The Company opened 3 stores in the fourth quarter of 2010, reaching a total store count of 461 at the end of the year. In addition, the Company converted 15 of its stores to its new Citi Lights prototype format in January 2011, and now has a total of 25 stores operating under the new format.
Financial Highlights – Fiscal year ended January 29, 2011
Total sales in the fiscal year ended January 29, 2011 increased 12.8% to $622.5 million compared with $551.9 million in the fiscal year ended January 30, 2010. Comparable store sales decreased 1.8% for the full year.
Net income was $20.9 million in 2010 compared with $19.7 million in the prior year. Earnings per diluted share increased to $1.44 in 2010 compared to $1.36 in 2009, with 2010 including the aforementioned benefit related to capitalized freight.The Company opened 60 stores, relocated or expanded 13 others, and closed 2 stores in 2010. Fiscal 2011 Outlook – Fiscal year ending January 28, 2012 The Company estimates fiscal 2011 earnings of approximately $1.40 to $1.50 per diluted share, including an anticipated comparable store sales increase of approximately 2% and an increase in selling square footage of at least 15%. Through the first five-plus weeks of the new fiscal year, comparable store sales are down 2%, versus an 11% increase during the same period of time last year. The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables. See “Forward-Looking Statements” below for more information regarding these uncertainties. 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) 231-2901. A replay of the conference call will be available until March 18, 2011, by dialing (402) 977-9140 and entering the passcode, 21510236. The live broadcast of Citi Trends' 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 continue through March 18, 2011. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. 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.