Fourth quarter 2014 net income per share of
$0.31 compared with $0.10 last year
Full year net income per share of $0.60
compared with $0.03 last year
Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
fourth quarter and fiscal year ended January 31, 2015.
Financial Highlights – 13-week fourth
quarter ended January 31, 2015
Total sales in the 13 weeks ended January 31, 2015 increased
15.2% to $181.1 million compared with $157.2 million in the 13
weeks ended February 1, 2014. Comparable store sales increased
13.9% in the fourth quarter.
The Company had net income of $4.7 million, or $0.31 per diluted
share, in the fourth quarter of 2014 compared with $1.5 million, or
$0.10 per diluted share, in last year’s fourth quarter.
Financial Highlights – 52-week fiscal
year ended January 31, 2015
Total sales in the 52 weeks ended January 31, 2015 increased
7.8% to $670.8 million compared with $622.2 million in the 52 weeks
ended February 1, 2014. Comparable store sales increased 7.5% for
the full year.
The Company had net income of $9.0 million, or $0.60 per diluted
share, in fiscal 2014 compared with $0.5 million, or $0.03 per
diluted share, in fiscal 2013.
The Company opened eight stores, relocated or expanded six
others, and closed two stores in fiscal 2014.
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) 231-2937. A replay of the conference call will be
available until March 20, 2015, by dialing (402) 977-9140 and
entering the passcode, 21761232.
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
9:00 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, 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-G
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. Any 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 INCOME (unaudited) (in thousands, except per
share data) Thirteen Weeks
Ended Thirteen Weeks Ended January 31, 2015
February 1, 2014 (unaudited) (unaudited) Net sales $ 181,143
$ 157,193 Cost of sales (exclusive of depreciation shown
separately below) (113,567 ) (99,567 ) Selling, general and
administrative expenses (57,515 ) (50,170 ) Depreciation (4,871 )
(5,258 ) Asset impairment - (305 ) Income from
operations 5,190 1,893 Interest income 52 68 Interest expense
(48 ) (49 ) Income before income taxes 5,194 1,912
Income tax expense (521 ) (447 ) Net income $ 4,673
$ 1,465 Basic net income per common share $
0.31 $ 0.10 Diluted net income per common share $
0.31 $ 0.10 Weighted average shares
used to compute basic net income per share 14,989
14,825 Weighted average shares used to compute
diluted net income per share 15,128 14,882
Fifty-Two Weeks Ended
Fifty-Two Weeks Ended January 31, 2015 February 1,
2014 (unaudited) (unaudited) Net sales $ 670,840 $ 622,204
Cost of sales (exclusive of depreciation shown separately
below) (418,416 ) (394,445 ) Selling, general and administrative
expenses (221,041 ) (206,146 ) Depreciation (20,177 ) (21,974 )
Asset impairment (83 ) (1,542 ) Gain on sale of former distribution
center - 1,526 Income (loss) from
operations 11,123 (377 ) Interest income 187 281 Interest expense
(200 ) (194 ) Income (loss) before income taxes
11,110 (290 ) Income tax (expense) benefit (2,144 )
754 Net income $ 8,966 $ 464 Basic net
income per common share $ 0.60 $ 0.03 Diluted net
income per common share $ 0.60 $ 0.03
Weighted average shares used to compute basic net income per share
14,961 14,798 Weighted average shares
used to compute diluted net income per share 15,020
14,813
CITI TRENDS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited) (in thousands) January 31,
2015 February 1, 2014 (unaudited) (unaudited) Assets:
Cash and cash equivalents $ 74,514 $ 58,928 Short-term investment
securities 15,850 6,004 Inventory 131,057 126,501 Other current
assets 19,936 16,326 Property and equipment, net 47,603 56,154
Long-term investment securities 22,447 19,777 Other noncurrent
assets 6,966 7,618 Total assets $ 318,373 $ 291,308
Liabilities and Stockholders’ Equity:
Accounts payable $ 72,245 $ 60,037 Accrued liabilities 29,172
24,199 Other current liabilities 585 515 Noncurrent liabilities
5,749 7,686 Total liabilities 107,751 92,437
Total stockholders’ equity
210,622 198,871
Total liabilities and stockholders’
equity
$ 318,373 $ 291,308
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Financial
OfficerorEd Anderson, 912-443-3705Chairman & Chief Executive
Officer
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