Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the
fourth quarter and fiscal year ended February 1, 2014.
The Company’s 2013 fiscal year contained 52 weeks, while the
2012 fiscal year contained 53 weeks. Accordingly, comparisons of
results for the fourth quarter and full year of fiscal 2013 to the
same periods in 2012 are affected by an extra week in 2012.
Financial Highlights – 13-week fourth
quarter ended February 1, 2014
Total sales in the 13 weeks ended February 1, 2014 decreased
10.5% to $157.2 million compared with $175.7 million in the 14
weeks ended February 2, 2013, with the extra week at the beginning
of fiscal 2012’s fourth quarter contributing approximately $12
million to total sales. For comparable store sales, the Company is
reporting on a comparable weeks basis (i.e. the 13 weeks ended
February 1, 2014 compared to the 13 weeks ended February 2, 2013).
Comparable store sales on a comparable weeks basis decreased 3.5%
for the quarter.
The Company had net income of $1.5 million, or $0.10 per diluted
share, in the fourth quarter of 2013 compared with a net loss of
$0.7 million, or $0.05 per diluted share, in last year’s fourth
quarter.
Financial Highlights – 52-week fiscal
year ended February 1, 2014
Total sales in the 52 weeks ended February 1, 2014 decreased
5.0% to $622.2 million compared with $654.7 million in the 53 weeks
ended February 2, 2013, with the extra week at the beginning of
last year contributing approximately $21 million. For comparable
store sales, the Company is reporting on a comparable weeks basis
(i.e. the 52 weeks ended February 1, 2014 compared to the 52 weeks
ended February 2, 2013). Comparable store sales on a comparable
weeks basis decreased 1.6% for the year.
The Company had net income of $0.5 million, or $0.03 per diluted
share, in fiscal 2013 compared with a net loss of $2.2 million, or
$0.15 per diluted share, in fiscal 2012.
The Company opened one store, relocated or expanded six others,
and closed nine stores in 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 March 21, 2014, by dialing (402) 977-9140 and
entering the passcode, 21705725.
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 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 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
505 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)
Thirteen Weeks Ended Fourteen Weeks Ended February
1, 2014 February 2, 2013 (unaudited) (unaudited) Net
sales $ 157,193 $ 175,656 Cost of sales (exclusive of
depreciation shown separately below) (99,567 ) (118,165 ) Selling,
general and administrative expenses (50,170 ) (52,678 )
Depreciation (5,258 ) (5,797 ) Asset impairment (305 )
(517 ) Income (loss) from operations 1,893 (1,501 ) Interest
income 68 66 Interest expense (49 ) (49 ) Income
(loss) before income taxes 1,912 (1,484 ) Income tax expense
(benefit) 447 (780 ) Net income (loss) $ 1,465
$ (704 ) Basic net income (loss) per common share $
0.10 $ (0.05 ) Diluted net income (loss) per common share $
0.10 $ (0.05 ) Weighted average shares used to
compute basic net income (loss) per share 14,825
14,699 Weighted average shares used to compute
diluted net income (loss) per share 14,882
14,699
Fifty-Two Weeks Ended Fifty-Three Weeks Ended
February 1, 2014 February 2, 2013 (unaudited)
(unaudited) Net sales $ 622,204 $ 654,653 Cost of sales
(exclusive of depreciation shown separately below) (394,445 )
(426,904 ) Selling, general and administrative expenses (206,146 )
(207,411 ) Depreciation (21,974 ) (23,950 ) Asset impairment (1,542
) (1,177 ) Gain on sale of former distribution center 1,526
- Loss from operations (377 ) (4,789 )
Interest income 281 260 Interest expense (194 ) (212
) Loss before income taxes (290 ) (4,741 ) Income tax benefit
(754 ) (2,516 ) Net income (loss) $ 464 $
(2,225 ) Basic net income (loss) per common share $ 0.03
$ (0.15 ) Diluted net income (loss) per common share $ 0.03
$ (0.15 ) Weighted average shares used to
compute basic net income (loss) per share 14,798
14,672 Weighted average shares used to compute
diluted net income (loss) per share 14,813
14,672
CITI
TRENDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands) February 1,
2014 February 2, 2013 (unaudited) (unaudited) Assets:
Cash and cash equivalents $ 58,928 $ 37,263 Short-term investment
securities 6,004 12,771 Inventory 126,501 141,473 Other current
assets 16,326 19,285 Property and equipment, net 56,154 70,995
Long-term investment securities 19,777 5,754 Other noncurrent
assets 7,618 4,604 Total assets $ 291,308 $ 292,145
Liabilities and Stockholders' Equity: Accounts payable $
60,037 $ 62,690 Accrued liabilities 24,199 22,564 Other current
liabilities 515 660 Noncurrent liabilities 7,686
10,260 Total liabilities 92,437 96,174 Total stockholders'
equity 198,871 195,971 Total liabilities and
stockholders' equity $ 291,308 $ 292,145
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Financial
OfficerorEd Anderson, 912-443-3705Chairman & Chief Executive
Officer
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