First quarter 2016 diluted earnings per
share of $0.60 compared with $0.74 last year
Comparable store sales decreased 2.7% in
first quarter
Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
first quarter of fiscal 2016.
Financial Highlights – First quarter
ended April 30, 2016
Total sales in the first quarter ended April 30, 2016 decreased
0.6% to $193.7 million compared with $194.9 million in the first
quarter ended May 2, 2015. Comparable store sales decreased 2.7% in
the quarter.
The Company had net income of $8.7 million, or $0.60 per diluted
share, in the first quarter of 2016 compared with $11.3 million, or
$0.74 per diluted share, in last year’s first quarter.
During the first quarter, the Company opened five new stores and
relocated or expanded six other stores.
In addition, the Company announced that its Board of Directors
has declared a quarterly dividend of $0.06 per common share,
payable on June 14, 2016, to shareholders of record as of the close
of business on May 31, 2016.
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) 231-2903. A replay of the conference call will be
available until May 25, 2016, by dialing (402) 977-9140 and
entering the passcode, 21809052.
The live broadcast of Citi Trends' conference call will be
available online at the Company's website, www.cititrends.com,
under the Investor Relations section, 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 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 an off-price retailer of urban fashion
apparel and accessories for the entire family. The Company operates
526 stores located in 31 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. 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, the declaration and
payment of dividends, the Company’s share repurchase program, 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 30, 2016
May 2, 2015 (unaudited) (unaudited) Net sales $ 193,672 $
194,913 Cost of sales (exclusive of depreciation shown
separately below) (117,809 ) (117,509 ) Selling, general and
administrative expenses (58,331 ) (55,812 ) Depreciation (4,444 )
(4,813 ) Asset impairment (221 ) - Income from
operations 12,867 16,779 Interest income 127 56 Interest expense
(40 ) (47 ) Income before income taxes 12,954 16,788
Income tax expense (4,217 ) (5,509 ) Net income $
8,737 $ 11,279 Basic net income per
common share $ 0.60 $ 0.75 Diluted net income per
common share $ 0.60 $ 0.74
Weighted average shares used to compute
basic net income per share
14,594 15,096 Weighted average shares
used to compute diluted net income per share 14,603
15,181
CITI TRENDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands) April 30, 2016 May 2,
2015 (unaudited) (unaudited) Assets: Cash and cash equivalents
$ 53,032 $ 86,808 Short-term investment securities 40,215 20,707
Inventory 123,330 116,152 Prepaid and other current assets (1)
13,536 14,091 Property and equipment, net 49,816 44,945 Long-term
investment securities 24,327 21,328 Other noncurrent assets (1)
9,223 9,890 Total assets $ 313,479
$ 313,921 Liabilities and Stockholders'
Equity: Accounts payable $ 60,128 $ 56,954 Accrued liabilities
24,316 25,744 Other current liabilities 2,528 3,522 Noncurrent
liabilities 6,661 5,554 Total
liabilities 93,633 91,774 Total stockholders' equity
219,846 222,147 Total liabilities and
stockholders' equity $ 313,479 $ 313,921
(1)
May 2, 2015 deferred tax asset balances
reflect a reclassification between current and noncurrent assets
totaling $3,874 in connection with the retrospective adoption of
ASU 2015-17 in 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20160518005151/en/
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Operating
Officer and Chief Financial OfficerorJason Mazzola,
912-443-3990President and Chief Executive Officer
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