Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the third quarter of fiscal 2010.
Financial Highlights – Third quarter ended October 30, 2010
Total sales in the third quarter ended October 30, 2010 increased 10.0% to $140.0 million compared with $127.4 million in the third quarter ended October 31, 2009. Comparable store sales decreased 4.2% in the third quarter. A net loss of $394,000 was recognized in this year’s third quarter compared with net income of $606,000 in the third quarter of 2009. Loss per diluted share was $(0.03) in the third quarter of 2010 compared with earnings per diluted share of $0.04 in the third quarter of 2009.
Store activity in the third quarter of 2010 included 33 new openings and 5 relocations/expansions, resulting in a total store count of 458 at the end of the quarter.
Financial Highlights – First three quarters ended October 30, 2010
Total sales in the first three quarters of fiscal 2010 increased 17.9% to $450.5 million compared with $382.1 million in the same period of fiscal 2009. Comparable store sales increased 2.2% in the first three quarters of this year. Net income increased 35.7% to $11.5 million compared with $8.5 million in last year’s first three quarters. Earnings per diluted share increased to $0.79 in the first three quarters of 2010 compared with $0.58 in the same period of 2009.
Fiscal 2010 Outlook
The Company estimates that 2010 earnings will be in a range of $1.50 to $1.60 per diluted share which includes an anticipated comparable store sales decrease of 1% to 4% in the fourth quarter of 2010. The effective tax rate for 2010 is expected to be in a range of 34% to 35%.