Fourth quarter 2016 net income increased 60%
to $5.6 million
Full year net income per diluted share of
$0.91 compared with $1.03 last year
Citi Trends, Inc. (NASDAQ:CTRN) today reported results for the
fourth quarter and fiscal year ended January 28, 2017.
Financial Highlights – 13-week fourth
quarter ended January 28, 2017
Total sales in the 13 weeks ended January 28, 2017 increased
5.4% to $185.5 million compared with $176.1 million in the 13 weeks
ended January 30, 2016. Comparable store sales increased 3.4% in
the fourth quarter.
Net income increased 60% to $5.6 million, or $0.38 per diluted
share, in the fourth quarter of 2016 compared with $3.5 million, or
$0.24 per diluted share, in last year’s fourth quarter.
Financial Highlights – 52-week fiscal
year ended January 28, 2017
Total sales in the 52 weeks ended January 28, 2017 increased
1.7% to $695.2 million compared with $683.8 million in the 52 weeks
ended January 30, 2016. Comparable store sales decreased 0.4% for
the full year.
Net income was $13.3 million, or $0.91 per diluted share, in
fiscal 2016 compared with $15.5 million, or $1.03 per diluted
share, in fiscal 2015.
Citi Trends opened 18 new stores, relocated or expanded 13 other
stores, and closed 6 stores in fiscal 2016.
As previously announced, the Board of Directors has declared a
quarterly dividend payment of $0.06 per share, which will be paid
on March 14, 2017 to stockholders of record as of February 28,
2017.
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) 231-2934. A replay of the conference call will be
available until March 17, 2017, by dialing (402) 977-9140 and
entering the passcode, 21843404.
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 a value-priced retailer of urban fashion
apparel and accessories for the entire family. The Company operates
537 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 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 Citi
Trends’ 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’
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 Citi
Trends’ markets and the ability to anticipate and respond to
fashion trends. Any forward-looking statements with respect to
earnings guidance, the declaration and payment of dividends, 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 28, 2017
January 30, 2016 (unaudited) (unaudited) Net sales $ 185,511
$ 176,063 Cost of sales (exclusive of depreciation shown
separately below) (114,822 ) (108,526 ) Selling, general and
administrative expenses (58,593 ) (57,087 ) Depreciation (4,129 )
(4,555 ) Asset impairment (31 ) - Income from
operations 7,936 5,895 Interest income 163 117 Interest expense
(39 ) (41 ) Income before income taxes 8,060 5,971
Income tax expense (2,510 ) (2,499 ) Net income $
5,550 $ 3,472 Basic net income per common
share $ 0.38 $ 0.24 Diluted net income per common
share $ 0.38 $ 0.24 Weighted average
shares used to compute basic net income per share 14,680
14,651 Weighted average shares used to compute
diluted net income per share 14,693 14,723
Fifty-Two Weeks Ended Fifty-Two
Weeks Ended January 28, 2017 January 30, 2016
(unaudited) (unaudited) Net sales $ 695,175 $ 683,791 Cost
of sales (exclusive of depreciation shown separately below)
(428,167 ) (416,779 ) Selling, general and administrative expenses
(230,666 ) (224,218 ) Depreciation (17,090 ) (18,577 ) Asset
impairment (313 ) - Income (loss) from
operations 18,939 24,217 Interest income 571 339 Interest expense
(159 ) (242 ) Income (loss) before income taxes
19,351 24,314 Income tax (expense) benefit (6,020 )
(8,787 ) Net income $ 13,331 $ 15,527 Basic
net income per common share $ 0.91 $ 1.04 Diluted net
income per common share $ 0.91 $ 1.03
Weighted average shares used to compute basic net income per share
14,657 14,996 Weighted average shares
used to compute diluted net income per share 14,662
15,056
CITI TRENDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in
thousands) January 28, 2017
January 30, 2016 (unaudited) (unaudited) Assets: Cash and
cash equivalents $ 49,253 $ 39,116 Short-term investment securities
38,026 32,671 Inventory 134,649 137,020 Prepaid and other current
assets (1) 15,384 13,486 Property and equipment, net 59,280 50,632
Long-term investment securities 26,691 30,890 Other noncurrent
assets (1) 9,231 10,693 Total assets $ 332,514 $
314,508 Liabilities and Stockholders' Equity: Accounts
payable $ 75,433 $ 67,419 Accrued liabilities 24,505 27,742 Other
current liabilities 471 497 Noncurrent liabilities 8,514
6,616 Total liabilities 108,923 102,274 Total
stockholders' equity 223,591 212,234 Total
liabilities and stockholders' equity $ 332,514 $ 314,508 (1)
January 30, 2016 deferred tax asset balances reflect a
reclassification between current and noncurrent assets totaling
$4,835 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/20170310005035/en/
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Operating
Officer and Chief Financial Officer
Citi Trends (NASDAQ:CTRN)
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