This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Citi Trends Announces Second Quarter 2010 Results

Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the second quarter of fiscal 2010.

Financial Highlights – Second quarter ended July 31, 2010

Total sales in the second quarter ended July 31, 2010 increased 15.6% to $129.0 million compared with $111.6 million in the second quarter ended August 1, 2009. Comparable store sales decreased 0.6% in the second quarter. A net loss of $567,000 was recognized in this year’s second quarter compared with a net loss of $69,000 in the second quarter of 2009. Last year’s second quarter included an unrealized pretax gain of $671,000 related to auction rate securities held at that time. Loss per diluted share was $(0.04) in the second quarter of 2010 compared with loss per diluted share of $(0.00) in the second quarter of 2009.

Store activity in the second quarter of 2010, included five new openings and two expansions, resulting in a total store count of 425 at the end of the quarter.

Financial Highlights – First half ended July 31, 2010

Total sales in the first half of fiscal 2010 increased 21.9% to $310.4 million compared with $254.7 million in the first half of fiscal 2009. Comparable store sales increased 5.1% in the first half of this year. Net income increased 51.2% to $11.9 million compared with $7.9 million in last year’s first half. Earnings per diluted share were $0.82 in the first half of 2010 compared with $0.54 in 2009’s first half.

Fiscal 2010 Outlook

The Company estimates that 2010 earnings will be in a range of $1.60 to $1.70 per diluted share which includes an anticipated comparable store sales increase of flat to 2% in the last half of 2010. For the full year, the Company expects to increase selling square footage by at least 15%. The effective tax rate for 2010 is estimated to approximate 35%.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CTRN $26.41 -1.20%
AAPL $112.76 -0.47%
FB $89.43 -1.74%
GOOG $618.25 -1.92%
TSLA $249.06 0.23%

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs