 2014 increased
5.2% to $145.0 million compared with $137.8 million in the second
quarter ended August 3, 2013. Comparable store sales increased 5.3%
in the quarter.
Net loss was $(2.6) million, or $(0.17) per diluted share, in
the second quarter of 2014 compared with a net loss of $(5.5)
million, or $(0.37) per diluted share, in last year’s second
quarter.
Financial Highlights – First half ended
August 2, 2014
Total sales in the first half of fiscal 2014 increased 4.2% to
$333.0 million compared with $319.6 million in the first half of
fiscal 2013. Comparable store sales increased 4.7% in the first
half of this year. Net income increased to $6.5 million compared
with $0.7 million in last year’s first half. Earnings per diluted
share were $0.43 in the first half of 2014 compared with $0.05 in
the first half of 2013.
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) 231-2908. A replay of the conference call will be
available until August 27, 2014, by dialing (402) 977-9140 and
entering the passcode, 21705727.
The live broadcast of Citi Trends' conference call will be
available online at the Company's website, www.cititrends.com, as
well as www.cititrends.com/http/ircititrendscom, beginning today at
9 a.m. ET. The online replay will follow shortly after the call and
will be available for replay for one year.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
that have occurred 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
509 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 OPERATIONS (unaudited)(in thousands, except per share
data) Thirteen
Weeks EndedAugust 2, 2014 Thirteen Weeks
EndedAugust 3, 2013 (unaudited) (unaudited) Net sales $
144,987 $ 137,821 Cost of sales (exclusive of depreciation
shown separately below) (91,540 ) (88,299 ) Selling, general and
administrative expenses (53,197 ) (51,920 ) Depreciation (5,108 )
(5,667 ) Asset impairment (83 ) (654 ) Loss from
operations (4,941 ) (8,719 ) Interest income 39 67 Interest expense
(56 ) (49 ) Loss before income tax benefit (4,958 )
(8,701 ) Income tax benefit (2,379 ) (3,208 ) Net
loss $ (2,579 ) $ (5,493 ) Basic net loss per common share $
(0.17 ) $ (0.37 ) Diluted net loss per common share $ (0.17 ) $
(0.37 ) Weighted average shares used to compute basic
net loss per share 14,972 14,801
Weighted average shares used to compute diluted net loss per share
14,972 14,801
Twenty-Six Weeks EndedAugust 2, 2014
Twenty-Six Weeks EndedAugust 3, 2013 (unaudited)
(unaudited) Net sales $ 333,003 $ 319,649 Cost of sales
(exclusive of depreciation shown separately below) (206,307 )
(202,804 ) Selling, general and administrative expenses (107,172 )
(103,828 ) Depreciation (10,268 ) (11,262 ) Asset impairment
(83 ) (681 ) Income from operations 9,173 1,074 Interest
income 92 135 Interest expense (104 ) (96 ) Income
before income tax expense 9,161 1,113 Income tax expense
2,661 442 Net income $ 6,500 $ 671
Basic net income per common share $ 0.44 $
0.05 Diluted net income per common share $ 0.43 $
0.05 Weighted average shares used to compute
basic net income per share 14,937 14,776
Weighted average shares used to compute diluted net income
per share 14,946 14,778
CITI TRENDS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)(in thousands)
August 2, 2014 August 3, 2013 (unaudited)
(unaudited) Assets: Cash and cash equivalents $ 70,707 $ 61,242
Short-term investment securities 13,033 15,847 Inventory 120,456
120,402 Prepaid and other current assets 19,145 20,046 Property and
equipment, net 51,746 65,213 Long-term investment securities 18,135
8,353 Other noncurrent assets 7,830 6,302 Total
assets $ 301,052 $ 297,405 Liabilities and Stockholders'
Equity: Accounts payable $ 58,845 $ 64,292 Accrued liabilities
25,886 24,992 Other current liabilities 3,324 1,903 Noncurrent
liabilities 6,588 8,743 Total liabilities 94,643
99,930 Total stockholders' equity 206,409
197,475 Total liabilities and stockholders' equity $ 301,052 $
297,405
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Financial
OfficerorEd Anderson, 912-443-3705Chairman & Chief Executive
Officer
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