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%.