Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
fourth quarter and fiscal year ended February 2, 2013.
The Company’s 2012 fiscal year contained 53 weeks compared with
the traditional 52 weeks in fiscal 2011. Accordingly, comparisons
of total sales for the fourth quarter and full year of fiscal 2012
to the same periods in 2011 are affected by an extra week of sales
in 2012. However, for comparable store sales, the Company is
reporting on a comparable weeks basis (e.g. the 14 and 53 weeks
ended February 2, 2013 compared with the 14 and 53 weeks ended
February 4, 2012).
Financial Highlights – 14-week fourth
quarter ended February 2, 2013
Total sales in the 14-week quarter ended February 2, 2013
decreased 1.5% to $175.7 million compared with $178.4 million in
the 13-week quarter ended January 28, 2012. The extra week
contributed $8.8 million to total sales in fiscal 2012. Fourth
quarter comparable store sales decreased 11.8%, comparing the 14
weeks ended February 2, 2013 with the 14 weeks ended February 4,
2012.
A net loss of $0.7 million, or $0.05 per diluted share, was
recognized in the fourth quarter of 2012 compared with a net loss
of $5.3 million, or $0.36 per diluted share, in last year’s fourth
quarter.
Financial Highlights – 53-week fiscal
year ended February 2, 2013
Total sales in the 53-week fiscal year ended February 2, 2013
increased 2.2% to $654.7 million compared with $640.8 million in
the 52-week fiscal year ended January 28, 2012. Comparable store
sales decreased 5.6%, comparing the 53 weeks ended February 2, 2013
with the 53 weeks ended February 4, 2012.
A net loss of $2.2 million, or $0.15 per diluted share, was
recognized in fiscal 2012 compared with a net loss of $10.0
million, or $0.69 per diluted share, in fiscal 2011.
The Company opened 4 stores, relocated or expanded 4 others, and
closed 2 stores in 2012.
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) 231-2921. A replay of the conference call will be
available until March 22, 2013, by dialing (402) 977-9140 and
entering the passcode, 21645977.
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 until March 22, 2013.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
that have occurred after year-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
513 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 CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) (in thousands, except
per share data) Fourteen Weeks
Ended Thirteen Weeks Ended February 2, 2013
January 28, 2012 (unaudited) (unaudited) Net sales $ 175,656
$ 178,356 Cost of sales 118,165 124,532
Gross profit 57,491 53,824 Selling, general and administrative
expenses 52,678 52,206 Depreciation and amortization 5,797 6,569
Asset impairment 517 4,209 Loss from
operations (1,501 ) (9,160 ) Interest income 66 63 Interest expense
(49 ) (52 ) Loss before income taxes (1,484 ) (9,149
) Income tax benefit (780 ) (3,834 ) Net loss $ (704
) $ (5,315 ) Basic net loss per common share $ (0.05 ) $
(0.36 ) Diluted net loss per common share $ (0.05 ) $ (0.36 )
Weighted average shares used to compute basic net
loss per share 14,699 14,606 Weighted
average shares used to compute diluted net loss per share
14,699 14,606
Fifty-Three
Weeks Ended Fifty-Two Weeks Ended February 2,
2013 January 28, 2012 (unaudited) (unaudited) Net sales
$ 654,653 $ 640,824 Cost of sales 426,904
420,321 Gross profit 227,749 220,503 Selling, general and
administrative expenses 207,411 207,025 Depreciation and
amortization 23,950 24,958 Asset impairment 1,177
6,514 Loss from operations (4,789 ) (17,994 )
Interest income 260 243 Interest expense (212 ) (79 )
Loss before income taxes (4,741 ) (17,830 ) Income tax benefit
(2,516 ) (7,816 ) Net loss $ (2,225 ) $ (10,014 )
Basic net loss per common share $ (0.15 ) $ (0.69 ) Diluted
net loss per common share $ (0.15 ) $ (0.69 )
Weighted average shares used to compute basic net loss per share
14,672 14,589 Weighted average shares
used to compute diluted net loss per share 14,672
14,589
CITI TRENDS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
February 2, 2013 January 28, 2012 (unaudited)
(unaudited) Assets: Cash and cash equivalents $ 37,263 $ 41,986
Short-term investment securities 12,771 902 Inventory 141,473
131,526 Other current assets 19,285 28,961 Property and equipment,
net 70,995 90,541 Long-term investment securities 5,754 18,840
Other noncurrent assets 4,604 2,021 Total assets $
292,145 $ 314,777 Liabilities and Stockholders' Equity:
Accounts payable $ 62,690 $ 78,941 Accrued liabilities 22,564
26,074 Other current liabilities 660 603 Noncurrent liabilities
10,260 12,756 Total liabilities 96,174 118,374
Total stockholders' equity 195,971 196,403 Total
liabilities and stockholders' equity $ 292,145 $ 314,777
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